Give the journal entries of the following:Received payments in full for half of the share subscriptions and payments on account on the rest of the subscriptions. Total cash received was P8,400,000. Share certificates were issued for the subscriptions paid in full.Net income for the first year of operations was P3,600,000.Declared a cash dividend of P10 per share on preference shares and P20 per share on ordinary shares, payable on February 10 to shareholders of record on January 15.

The following transactions are journalized as per the information given.

Answered: Give the journal entries of the…

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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Give the journal entries of the following:

Received payments in full for half of the share subscriptions and payments on account on the rest of the subscriptions. Total cash received was P8,400,000. Share certificates were issued for the subscriptions paid in full.
Net income for the first year of operations was P3,600,000.
Declared a cash dividend of P10 per share on preference shares and P20 per share on ordinary shares, payable on February 10 to shareholders of record on January 15.

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