BM KID Corpotation Shareholders' Equity January 1, 2021 (In Philippine Peso) Pain-in Capital 10% Preference Share Capital, 20,000 authorized, 15,000 shares issued of which 1,000 shares are in Treasury 1,500,000 Subscribed Preference Share Capital, 2,000 Shares 200,000 Subscription Receivable - Preference Shares 100,000 100,000 Ordinary Share Capital, 50,000 shares authorized, no par value but with P50 stated value, 30,000 shares issued 1,500,000 Subscribed Ordinary Shares, 5000 shares 250,000 Subscription Receivable - Ordinary Shares 100,000 150,000 Additional Paid-in Capital Preference Share Premium 340,000 Paid in Capital in excess of Ordinary Share Stated Value 350,000 Total Paid-in Capital 3,940,000 Accumulated Profits 1,200,000 5,140,000 (115,000) Total SHE before Treasury Shares Treasury Shares, 1,000 Preference shares at cost Total Shareholders' Equity 5,025,000
BM KID Corpotation Shareholders' Equity January 1, 2021 (In Philippine Peso) Pain-in Capital 10% Preference Share Capital, 20,000 authorized, 15,000 shares issued of which 1,000 shares are in Treasury 1,500,000 Subscribed Preference Share Capital, 2,000 Shares 200,000 Subscription Receivable - Preference Shares 100,000 100,000 Ordinary Share Capital, 50,000 shares authorized, no par value but with P50 stated value, 30,000 shares issued 1,500,000 Subscribed Ordinary Shares, 5000 shares 250,000 Subscription Receivable - Ordinary Shares 100,000 150,000 Additional Paid-in Capital Preference Share Premium 340,000 Paid in Capital in excess of Ordinary Share Stated Value 350,000 Total Paid-in Capital 3,940,000 Accumulated Profits 1,200,000 5,140,000 (115,000) Total SHE before Treasury Shares Treasury Shares, 1,000 Preference shares at cost Total Shareholders' Equity 5,025,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Please help me journalize the following equity transactions
The following equity transactions took place during January 2021.
Jan 2.)Re-issued 500 Preference Treasury Shares at P125 per share.
Jan 3.)Received subscription to 2,000 ordinary shares at P60 per share, with 50% down payment, balance due on 30 Jan 2021.
Jan 5.)Collected in full the account of preference subscribers, except for the balance of 700 shares of Jay Cruz amounting to P40,000.
Issued corresponding stock certificates to fully paid subscribers.
Jan 10.) Re-issued the remaining 500 Preference Treasury Shares at P110 per share.
Jan 15.)Declared the subscription of Jay Cruz as delinquent; paid P2,000 for the online advertisement of the auction of the shares.
Jan 17.)Collected in full the balance on 5,000 subscribed ordinary shares; issued the corresponding stock certitificates.
Jan 20.)Re-acquired 1,200 Preference shares at P125 per share.
Jan 25.)Received bids for the delinquent subscription of Jay Cruz as follows:
Pepe Castro, 500 shares
Pilar Cinco, 420 shares
Pete Co, 400 shares.
The highest bidder paid the "offer price" including P200 interest on overdue subscription of Jay Cruz, corresponding stock certificates were issued.
Jan 27.)Re-issued 500 Preference Treasury shares at P110.
Jan 30.)Re-acquired and retired 300 ordinary shares at P125 per share.
Transcribed Image Text:BM KID Corpotation
Shareholders' Equity
January 1, 2021
(In Philippine Peso)
Pain-in Capital
10% Preference Share Capital, 20,000 authorized, 15,000 shares issued of which 1,000 shares are in Treasury
1,500,000
Subscribed Preference Share Capital, 2,000 Shares
200,000
Subscription Receivable - Preference Shares
100,000
100,000
Ordinary Share Capital, 50,000 shares authorized, no par value but with P50 stated value, 30,000 shares issued
1,500,000
Subscribed Ordinary Shares, 5000 shares
250,000
Subscription Receivable - Ordinary Shares
100,000
150,000
Additional Paid-in Capital
Preference Share Premium
340,000
Paid in Capital in excess of Ordinary Share Stated Value
350,000
Total Paid-in Capital
3,940,000
Accumulated Profits
1,200,000
Total SHE before Treasury Shares
5,140,000
Treasury Shares, 1,000 Preference shares at cost
(115,000)
Total Shareholders' Equity
5,025,000
Transcribed Image Text:ACCOUNT TITLES USED:
Preference Share Capital
Ordinary Share Capital
Subscribed Preference Share Capital
Subscribed Ordinary Share Capital
Subscription Receivable-Preference
Subscription Receivable-Ordinary
Preference Share Premium
Paid in Capital in Excess of Ordinary Share Stated Value
Paid in Capital from Preference Treasury Shares
Paid in Capital from Ordinary Treasury Shares
Ordinary Treasury Shares
Preference Treasury Shares
Accumulated Profits
Due from the Highest Bidder
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education