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Prepare journal entries for the two transactions

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Question -

A. BBA Limited was incorporated on September 1, 2019.

The company had two transactions below related to its ordinary shares with a par value of $5 per share.

September 1: Issued 8,000 ordinary shares for cash at $5 per share.

November 16: Issued 20,000 ordinary shares for a patent with a fair value of $300,000.

Prepare journal entries for the two transactions above for BBA Limited.

B. CG Limited has the following treasury share transactions during November 2019 for the first time after its incorporation:

November 1: Bought 5,000 ordinary shares at $29 a share.

November 13: Sold 2,500 treasury shares at $30 a share.

Required: Prepare journal entries for the two transactions above for CG Limited using the cost method.

Reference no: EM132441220

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