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Question 11
Enter the following balances in the partially completed General Journal of Dolman Ltd: 1 January 2017 Bank €19,000 Creditors €61,000 Calculate the Ordinary Share ... show full transcript
Step 1
Answer
To calculate the Ordinary Share Capital, we need to ensure that the total debits equal the total credits:
The total of the debits is:
Total Debits = €555,900 + €19,000 = €574,900.
The total of the credits currently is €61,000 from the creditors. To find the Ordinary Share Capital, we set up the equation:
Total Debits = Total Credits
Let the Ordinary Share Capital be represented as X:
Solving for X:
Thus, the value for the Ordinary Share Capital is €513,900.
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