Exercises:1. The Hillside Corporation has an authorized shares of 250,000 with a par value of Php70.100,000 shares were originally issued at par and 50,000 shares were subscribed at Php2above par. During the year, the following transactions occurred:Jan. 5 An additional 30,000 shares were issued at Php75 per share.Feb. 11 2,500 of its own shares were reacquired by the company for Php150,000.Sept. 30 A 10% share dividend was declared by the Board of Directors.Dec. 31 The company realized a profit od Php470,000.Required: Record the foregoing transactions.2. The shareholders' equity section of Banana Co. revealed the following:Ordinary Shares, Php50 par value, 10,000 sharesPremium on Ordinary SharesRetained EarningsPhp500,00020,000100,000Required: Record the acquisition and reissuance of treasury shares based on the following:(a) The corporation acquired 2,000 of its own shares at Php50. Reissued 1,000 of theseshares.(b) The corporation acquired 2,000 of its own shares at Php55. Reissued 1,000 of theseshares at Php60.olders' equity of(c) The corporation acquired 2,000 of its own shares at Php48. Reissued 1,000 of theseshares at Php50 and 1,000 at Php55.3. The following accounts are found in the shareholders' equity of Dahlia Corporation:Preference Shares, 8%, par value Php100, authorized 10,000 shares8,000 shares issued and outstandingOrdinary Shares, par value Php125, authorized and issued20,000 sharesAdditional Paid-in Capital:Premium on Ordinary SharesPaid-in Capital from Sale of Treasury SharesRetained EarningsPhp 800,0002,500,00050,00015,000700,000Appropriated for Treasury SharesAppropriated for Plant ExpansionTreasury Shares 2,000 shares at cost (Ordinary Shares)Appraisal Capital450,000150,000150,000210,000Required: Prepare the shareholders' equity section of the corporation using two methods ofpresenting treasury shares.

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1. The Hillside Corporation has an authorized shares of 250,000 with a par value of Php70. 100,000 shares were originally issued at par and 50,000 shares were subscribed at Php2 above par. During the year, the following transactions occurred: Jan. 5 An additional 30,000 shares were issued at Php75 per share. Feb. 11 2,500 of its own shares were reacquired by the company for Php150,000. Sept. 30 A 10% share dividend was declared by the Board of Directors. Dec. 31 The company realized a profit od Php470,000. Required: Record the foregoing transactions.

1. The Hillside Corporation has an authorized shares of 250,000 with a par value of Php70. 100,000 shares were originally issued at par and 50,000 shares were subscribed at Php2 above par. During the year, the following transactions occurred: Jan. 5 An additional 30,000 shares were issued at Php75 per share. Feb. 11 2,500 of its own shares were reacquired by the company for Php150,000. Sept. 30 A 10% share dividend was declared by the Board of Directors. Dec. 31 The company realized a profit od Php470,000. Required: Record the foregoing transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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