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Ilocos Corporation was organized on June 1, 2021 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2021, the following selected transactions

Ilocos Corporation was organized on June 1, 2021 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2021, the following selected transactions

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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Ilocos Corporation was organized on June 1, 2021 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2021, the following selected transactions were completed. Aug 5 Received subscriptions for 300,000 ordinary shares at P42. A down payment of 20% was received; balance in two equal installments due September 1 and December 1. 10 Issued 1,000 ordinary shares as payment for the legal services rendered in the formation of the corporation. 15 Issued 16,500 ordinary shares for cash at an issue price of P32 per share. 19 Subscriptions were received for 120,000 preference shares at P45; collected 15% down payment with the balance in two equal installments due October 1 and December 1. Sept 1 Amounts due on this date were collected from ordinary share subscribers. 5 Oct 1 10 Nov 1 Dec 1 Issued 500 preference shares for cash at an issue price of P45 per share. Amounts due on this date were collected from preference share subscribers. Received subscriptions for 1,000 ordinary shares at P50 per share and 2,000 preference share for P100,000. Issued 600 preference shares for cash at P44. Amounts due on this date were collected from ordinary and preference subscribers. 15 Collected in full the preference subscriptions of October 10 31 Collected 50% of the ordinary subscriptions of October 10.
Transcribed Image Text:Ilocos Corporation was organized on June 1, 2021 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2021, the following selected transactions were completed. Aug 5 Received subscriptions for 300,000 ordinary shares at P42. A down payment of 20% was received; balance in two equal installments due September 1 and December 1. 10 Issued 1,000 ordinary shares as payment for the legal services rendered in the formation of the corporation. 15 Issued 16,500 ordinary shares for cash at an issue price of P32 per share. 19 Subscriptions were received for 120,000 preference shares at P45; collected 15% down payment with the balance in two equal installments due October 1 and December 1. Sept 1 Amounts due on this date were collected from ordinary share subscribers. 5 Oct 1 10 Nov 1 Dec 1 Issued 500 preference shares for cash at an issue price of P45 per share. Amounts due on this date were collected from preference share subscribers. Received subscriptions for 1,000 ordinary shares at P50 per share and 2,000 preference share for P100,000. Issued 600 preference shares for cash at P44. Amounts due on this date were collected from ordinary and preference subscribers. 15 Collected in full the preference subscriptions of October 10 31 Collected 50% of the ordinary subscriptions of October 10.
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