A531-12UFS - Requirement(a The journal entries made by Geo...

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Requirement (a) The journal entries made by Geo Limited during 2011 to record all information related to the changed in equity and other relevant accounts during the year are as follows: Full Name: Umme Fatema Siddique Student Number: 805 936 291 Date: Journal Entries: Debit: Credit: Course Code/Number: ACCT 531 Assignment Number: 12 Common Shares [$34.20 x 4,000 shares] $136,800 Contributed Surplus- Repurchased Common Shares $22,700 Retained Earnings $18,100 Cash [$41.50 x 5,000 shares] $177,600 Land $240,500 Cash $33,000 Common Shares [$41.50 x 5,000 shares] $207,500 Holding Loss in Trivex Shares* $3,650 Investment in Trivex $3,650 Loss on Sale of Trivex Shares $6,000 Holding Gains/Losses on Trivex [$2,350+3,650] $6,000 Retained Earnings $62,400 Property Dividends Payable $62,400 Property Dividends Payable $62,400 Investment in Trivex $62,400 Retained Earnings $85,752 Stock Dividend Distributable** $85,752 Stock Dividend Distributable $85,725 Common Shares $85,725 Land $42,000 Contributed Surplus, Donated Land $42,000 Share Subscription Receivable $346,500 Cash [$385,000 x 10%] $38,500 Common Shares Subscribed [$38.50 x 10,000 shares] $385,000 Dividend Expense $3,800 Dividend Payable $3,800 Notes: * Original Share Cost $68,400 Deduct: FMV, Beginning of the ye $(2,350) Carrying amount Beginning of yea $66,050 Deduct: FMV @ date of declaratio $(62,400) FMV adjustment $3,650 ** Common shares outstanding 43200 X Stock dividend rate 5% 2160 X market price of share $39.70 Stock Dividend Distributable $85,752 Requirement (b) The captions that would appear on Geo's Statement of Cash Flows for the year ended Oct 31, 2011 would be as follows: Geo Limited Statement of Cash Flows For the year ended October 31st, 2011 Cash Flows from Operating Activities: Add: Non-cash Expenses: Loss on sale of Trivex shares $6,000 Changes in non-cash working capital: Dividend payable, preferred shares $3,800 Cash Flows from Investing Activities: Purchase of land (cash exchange part
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This note was uploaded on 01/01/2012 for the course ACCT 531 taught by Professor Janicecharko during the Winter '11 term at Humber.

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A531-12UFS - Requirement(a The journal entries made by Geo...

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