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GMA Corp. has the following information in its shareholders’ equity: Preference Share Capital, ₱100 par value: ₱2,000,000 Share Premium – Preference: ₱100,000 Share Dividend Distributable – Preference: ₱350,000 Ordinary Share Capital, ₱10 par: ₱50,000 Share Premium – Ordinary: ₱40,000 Subscribed Share Capital – Ordinary: ₱150,000 Subscriptions Receivable – Ordinary: ₱27,000 Accumulated Profits: ₱300,000 How much is the legal capital?

GMA Corp. has the following information in its shareholders’ equity: Preference Share Capital, ₱100 par value: ₱2,000,000 Share Premium – Preference: ₱100,000 Share Dividend Distributable – Preference: ₱350,000 Ordinary Share Capital, ₱10 par: ₱50,000 Share Premium – Ordinary: ₱40,000 Subscribed Share Capital – Ordinary: ₱150,000 Subscriptions Receivable – Ordinary: ₱27,000 Accumulated Profits: ₱300,000 How much is the legal capital?

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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GMA Corp. has the following information in its shareholders’ equity:

  • Preference Share Capital, ₱100 par value: ₱2,000,000
  • Share Premium – Preference: ₱100,000
  • Share Dividend Distributable – Preference: ₱350,000
  • Ordinary Share Capital, ₱10 par: ₱50,000
  • Share Premium – Ordinary: ₱40,000
  • Subscribed Share Capital – Ordinary: ₱150,000
  • Subscriptions Receivable – Ordinary: ₱27,000
  • Accumulated Profits: ₱300,000

How much is the legal capital?

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