International Financial Reporting

Topic: Share issuance in cash Level of difficulty: Moderate Bernstein Co is a limited liability company. The annual general assembly, held on 6 May X1, voted to issue an additional 2,500 shares (each with a par of 550 CU). The public offering price is set at 700 CU. The capital will be called for the full amount of the legal minimum. Bank X received the subscriptions from 7 to 30 May. On 30 May, the bank issued a certificate stating that the sale was complete and all funds had been collected.


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Under both of the following hypotheses prepare the appropriate entries:

1 The legal minimum that must be called is half of the issuance price,

2 The legal minimum that must be called is half the par value and the entire share premium.

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