Broadbeach Ltd Was Registered on 28 December 20X0 B) C)

question 18

Multiple Choice

Broadbeach Ltd was registered on 28 December 20X0.Broadbeach Ltd has a financial year end of 31 March.On 29 December 20X0 it lodged a prospectus with ASIC inviting investors to acquire 3 000 000 shares.By the closing date of 28 February 20X1 applications for 9 000 000 shares had been received.During March 20X1 the directors allotted the 3 000 000 shares to the applicants in proportion to the number of shares originally applied for.The terms of the issue are as follows:
issue price of $10.00 per share
$4.00 payable on application
$4.00 payable on allotment
$1.00 payable on 30 June 20X1
$1.00 payable on 31 December 20X1
-Assume that all calls were paid on time.What journal entry should Broadbeach Ltd process for the initial applications?

• A)
• \(\begin{array} { l c c }
• \text { Accounts } & \text { Debit \$ } & \text { Credit \$ } \\
• \text { Bank Trust } & 36000000 & \\
• \text { Application } & & 36000000
• \end{array}\)
• B)
• \(\begin{array} { l c c }
• \text { Accounts } & \text { Debit \$ } & \text { Credit \$ } \\
• \text { Application } & 36000000 & \\
• \text { Paid up capital } & & 36000000
• \end{array}\)
• C)
• \(\begin{array} { l c c }
• \text { Accounts } & \text { Debit \$ } & \text { Credit \$ } \\
• \text { Application } & 12000000 & \\
• \text { Paid up capital } & & 12000000
• \end{array}\)
• D)
• \(\begin{array} { l c c }
• \text { Accounts } & \text { Debit \$ } & \text { Credit \$ } \\
• \text { Bank Trust } & 12000000 & \\
• \text { Application } & & 12000000
• \end{array}\)

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Definitions:

Motivation

The process that initiates, guides, and maintains goal-oriented behaviors.

Ego States

Refers to the different facets of our personality that manifest in our behaviors and interactions, such as the Parent, Adult, and Child in transactional analysis.

Transaction

An exchange or interaction between people, which can be financial, emotional, or social.

Safest Form

A term that could apply to various contexts, indicating the method or approach with the least risk or harm involved.