Calls on shares, forfeiture, issue and exercise of options, redemption of preference shares.
Cajun Ltd’s equity at 30 June 2013 was as follows:

	400,000 ordinary shares, issued at $1.60, fully paid		$	640,000
	450,000 ordinary shares, issued at $2, called to $1.10			495,000
	170,000 redeemable preference shares, issued at $1, fully paid			170,000
	Calls in advance (10,000 ordinary shares)			7,000
	Share issue costs			(7,000)
	General reserve			60,000
	Retained earnings			310,000

The following events occurred during the year ended 30 June 2014:

	2013
	July	15		The final call, due 31 August, was made on the partly paid shares.
	Aug.	31		All call money was received, except for that due on 23,000 shares.
	Sept	10		In accordance with the constitution, the shares on which the call was unpaid were forfeited. The company is entitled to keep any balance from forfeiture of shares.
	Oct.	1		The company offered ordinary shareholders 1 option (at a price of 90 cents per option) for every 5 shares held. Each option entitled the holder to buy 1 ordinary share at a price of $1.50 per share, exercisable on or before 15 April 2014.
		31		65,000 options were taken up by shareholders, for which all money due was received.
	2014
	Jan.	3		A prospectus was issued, inviting applications for 90,000 ordinary shares at an issue price of $2, payable in full on application. The purpose of the issue was to fund the redemption of the preference shares. The issue was underwritten at a commission of $5,900.
		31		The issue closed fully subscribed, with all money due having been received.
	Feb.	5		The 90,000 shares were allotted, and the underwriting commission was paid.
		18		The directors resolved to redeem the preference shares out of the proceeds of the January share issue for $1.01 per share.
		26		Cheques were issued to the preference shareholders.
	April	15		50,000 shares were issued as a result of 50,000 options having been exercised, for which money had been received. The unexercised options lapsed.

Required
Prepare general journal entries to record the above transactions.

Quote:

---

Originally Posted by Markvu3112

Calls on shares, forfeiture, issue and exercise of options, redemption of preference shares.
Cajun Ltd's equity at 30 June 2013 was as follows:

	400,000 ordinary shares, issued at $1.60, fully paid		$	640,000
	450,000 ordinary shares, issued at $2, called to $1.10			495,000
	170,000 redeemable preference shares, issued at $1, fully paid			170,000
	Calls in advance (10,000 ordinary shares)			7,000
	Share issue costs			(7,000)
	General reserve			60,000
	Retained earnings			310,000

The following events occurred during the year ended 30 June 2014:

	2013
	July	15		The final call, due 31 August, was made on the partly paid shares.
	Aug.	31		All call money was received, except for that due on 23,000 shares.
	Sept	10		In accordance with the constitution, the shares on which the call was unpaid were forfeited. The company is entitled to keep any balance from forfeiture of shares.
	Oct.	1		The company offered ordinary shareholders 1 option (at a price of 90 cents per option) for every 5 shares held. Each option entitled the holder to buy 1 ordinary share at a price of $1.50 per share, exercisable on or before 15 April 2014.
		31		65,000 options were taken up by shareholders, for which all money due was received.
	2014
	Jan.	3		A prospectus was issued, inviting applications for 90,000 ordinary shares at an issue price of $2, payable in full on application. The purpose of the issue was to fund the redemption of the preference shares. The issue was underwritten at a commission of $5,900.
		31		The issue closed fully subscribed, with all money due having been received.
	Feb.	5		The 90,000 shares were allotted, and the underwriting commission was paid.
		18		The directors resolved to redeem the preference shares out of the proceeds of the January share issue for $1.01 per share.
		26		Cheques were issued to the preference shareholders.
	April	15		50,000 shares were issued as a result of 50,000 options having been exercised, for which money had been received. The unexercised options lapsed.

Required
Prepare general journal entries to record the above transactions.

---

You failed to show any of your work as required by the site rules. All you did was cut and paste your homework assignment..

Help you or do it all for you so you don't have to?

We don't do your homework for you.

I have tried but I don't know it's right or wrong.. and some where I cant work out the number
2013
15/7 Dr call - ordinary 495000
Cr Share capital - ordinary 495000
Dr Cash in advance 7000
Cr Share capital - ordinary 7000

31/8 Dr Cash
Cr Share capital - ordinary

10/9 Dr Share capital - ordinary 23000
Cr call ordinary
Cr Forfeited Shares Reserve

31/10 Dr Cash 58500
Cr share option 58500

2014
31/1 Dr Cash Trust 180000
Cr Application - ordinary 180000

5/2 Dr Application - ordinary
Cr share capital - ordinary
Dr Cash
Cr Share capital - ordinary

5/2 Dr Share issue costs/ share capital 7000
Cr Cash Trust 7000

18/2 Dr Share Capital – Preference
Dr Retained Earnings
Cr Cash 90900

26/2 Dr Shareholders ' Redemption
Cr Cash

15/4 Dr Cash
Cr Share options
Dr Share options 45000
Cr Cash
Cr Lapsed options reserve

Quote:

---

Originally Posted by odinn7

Help you or do it all for you so you don't have to?

We don't do your homework for you.

---

I have post what I got in other post... I mean you guys help me, not do all for me...

Quote:

---

Originally Posted by smoothy

You failed to show any of your work as required by the site rules. All you did was cut and paste your homework assignment..

---

I have post what I got in other post... I mean you guys help me, not do all for me...