2108AFE Financial Accounting Workshop Questions Solution Topic 9 – Equity & Rev FOR HOMEWORK SUBMISSION: QUESTION 1 B-Mobile Wireless needed additional capital to expand, so the business incorporated....

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2108AFE Financial Accounting Workshop Questions Solution Topic 9 – Equity & Rev FOR HOMEWORK SUBMISSION: QUESTION 1 B-Mobile Wireless needed additional capital to expand, so the business incorporated. B-Mobile Ltd then completed the following transactions: Oct 2Issued 19,000 ordinary shares for equipment with market value $110,000 Oct 9Received applications for 15,000 ordinary shares at a total issue price of $6 per share, each accompanied by an initial payment of 25% of the issue price, and allotted all 15,000 shares to these applicants Oct 12Issued 8,000 preference shares to acquire a patent with a market value of $80,000 Oct 28Made a call on the partly paid ordinary shares of a further $3 per share. The call was paid in full Requirements 1. Record the transactions in the general journal. 2. Prepare the shareholders equity section of the B-Mobile balance sheet at 31 October. The ending balance of Retained Earnings is $46,000 2