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Double Entry

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Double Entry

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • June 20, 2021 at 12:04 am #625873
    CandiceAlibocas
    • Topics: 4
    • Replies: 4
    • ☆

    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.

    June 20, 2021 at 6:05 am #625885
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49600
    • ☆☆☆☆☆

    Your entry is correct 🙂

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