100. In 2012, Rona Company issued 50,000 shares of P10 par value for P100 per share. In 2013, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to share premium and retained earnings, respectively? * O A. 20,000 and 280,000 O B. 100,000 and 180,000 O C. 180,000 and 100,000 O D. 280,000 and 0

100. In 2012, Rona Company issued 50,000 shares of P10 par value for P100 per share. In 2013, the entity reacquired 2,000 shares at P150 per share and immediately canceled these 2,000 shares. In connection with the retirement of shares, what amount should be debited to share premium and retained earnings, respectively? * O A. 20,000 and 280,000 O B. 100,000 and 180,000 O C. 180,000 and 100,000 O D. 280,000 and 0

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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Zigma SAOG has issued 4 million, OMR 1 equity share. During the year 2016, the company decided to make a bonus issue in the ratio of 2 for 4 shares held. The following balances reserves and surplus accounts that the company had prior to the Issue of bonus shares: Share premium OMR 1,550,000 General Reserve OMR 90,000 Retained earnings OMR 600,000 Revaluation surplus OMR 30,000 For the issue of bonus shares it is agreed to use the share premium in priority and general reserve can be used to an extent of OMR 60,000 only. Based on the above data, write the respective journal entry and show its working and the effect on items of SOFP.
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6. How much will be in arrears at the end of 2018? ____________________ 7. How should the scrip dividend and related interest be recorded?
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