*Board of Intermediate Education Karachi* *XII Accounting – Section B (Short Q/A)* Marks: 40 NOTE: Answer any 4 questions from this Section. All questions carry equal marks. The use of calculator is allowed 2. COMPANY – ISSUANCE OF SHARES AND DEBENTURES: Raza Enterprises completed the following transactions i) Offered to the public 40,000 shares of Rs.10 each. Applications were received for 30,000 shares. As per agreement the underwriters subscribed for the balance of other shares. The company finalized the allotment of shares. ii) Purchased Land for Rs.1,80,000 and in consideration issued shares at market value of Rs.12/- each. iii) In consideration of the services of the promoters, the company issued 8,000 shares of Rs.10/- each. Each share has a market value of Rs.12.50. iv) Received Rs.1,90,000 against issuance of 2,000 12% debentures of Rs.100 each, redeemable after 5 years at Rs.110 each. Required: Record the above transactions in the General Journal.