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John Moffat.
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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Double Entry
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.
Your entry is correct 🙂