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Accounting for Paid / Unpaid Share Capital

Forums › ACCA Forums › General ACCA Forums › Accounting for Paid / Unpaid Share Capital

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Kim Smith.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • September 17, 2020 at 2:42 am #585871
    kingdaveho
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hi Ladies and Gentlemen,

    Would like to seek expert advice for the following scenario on how should the double entries be made correctly:

    2 shareholders, registered capital total is $210. Shareholder A: $70 and Shareholder B: $140.

    Both shareholders did not pay up and bank account wasn’t set up yet.
    Q: How should the double entry be made to reflect correctly?

    Before the bank account has been setup, both did fork out from their own pockets for setting up the company to pay for the expenses. Assume Shareholder A paid $6 for expenses and Shareholder B paid $3 for the expenses.
    Q: How should the double entry be made to reflect that expenses been paid by the various shareholders are to reflect as part of their payment for share capital (since they are not claiming from the company). And, how should the expenses be recorded correctly?

    After bank account has been setup, respective shareholder put money into the bank, with Shareholder A putting $5 and Shareholder B putting $10.
    Q: How should this be reflected in double entry?

    Thank you in advance for your help!

    September 18, 2020 at 8:01 am #585990
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8299
    • ☆☆☆☆☆

    This is the “General” forum:
    “Everything about ACCA which is not exam specific please post in General ACCA Forums”

    For exam-specific advice please post the the relevant forum.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • The topic ‘Accounting for Paid / Unpaid Share Capital’ is closed to new replies.

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