BFAR Corp. has ordinary share capital with par value of P50, and preference share capital with par value of P100 per share. Below arethe related transactions for the year:●.●Issued 2,000 ordinary shares for P70 per shareIssued 3,000 preference shares for P130 per shareReceived subscriptions for 900 ordinary shares at P80 per shareReceived subscriptions for 300 preference shares at P200 per share, of which P40,000 is subscriptions receivableThe Share Premium account has no balance at the start of the year. How much is the balance of the Share Premium account at theend of the year?

Share capital refers to the equity capital of the funds raised by the company by the issuance of…

Answered: BFAR Corp. has ordinary share capital…

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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Massive Corp. is authorized to Issue unlimited $0.80 no-par preferred shares and unlimited no-par common shares. There are 15,000 preferred and 45,000 common shares outstanding. In a five-year period, annual dividends pald were $2,000, $6,000, $86,000, $5,000, and $172,000, respectively. Required: Calculate the amount of dividends that would be paid to each share class for each year under the following separate cases. Where applicable, the matching dividend per common share is $1.00.
BFAR Corp. was formed on June 1 with 100,000 authorized shares having a par value of P20. The following transactions occurred: • June 15: Issued 827 shares at P22 per share June 20: Received subscriptions for 1,162 shares at P23 per share with 25% down payment • June 25: Received subscriptions for 410 shares at P26 per share with 30% down payment June 30: Collected the June 20 subscription in full How much is the balance of the Share Capital account as of June 30? ● .
BFAR Corp. was authorized to issue 300,000 P7 par value ordinary shares. It received subscriptions for 68,000 ordinary shares at P9 per share and collected half of this subscription. How much is the balance of the Subscribed Share Capital account?
On December 1, DOS Corporation issued 1,000 shares of its ₱10 par ordinary share capital and 2,000 shares of its P10 par preference share capital for a lump sum of ₱ 40,000. At this date, ordinary share is selling for ₱18 per share and the preference share for ₱13.50 per share. How much should the “Ordinary Share Capital” account be credited? (The entry to record the issuance of the shares serves as the solution for this problem) *
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APPLE Company was organized at the beginning of the current year and was authorized to issue share capital of 200,000 ordinary shares with par value of ₱20. The following transactions occurred during the year:• Received subscriptions at par value from incorporators equal to 45% of the authorized share capital• Received 60% down payment on the subscriptions from the incorporators• Received full payment on 50,000 shares originally subscribed• An equipment was acquired by issuing 5,000 shares. Share are currently traded at this time at ₱25/share.• Received cash subscriptions to 10,000 shares at ₱28/share• Partially collected 50% of the amount subscribed on the latest subscriptions.• Collected in full 90% of the latest subscription. 10% defaulted, thus the corporation offered the shares on a public auction and awarded it to the highest bidder who paid the delinquency balance and the incurred ₱5,000 auction expense.• Net income for the year-ended was ₱800,000. 1. What is the balance of…
Namjoon Corporation is authorized to issue 500,000 shares of Ordinary Share Capital, P50 par value. To comply with the required subscription of the Securities and Exchange Commission, assuming the minimum required subscription was received at P 110, how much subscription must be paid up?
4. During the current year, an entity issued 20,000 preference shares of P100 par value for P3,250,000 with 20,000 warrants to acquire 10,000, P50 par value ordinary shares at P60 per share. On the date of the issuance, the market values are 120 for preference and 10 for a warrant. If subsequently, 75% of the warrants were exercised, the amount that will be credited to share premium-issuance is?

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