Company Account: Issue of Shares - Practice Question

Igbira Camp Ltd issues out 100,000 ordinary shares of N1 each for N1.80k 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

Note:
All suggested solutions can be sent to the author via the comment box below.