Prepare journal entries for the above transactions

Assignment Help Accounting Basics
Reference no: EM13539481

Question 1
Mekar Niaga Bhd (Mekar Niaga) is an oil and gas company which is authorised to issue 10,000,000 Ordinary shares and 1,000,000 Preference shares. Balances of owner equity accounts as at 31 December 2013 are as follows:
RM
Ordinary shares 1,000,000
10% Preferred shares 500,000
Share premium 45,000
Retained earnings 2,450,000
On 1 January 2014, Mekar Niaga made a public offering of 500,000 units of ordinary shares at the price of RM2.10 per share.The company also offered 100,000 units of 10% preferred shares at RM10 per share.All of the shares issued were taken up and fully paid by 31 January. The par value of the ordinary share and the preferred share of Mekar Niaga are RM1.00 and RM10.00 each, respectively. On 31 December 2014, the board of directors announced dividends to the preferred shareholders and 5% to the ordinary shareholders. The company made RM534,000 net profit for the current year.

REQUIRED:
a) Prepare journal entries for the above transactions.

Reference no: EM13539481

Questions Cloud

Longlast inc. produces car batteries : Longlast INc. produces car batteries
What care must the person administering the treatment take : Defibrillators are used to revive a person when their heart has stopped beating. How do they work? What care must the person administering the treatment take
Evaluate the recoil velocity : For tests using a ballistocardiograph, a patient lies on a horizontal platform that is supported on jets of air Because of the air jets, the friction impeding the horizontal motion of the platform is negligible. determine the recoil velocity
Determine what is her new rotational velocity : A student sitting on a frictionless rotating stool has rotational inertia 0.95 about a vertical axis through her center of mass when her arms are tight to her chest. what's her new rotational velocity
Prepare journal entries for the above transactions : Prepare journal entries for the above transactions.
What is the period of the gondola at that speed : The Navy operated a "man-rated" centrifuge in Warminster, PA. It was used for testing with the astronauts of the Mercury, What is the period of the gondola at that speed
Evaluate the magnitude of the impulse applied to golf ball : A golf ball strikes a hard, smooth floor at an angle of 37.5 ° and, as the drawing shows, rebounds at the same angle. What is the magnitude of the impulse applied to the golf ball by the floor
Critical angle for total internal reflection at liquid air : The critical angle for the total internal reflection at the liquid air interface is 42.5 degrees. (a) If a ray of light traveling in the liquid has an angle of incidence of 35.0 degrees at the interface, what angle does the refracted ray in the ai..
Calculate how much magnetic energy does it contain : A 600-turn solenoid is 21cm long and 1.7cm in diameter and carries 67 mA. How much magnetic energy does it contain

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find the cost of capital

The depreciation expense is related to the company's sole $60,000 asset, which is predictable to last 4 years. The cost of capital is 10%.

  Question regarding the foreign subsidiary accounts

Which of the following foreign subsidiary accounts will have the same value on consolidated financials regardless of whether the statements are remeasured or translated?

  Describe the fiduciary activities of a state

Describe the fiduciary activities of a state or local government and explain how accounting and financial reporting for fiduciary activities differ from those for governmental and business-type activities.

  Basics of deferred tax amounts

Show how any deferred tax amounts should be classified and reported on the 2006 balance sheet. The tax rate is 40%.

  To help pay for construction 880000 was borrowed at 10 on

bass corporation constructed assets costing 2000000. the weighted-average accumulated expenditures on these assets

  Government regulations or laws

When there are conflicts, how might government regulations or laws tilt the firm toward 'doing good'?

  John and ellen brite are married and file a joint return

John and Ellen Brite are married and file a joint return. They have no dependents. John owns an unincorporated specialty electrical lighting retail store, Brite-On. Brite-On had the following assets on January 2, 2013:

  Implied annual interest rate-inherent in credit terms

Farewell company purchased merchandise with an invoice price of $2000 and credit terms of 2/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?

  Production beginning work in process 3910 units that are

the smelting department of mathews manufacturing company has the following production and cost data for

  A company has the return on equity of 20 percent a debt

a company has a return on equity of 20 percent a debt ratio of 55 percent and a profit margin of 12 percent. the

  Goforit has a large investment in warehouse equipment

you are cfo of goforit inc. a wholesale distribution company specializing in emerging technologies. your ceo is a

  How to resolve ethical problems

Decision making framework - how to resolve ethical problems and what are the professional, organisational and personal ethics issues?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd