Scribd Logo
Upload

Welcome to Scribd!

  • 01/1 01/26 Cash

    Uploaded by

    Virther Major
    12 views2 pages
    The entity issued 30,000 preference shares with a par value of P100 each and 50,000 ordinary shares with a par value of P50 each. Throughout the year, the entity received cash from the issuance of shares, subscriptions receivable, and donations. Various journal entries were made for treasury shares, legal expenses, machinery, and income. At the end of the year, the entity reported total shareholders' equity of P9,205,000 comprising of preference share capital, ordinary share capital, share premium for preference and ordinary shares, treasury shares, donated capital, and retained earnings.

    Original Description:

    Original Title

    LA (1-3)

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The entity issued 30,000 preference shares with a par value of P100 each and 50,000 ordinary shares with a par value of P50 each. Throughout the year, the entity received cash from the issuance of shares, subscriptions receivable, and donations. Various journal entries were made for treasury shares, legal expenses, machinery, and income. At the end of the year, the entity reported total shareholders' equity of P9,205,000 comprising of preference share capital, ordinary share capital, share premium for preference and ordinary shares, treasury shares, donated capital, and retained earnings.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    12 views2 pages

    01/1 01/26 Cash

    Uploaded by

    Virther Major
    The entity issued 30,000 preference shares with a par value of P100 each and 50,000 ordinary shares with a par value of P50 each. Throughout the year, the entity received cash from the issuance of shares, subscriptions receivable, and donations. Various journal entries were made for treasury shares, legal expenses, machinery, and income. At the end of the year, the entity reported total shareholders' equity of P9,205,000 comprising of preference share capital, ordinary share capital, share premium for preference and ordinary shares, treasury shares, donated capital, and retained earnings.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    01/1 The entity will prepare a memo: The entity was authorized to issue preference share capital of

    30,000 with a par of P100, and ordinary share capital of 50,000 with a par value of P50.

    01/26 Cash 2,400,000


    Ordinary Share Capital 2,000,000
    Share Premium – ordinary 400,000

    02/12 Cash 1,200,000


    Preference Share Capital 1,000,000
    Share Premium – Preference 200,000

    03/2 Subscription Receivable 1,100,000


    Subscribed Preference Capital 1,000,000
    Share Premium – Preference 100,000

    04/26 Cash 275,000


    Subscription Receivable 275,000

    05/6 Legal Expenses 100,000


    Preference Share Capital 100,000

    05/20 Machinery 1,300,000


    Ordinary Share Capital 1,000,000
    Share Premium – Ordinary 300,000

    06/28 Subscriptions Receivable 750,000


    Subscribed Ordinary Share 750,000

    07/7 Cash 300,000


    Subscription Receivable 300,000

    07/30 Cash 825,000


    Subscription Receivable 825,000

    Subscribed preference share 1,000,000


    Preference share capital 1,000,000

    08/25 Treasury shares-ordinary 200,000


    Cash 200,000

    09/4 Cash 100,000


    Treasury Shares 80,000
    Share Premium-treasury 20,000

    09/15 Cash 35,000


    Share Premium-treasury 5,000
    Treasury Shares 40,000
    10/29 Ordinary share 100,000
    Share premium-ordinary 20,000
    Treasury Shares 80,000
    Share premium-treasury 40,000

    11/3 Cash 120,000


    Donated Capital 120,000

    11/16 Cash 450,000


    Subscriptions Receivable 450,000

    Subscribed ordinary shares 750,000


    Ordinary Share Capital 750,000

    12/15 Cash 300,000


    Ordinary share capital 250,000
    Share premium-ordinary 50,000

    12/31 Income Summary 2,000,000


    Retained earnings 2,000,000

    Preference Share Capital 2,100,000


    Ordinary Share Capital 3,900,000
    Share premium-preference 300,000
    Share premium-ordinary 730,000
    Share premium-treasury 55,000
    Donated capital 120,000
    Retained Earnings 2,000,000
    Total Shareholders’ equity 9,205,000

    You might also like