An Issue of 50 000 Shares at $3 Required $2

question 22

Multiple Choice

An issue of 50 000 shares at $3 required $2.20 per share to be paid at the time of application.On allotment,another $0.30 was due and a further $0.50 when determined by the board of directors.The application money in respect of the 50 000 shares was received on 8 July.On 26 July,the shares were issued with the amount due on allotment received on 15 August.The remaining $0.50 was called up on 20 September and received on 10 October
- The journal entry to record the cash received on application would include:

• A) Dr Cash at bank,$110 000.
• B) Cr Share capital,$110 000.
• C) Cr Application,$110 000.
• D) Dr Application,$110 000.

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