ACCT2000: FINANCIAL ACCOUNTING – Milestone Ltd and Foresters Ltd
Question 1: Shares Milestone Ltd’s equity at 30 June 2019 was as follows: 400 000 ordinary shares, issued at $1.60, fully paid $ 640 000 500 000 ordinary shares, issued at $2, called to $1.20 600 000 180 000 redeemable preference shares, issued at $1, fully paid 180 000 Calls in advance (10 000 ordinary shares) 8 000 Share issue costs (7 000) General reserve 60 000 Retained earnings 310 000 The following events occurred during the year ended 30 June 2020: 2019 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…
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