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Hi
i worked out this question from kaplan exam kit.
TB (@31/3/14)
OSC @ par $66,000
Share premium $15,000It says in the note:
The equity share and share premium balance in trial balance include fully subs RI 1:5 at $1.60 per share which was made on 1/10/13. The market value of shares was $2.50 on 1/10/13.I had a look at the answer remain as per tb. Whats the point of giving this note anyway?
Initially when i did this question under time limit i wasnt aware of the word “include”.Thanks
Hi,
They have given you the information so that you can work out the figures that would appear in the SOCIE. So you can work backwards to find out the amounts charged to share capital and share premium, and then work out the opening figures as a balancing figure.
Thanks
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