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GRAPES Company provided the following data for the year: a. Sold 25,000 preference shares, 12%, P50 par, at P75 b. Sold 80,000 ordinary shares of P10, par at P45. c. Purchased and retired 10,000 preference shares at P60 d. Purchased 5,000 shares at P40 to be held as treasury e. Sold 3,000 treasury ordinary shares at P50 f. Share split up for ordinary shares, 2 for 1 g. Shareholder donated 10,000 ordinary shares.  One-half of these were sold for P20 h. Retired 500 treasury ordinary shares i. Net income for the year was P2,500,000 j. Appropriated retained earnings equal to the balance of treasury shares.   Prepare all necessary entries for the year

GRAPES Company provided the following data for the year: a. Sold 25,000 preference shares, 12%, P50 par, at P75 b. Sold 80,000 ordinary shares of P10, par at P45. c. Purchased and retired 10,000 preference shares at P60 d. Purchased 5,000 shares at P40 to be held as treasury e. Sold 3,000 treasury ordinary shares at P50 f. Share split up for ordinary shares, 2 for 1 g. Shareholder donated 10,000 ordinary shares.  One-half of these were sold for P20 h. Retired 500 treasury ordinary shares i. Net income for the year was P2,500,000 j. Appropriated retained earnings equal to the balance of treasury shares.   Prepare all necessary entries for the year

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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GRAPES Company provided the following data for the year:

a. Sold 25,000 preference shares, 12%, P50 par, at P75

b. Sold 80,000 ordinary shares of P10, par at P45.

c. Purchased and retired 10,000 preference shares at P60

d. Purchased 5,000 shares at P40 to be held as treasury

e. Sold 3,000 treasury ordinary shares at P50

f. Share split up for ordinary shares, 2 for 1

g. Shareholder donated 10,000 ordinary shares.  One-half of these were sold for P20

h. Retired 500 treasury ordinary shares

i. Net income for the year was P2,500,000

j. Appropriated retained earnings equal to the balance of treasury shares.

 

  • Prepare all necessary entries for the year
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