9. Ranga Corporation declared a cash dividend of P10,000 on Jan. 17. This dividenwas payable to shareholders of record on Feb. 10 and payment was made on March2. As a result of this cash dividend, liabilities will increase (decrease) onJan. 17Feb. 10а.P-0-P-0-P-0-Р10,000P(10,000)P10,000b.С.P-0-d.P(10,000) 12. The following data are extracted from the shareholders' equity section of thestatement of financial position of Dela Cruz Corporation:12/31/201812/31/2019Ordinary Shares, P2 par valueP1,000,000P1,020,000Share Premium500,0001,000,000580,000Retained Earnings1,046,000During 2019, the corporation declared and paid cash dividends of P150,000 and alsodeclared and issued a share dividend. There were no other changes in shares issuedand outstanding during 2019. Profit for 2019 wasP 46,000.b. P196,000.а.c. P216,000.d. P296,000.

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9. Ranga Corporation declared a cash dividend of P10,000 on Jan. 17. This dividend was payable to shareholders of record on Feb. 10 and payment was made on March 2. As a result of this cash dividend, liabilities will increase (decrease) on Jan. 17 Feb. 10 а. Р-0- P-0- P-0- P10,000 P(10,000) P10,000 b. С. P-0- d. P(10,000)

9. Ranga Corporation declared a cash dividend of P10,000 on Jan. 17. This dividend was payable to shareholders of record on Feb. 10 and payment was made on March 2. As a result of this cash dividend, liabilities will increase (decrease) on Jan. 17 Feb. 10 а. Р-0- P-0- P-0- P10,000 P(10,000) P10,000 b. С. P-0- d. P(10,000)

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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Question 1 a) Given below are the statements of financial position of H and its subsidiary S as at 31 December 2021. Ordinary shares of RM1.00 each Share premium Revaluation reserve Retained profit Liabilities Inventory Accounts receivable H RM 120,000 250,000 70,000 100,000 Fixed Assets - Land 300,000 Investment in S - 150,000 ordinary shares at cost 250,000 RM Share premium 50,000 Revaluation reserve 15,000 Retained profit 20,000 S RM 500,000 200,000 100,000 50,000 40,000 30,000 50,000 20,000 50,000 50,000 740,000 350,000 i. NCI is not measured at fair value. H acquired 150,000 of the ordinary shares of S on 1 January 2017 when the balance in S's accounts were: 740,000 350,000 Required: Prepare the consolidated statement of financial position of H and of its subsidiary S as at 31 December 2021 where: ii. NCI is measured at fair value where the fair value of S's shares on 1 January 2017 was RM1.45 per share and on 31 December 2021 was RM1.80
H2.
14. A company has the following information during the year? Total consideration from share issuances amounted to P3,000,000. A land and building were acquired through a lump sum payment of P450,000. A mortgage amounting to P150,000 was assumed on the land and building. Total payments of P70,000 were made during the year on the mortgage assumed on the land and building, The payments are inclusive of interest amounting to P20,000. Additional capital of P220,000 was obtained through bank loans. None of the bank loans were paid during the year. Half of the bank loans required a secondary mortgage on the land and building. There is no accrued interest as of year-end. Dividends declared during the year but remained unpaid amounted to P63,000. No other transactions during the year affected liabilities. Retained earnings as of December 31, 20x1 is P130,000 How much is the profit for the year? 15. Using the information on the preceding number, how much is the total assets as of the end of the…
5.) HAWKEYE Corporation has the following shareholders' equity accounts as of December 31, 2021: 6% Preference shares, ₱10 par - ₱200,000; Ordinary shares, ₱10 par - ₱300,000; Accumulated profits - ₱80,000. Dividends have not been declared for the years 2019 to 2021. The whole amount of the accumulated profits of ₱80,000 was declared as dividend on December 31, 2021. How much dividend per share shall an ordinary shareholder have if the preference share is cumulative and participating up to 21%?
6. Avon Company acquired 40.000 ordinary shares of Nolon Company OCiober Financial Accounting ! Chapter 9 Page 24 2020 for P6,600,000. On Decernber30.2020. Nolan distributed o10%ana stock dividend when the market price of the share w as P250 On Decenbare 2020, Avon sokd 4,000 shares of its Nolan Oonfipany forPi C00,000. For ffie year Ehded December 31.2020. how muct should Avon.report as gain on sale of investment? 0. 340.000 400,000 40,000 C. 500.000 d. 600,000
C5.3
oo.17. Subject :- Account
1. The following information was taken from the accounts of JT Corp at year end:Total income since incorporation P900,000Total cash dividends paid P260,000Proceeds from sale of donated shares P 90,000Total value of share dividends distributed P60,000Excess of proceeds over cost of treasury stocks sold P140,000What should be the current balance of retained earnings? a. P780,000b. P520,000c. P720,000d. P580,0002. see imagechoices: a. 176,000b. 263,000c. 204,000d. 321,000
5. Magenta Corporation declared $0.70 per share cash dividends on September 18. The dividends were recorded and paid on September 23 and September 29, respectively. Magenta Corporation had 50,000 shares outstanding with par value of $1. The journal entry to record the transaction on September 29 is … a. Cash Dividends $35,000 Dividends Payable $35,000 b. No journal entry required on this date c. Retained Earnings $50,000 Cash Dividends $50,000 d. Dividends Payable $35,000 Cash $35,000
1. Profit for the fiscal year 20XX is transferred to report it as from previous fiscal years. Accumulated losses are amortized. 3. The legal reserve is increased. 4. The partners decide to make a cash contribution for future capital increases in the amount of $ 100,000. 5. 1,500 shares are placed among new investors, premium $ 30 per share. Payroll value per share $ 100 6. Cash dividends of $ 50,000 are distributed. 7. Dividends are distributed in shares for $ 75,000. 8. The 20XY profit is recorded for $ 81,500. Based on the above, answer the following: a. What is the amount to increase the legal reserve? b. How much is the premium for the sale of shares? c. What is the amount available for the payment of dividends? d. How much will be left as a remainder pending distribution?
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on 31st Dec. 1995 were as under. Liabilities Star Ltd. Sun Ltd. Rs. Assets Star Ltd Sun Ltd. Rs. Rs. Rs. Share capital: 20,000 shares of Rs. 50 each 10,00,000 Buildings Machinery 6,00,000 2,00,000 3,00,000 1,00,000 1,00,000 1,50,000 50,000 Stock Debtors 80,000 shares 90,000 4,00,000 Investments in of Rs. 5 each 3,00,000 | 40,000 shares of Sun Ltd. 5,00,000 50,000 1,20,000 General reserve Cash at Bank 1,00,000 60,000 Creditors 16,00,000 6,60,000 16,00,000 6,60,000- Belence of Profit & Loss A/c of Sun Ltd. on 1.1.95 was Rs. 80,000. Sun Ltd. eda dividend of 10% in March 1995 for the year 1994 which was credited by Star Ltd. to its Profit & Loss A/c. Stock of Star Ltd. includes Rs. 20,000 goods which were purchased from Sun Ltd. at a profit of 20% on sale value. Show consolidated Balance Sheet as on 31st December 1995. [Marathwada, B.Com., adapted] [Ans: Capital profit – Rs. 80,000; Revenue profit – Rs. 1,20,000; Capital reserve – Rs. 20,000; Balance Sheet total - Rs. 17,56,000]