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ACCT6003 Financial Accounting Processes

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Question:

On 1 July 2017, ChiHerbal Ltd was registered and offered 500,000 ordinary shares to the public at an issue price of $7, payable as follows. As per the company’s constitution, all surplus money from application would be transferred to allotment and/or calls accounts.
$3 on application (due by 1 August 2017)
$2.5 on allotment (due by 30 August 2017)
$1.5 on Call 1 (due by 15 June 2018)
$1 on Call 2 (due by 30 July 2018)

Application has been closed and by 1 August 2017, 600,000 shares have been applied for of which applicants for 100,000 shares forwarded the full $8 per share, and the reminder paid application money only.On 15 August, directors decided to allot shares in full to applicants who had paid the full amount and to all remaining applications on a pro rata basis.The cost of publishing prospectus and stamp duty ($29,000) was also paid on 15 August. Other legal fees of $7,000 were paid on this date too.

All outstanding allotment money was received by the due date above.The Call 1 was made on 1 May 2018 with money due by 15 June. Subsequently Call 2 was made on 1 July 2018 with money due by 30 July 2018. All money was received on the due dates except for the holder of 15,000 shares who failed to meet both call 1 & 2. On 1 September 2018, as
provided for in the constitution, the directors decided to forfeit these shares. They were reissued, on 15 September 2018, as paid to $8 for $6 cash with a brokerage fee of $4,000. The balance of the forfeited shares account (after the reissuing share costs) was returned to the former shareholder on 30 September 2018.

Required
Prepare the journal entries to record the transactions of ChiHerbal Ltd up to and including that which took place on 30 September 2018. (Show all workings and narrations are compulsory)
Scenario 2 Property, Plant and Equipment
The end of the reporting period for ChiHerbal Ltd is 30 June. The company depreciates all depreciable assets using the straight-line method.
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