0444 Assignment No 1 Solution 2022-Autumn AiOU-Q 5 Ans-Advance Accounting <br /><br />Q No 5 <br />The Fortune Corporation was formed with an authorized capital as follows: <br />20,000, 10% preference shares of Rs. 100 each <br />100,000 ordinary shares of Rs. 100 each <br />5000 deferred shares of Rs. 10 each. <br />Required: Pass the necessary journal entries to record the following transactions: <br />i. Issued 3000 10% preference shares at par and cash received. <br />ii. Issued 10,000 ordinary shares of Rs. 100 each at Rs. 110. All amounts received in cash. <br />iii. Acquired Equipment costing Rs. 210,000 and issued 2000 10% preference shares of Rs. 100 each. <br />iv. Land valued Rs. 225,000 acquired and 2500, 10% preference shares were issued against its consideration. <br />v. Issued 2000 deferred shares of Rs. 10 each to promoters in recognition of services rendered by them. <br />
