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John Moffat.
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CandiceAlibocas
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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 Moffat
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Your entry is correct 🙂
CandiceAlibocas
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