Company Account: Issue of Shares - Illustration II

myFATutorials Inv. Ltd issues out 100,000 ordinary shares of N1 each for N1 per share and the shares were fully subscribed and paid for.

You are required to:

              i.        Show Journal Entries necessary to record the above transactions

             ii.        Transfer the entries into their respective Ledgers

            iii.        Prepare a balance sheet extract for the issue of the shares

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