31. The following capital accounts are shown in the statement of financial position of George Corporation: Ordinary shares, 10.000 shares, par value P100 Premium on ordinary shares Share premium -treasury shares Accumulated profits and losses Treasury shares, 2,000 shares at cost P1,000,000 20.000 30.000 750,000 250.000 The entire 2,000 treasury shares were sold for P200.000. What would be the balance of the accumulated profits and losses account after this sale?
31. The following capital accounts are shown in the statement of financial position of George Corporation: Ordinary shares, 10.000 shares, par value P100 Premium on ordinary shares Share premium -treasury shares Accumulated profits and losses Treasury shares, 2,000 shares at cost P1,000,000 20.000 30.000 750,000 250.000 The entire 2,000 treasury shares were sold for P200.000. What would be the balance of the accumulated profits and losses account after this sale?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:31. The following capital accounts are shown in the statement of financial position of George
Corporation:
Ordinary shares, 10,000 shares, par value P100
Premium on ordinary shares
Share premium - treasury shares
Accumulated profits and losses
Treasury shares, 2,000 shares at cost
P1,000,000
20.000
30,000
750,000
250,000
The entire 2,000 treasury shares were sold for P200.000. What would be the balance of the
accumulated profits and losses account after this sale?
Transcribed Image Text:19. Randy and Joseph share profits and losses in a 7:3 ratio. Partnership
books show the following before liquidation: Cash: P 30, 000; A/R (net): P
380, 000; Inventory: P 260, 000; Furniture (net): P 120, 000; A/P: P 165,
000; Randy, Capital: P 350, 000; Joseph, Capital: P 275, 000. Rosauro
offered to buy the partnership assets and liabilities, excluding the cash,
for P 760, 000 after they are restated at fair values. The fair values of the
non-cash assets are as follows: A/R: P 350, 000; Inventory: P 250, 000;
Furniture: P 135, 000. How much will Randy and Joseph receive as final
settlement of their partnership interest? *
P 790, 000
P 760, 000
P 625, 000
P 570, 000
answer not given
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