Atty Jani ed that the corporation has an authorized ordinary share capital or P10,000,000 with an equivalent share of 50,000 Mendragon Carporation is to issue 250 shares at par value for the service of the lawyer. Alcantara has done a lot in the forming of Mondragon Corporation. The Articies of Incorporation Record the following transactions assuming: 1. The services of Atty. Alcantara is valued at P60,000. Description P.R. Debit Credit 2 No known value of the services instead the fair value of ordinary share is given at P250 per share. Description P.R. Debit Credit 3. There is no known value for both services rendered and the ordinary share capital issued. Description P.R. Debit Credit

Atty Jani ed that the corporation has an authorized ordinary share capital or P10,000,000 with an equivalent share of 50,000 Mendragon Carporation is to issue 250 shares at par value for the service of the lawyer. Alcantara has done a lot in the forming of Mondragon Corporation. The Articies of Incorporation Record the following transactions assuming: 1. The services of Atty. Alcantara is valued at P60,000. Description P.R. Debit Credit 2 No known value of the services instead the fair value of ordinary share is given at P250 per share. Description P.R. Debit Credit 3. There is no known value for both services rendered and the ordinary share capital issued. Description P.R. Debit Credit

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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Subject: accounting
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