Please solve it ASAP with all requirements already someone
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i am posting this question 4th time i am fully disappointed
anyone did not give me correct and complete answer just they are
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writing. please give me the complete
Part B: Financial company
Operation Following the case of Polynovo Limited
company, Polynovo now has successfully listed on NYSE in the US and
the company is issuing a prospectus to potential investors
regarding a new share issue. The prospectus is dated 1 January 2021
and invites the public to apply for 900,000 ordinary shares at $10
per share. The terms of the share issue are $4 on application,
$2.50 on allotment, $2 on the first call and $1.50 on a second
call. If the issue is oversubscribed the directors can make a
pro-rata issue of shares and the excess application money will be
applied to allotment and calls. On 1 March 2021 applications close
and applications had been received for 1,200,000 shares. A table
summarising the applications received is presented below:
Shares applied for Paid to Shares Directors allotted
60,000 $10.00 60,000
300,000 $6.50 200,000
840,000 $4.00 640,000
On 15 March the shares were allotted and on 1 April all
outstanding allotment money was received. On 10 April share issue
costs of $60,000 were paid. On 6 October the first call is made on
the ordinary shares and on 31 November all the call money was
received except for the call on 20,000 shares. The shares were
forfeited on 5 December and reissued at $9.50 (as fully paid) on 31
December with costs associated with the forfeited shares of $1,000
paid on 31 December. Required: a) Prepare a schedule that shows a
breakup of the following items:
Share Applied Share Allotted Cash $ Received $4.00 Application
$2.50 Allotment $2.00 First Call $1.50 Sec. Call Refund
b) Prepare journal entries to reflect all transactions for the
year end 31 Dec. 2021. Note: the entries should be displayed in
date order of the underlying transaction. The detailed calculations
and relevant description should be listed below each entry. Marks
are not given for a messy format
Please solve it ASAP with all requirements already someone answered but his writing is not clear I am unable to understa
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