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Allen Monta is a subscriber of Valencia Fruit Processing Corporation for 300 ordinary shares at P150 par value per share. She failed to pay her subscription balance of P27,000 which is equivalent to 180 shares despite of lawful calls and notices being sent to her. The corporation declared all the shares to be delinquent and advertises for the auction sale. Three (3) bidders were received and all signified their intentions to pay the balance of P27,000 plus advertising expenses of P560 but differ on the share that each bidder will acquire. Dante Dagohoy Mariafirma Cartagena Eduardo de los Reyes Q-17 How many shares are declared as "delinquent? a) 120 shares b) 180 shares Q-18 Who is the highest bidder in the auction sale? a) de los Reyes b) Cartagena 7-6 b) Subscription Receivable Subscription Receivable c) Cash Q-19 How much cash that the subscriber Allen Monta has paid to the corporation? c) P45,000 d) none of these Due from Highest Bidder bids for 170 shares bids for 174 shares bids for 178 shares a) P18,000 b) P27,000 Q-20 What is the journal entry to record the delinquency sale of Allen Monta? a) Due from Highest Bidder P27,000 Subscription Receivable d) none of these c) d) 300 shares none of these a) 130 for Monta and 170 for Dagohoy b) 126 for Monta and 174 for Cartagena c) 122 for Monta and 178 for de los Reyes d) none of these c) Dagohoy d) corporation P27,000 P27,000 P27,000 P27,000 P27,000 Q-21 After the auction sale and upon issuance of certificate of shares, how many shares must be issued to Allen Monta and the highest bidder? Q-22 If there are no bidders at all, the corporation may in itself bid for the delinquent shares. What is the journal entry in the book of Valencia Fruits Processing Corporation?

Allen Monta is a subscriber of Valencia Fruit Processing Corporation for 300 ordinary shares at P150 par value per share. She failed to pay her subscription balance of P27,000 which is equivalent to 180 shares despite of lawful calls and notices being sent to her. The corporation declared all the shares to be delinquent and advertises for the auction sale. Three (3) bidders were received and all signified their intentions to pay the balance of P27,000 plus advertising expenses of P560 but differ on the share that each bidder will acquire. Dante Dagohoy Mariafirma Cartagena Eduardo de los Reyes Q-17 How many shares are declared as "delinquent? a) 120 shares b) 180 shares Q-18 Who is the highest bidder in the auction sale? a) de los Reyes b) Cartagena 7-6 b) Subscription Receivable Subscription Receivable c) Cash Q-19 How much cash that the subscriber Allen Monta has paid to the corporation? c) P45,000 d) none of these Due from Highest Bidder bids for 170 shares bids for 174 shares bids for 178 shares a) P18,000 b) P27,000 Q-20 What is the journal entry to record the delinquency sale of Allen Monta? a) Due from Highest Bidder P27,000 Subscription Receivable d) none of these c) d) 300 shares none of these a) 130 for Monta and 170 for Dagohoy b) 126 for Monta and 174 for Cartagena c) 122 for Monta and 178 for de los Reyes d) none of these c) Dagohoy d) corporation P27,000 P27,000 P27,000 P27,000 P27,000 Q-21 After the auction sale and upon issuance of certificate of shares, how many shares must be issued to Allen Monta and the highest bidder? Q-22 If there are no bidders at all, the corporation may in itself bid for the delinquent shares. What is the journal entry in the book of Valencia Fruits Processing Corporation?

FINANCIAL ACCOUNTING
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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Allen Monta is a subscriber of Valencia Fruit Processing Corporation for 300 ordinary shares at P150 par value per share. She failed to pay her subscription balance of P27,000 which is equivalent to 180 shares despite of lawful calls and notices being sent to her. The corporation declared all the shares to be delinquent and advertises for the auction sale. Three (3) bidders were received and all signified their intentions to pay the balance of P27,000 plus advertising expenses of P560 but differ on the share that each bidder will acquire. Dante Dagohoy Mariafirma Cartagena Eduardo de los Reyes Q-17 How many shares are declared as "delinquent"? a) 120 shares b) 180 shares Q-18 Who is the highest bidder in the auction sale? a) de los Reyes b) Cartagena b) Subscription Receivable Subscription Receivable c) Cash Q-19 How much cash that the subscriber Allen Monta has paid to the corporation? c) P45,000 d) none of these Due from Highest Bidder a) P18,000 b) P27,000 Q-20 What is the journal entry to record the delinquency sale of Allen Monta? a) Due from Highest Bidder P27,000 Subscription Receivable d) none of these 7-6 a) 130 for Monta and 170 for Dagohoy b) 126 for Monta and 174 for Cartagena c) 122 for Monta and 178 for de los Reyes d) none of these a) Treasury Shares bids for 170 shares bids for 174 shares bids for 178 shares Due from Highest Bidder b) Due from Highest Bidder Treasury Shares c) d) c) Treasury Shares Share Capital 300 shares none of these d) none of these c) Dagohoy d) corporation Q-21 After the auction sale and upon issuance of certificate of shares, how many shares must be issued to Allen Monta and the highest bidder? P27,000 Q-22 If there are no bidders at all, the corporation may in itself bid for the delinquent shares. What is the journal entry in the book of Valencia Fruits Processing Corporation? P27,000 P27,000 P27,560 P27,000 P27,560 P27,560 P27,000 P27,560 P27,5604 P27,560
Transcribed Image Text:Allen Monta is a subscriber of Valencia Fruit Processing Corporation for 300 ordinary shares at P150 par value per share. She failed to pay her subscription balance of P27,000 which is equivalent to 180 shares despite of lawful calls and notices being sent to her. The corporation declared all the shares to be delinquent and advertises for the auction sale. Three (3) bidders were received and all signified their intentions to pay the balance of P27,000 plus advertising expenses of P560 but differ on the share that each bidder will acquire. Dante Dagohoy Mariafirma Cartagena Eduardo de los Reyes Q-17 How many shares are declared as "delinquent"? a) 120 shares b) 180 shares Q-18 Who is the highest bidder in the auction sale? a) de los Reyes b) Cartagena b) Subscription Receivable Subscription Receivable c) Cash Q-19 How much cash that the subscriber Allen Monta has paid to the corporation? c) P45,000 d) none of these Due from Highest Bidder a) P18,000 b) P27,000 Q-20 What is the journal entry to record the delinquency sale of Allen Monta? a) Due from Highest Bidder P27,000 Subscription Receivable d) none of these 7-6 a) 130 for Monta and 170 for Dagohoy b) 126 for Monta and 174 for Cartagena c) 122 for Monta and 178 for de los Reyes d) none of these a) Treasury Shares bids for 170 shares bids for 174 shares bids for 178 shares Due from Highest Bidder b) Due from Highest Bidder Treasury Shares c) d) c) Treasury Shares Share Capital 300 shares none of these d) none of these c) Dagohoy d) corporation Q-21 After the auction sale and upon issuance of certificate of shares, how many shares must be issued to Allen Monta and the highest bidder? P27,000 Q-22 If there are no bidders at all, the corporation may in itself bid for the delinquent shares. What is the journal entry in the book of Valencia Fruits Processing Corporation? P27,000 P27,000 P27,560 P27,000 P27,560 P27,560 P27,000 P27,560 P27,5604 P27,560
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