Accounting Assignment, UM, Malaysia On 1 January 2021, the company decided to issue 200,000 preference shares and 2,000,000 ordinary shares at RM1.40
University | Universiti Malaya (UM) |
Subject | Accounting |
Question
The following balances were extracted from the book of Cold Bhd as of 31 December 2020:
On 1 January 2021, the company decided to issue 200,000 preference shares and 2,000,000 ordinary shares at RM1.40 and RM2 each respectively. The shares were fully subscribed and fully paid.
On 1 September 2021, the company decided to redeem all the redeemable preference shares. In order to facilitate the redemption of the preference shares, the company decided to issue 100,000 ordinary shares at RM1.40 The director of the company agreed that the redeemable preference shares will be redeemed partly by the issue of new shares and partly out of profits. All the reserves remain the same except that the current year’s net profit in 2021 was RM600,000.
On 1 June 2022, the company decided to issue a bonus share on the basis of 2 new ordinary shares for every 10 existing ordinary shares held in the year 2022. The directors decided to write off 40% of the bonus issue amount from the revaluation reserve and the remaining from other reserves.
On 1 December 2022, the company decided to make a rights issue of shares on the basis of 1 new ordinary share for every 20 existing ordinary shares held at the share price of RM1.80. The market price of the share was RM2 each. Assume that, all the reserves remain the same from the year 2022 except that the current year’s net profit in 2015 was RM550,000.
Get Help By Expert
Need help with your Accounting assignment? Assignment Helper MY is here to assist you. Whether you're tackling TMA, individual assignments, or group projects, our assignment helpers are here to guide you every step of the way. Need expert assistance with case study writing? Look no further. We specialize in BBM104: Principles Of Marketing Case Study and other subjects at Ut. From intricate topics like accounting assignments to the latest UM Malaysia updates, we've got you covered. Join our satisfied students who have excelled with our support. Get started and excel in your studies with our top-notch assignment writing services at UM!
Recent Solved Questions
- UBM599 Digital Workforce Report, UTM, Malaysia Students are required to register to crowdsourcing platforms and completed their online profiling
- BBPS4103: Strategic Management Assignment, OUM, Malaysia Assume that you are a consultant and Mr. Chuah Mun Soong wanted a second opinion from you on Flat Cargo Berhad
- ACC116: Introduction To Cost Accounting Assignment, UITM, Malaysia Rising Fast Sdn Bhd manufactures a complete line of fiberglass attaché cases and suitcases
- BBUN2103: BUSINESS LAW Assignment, OUM, Malaysia Evaluate the circumstances that occur prior to the formation of a contract that may impair the validity of the contract.
- SBFS1103: Thinking Skills and Problem Solving Essay, OUM, Malaysia Expose learners to critical thinking, and decision-making skills and enhance the learners’ problem-solving skills
- Law Assignment, TU, Malaysia Patient 67 years old man who had a total right knee replacement at the hospital
- CSC508: Data Structure Assignment, UiTM, Malaysia Define your own Binary Search Tree (BST) data structure using Linked List
- CT098-3-2: The “Internet of Things” (IoT) in home automation evolves to the application of internet connectivity devices: Research Methodology in Computing and Technology (RMCT), AUTI, Malaysia
- ASSIGNMENT INDUSTRIAL PROJECT FOR PROF DIPLOMA
- Equity and Trust Essay, IIUM, Malaysia Consider and critically assess whether a Quistclose trust has been created between Jimmy Brown and Helix