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Double Entry

CCandice5y ago
Good day Sir What is the double entry for this transaction? An issue of 100,000 $1 ordinary shares in exchange for an asset with an agreed value of $400,000 I am thinking Dr Non current asset $400,000 and Cr Share Premium $300,000 Cr Share capital $100,000 as the 2 cash entries will cancel out each other?? Thanks in advance sir.
John MoffatJohn MoffatTutor5y ago#1
Your entry is correct :-)
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