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(Solved by Expert Tutors) On 29 October 2015 African Adventure Travel Limited invited applicatio


The following terms were specified in the prospectus:

$ 0.55 payable on application (applications close on 16 November 2015)

$ 1.45 payable on allotment

By 16 November 2015, applications had been received for three times as many as the directors planned to issue. The directors decided to allot shares on a proportional basis (i.e. 1 for every 3 applied for).

The shares were issued on 17 November 2015, with the allotment monies due 27 November 2015. The company?s constitution allows African Adventure Travel Limited to retain excess application money to satisfy future amounts payable on allotment.

All shareholders paid by the due date.

Required:

  • Record the receipt of the total application funds by the due date required for applications. ??

????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? (2 marks)

  • Record the allotment of shares on 17 November 2015.???????????????????????????????????????????????????????

????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? (3 marks)

  • Journalize the offset of excess funds received on application.????????????????????????????????????????????

????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? (2 marks)

  • Journalize the transfer of applications into the company?s bank account.???????????????????????????

??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? (1 mark)

  • Record the receipt of any outstanding allotment payments.?????????????????????????????????????????????????

????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? (2 marks)

Note: narrations are not required.

 


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DATE ANSWERED

Apr 19, 2020

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