Item No. 4 is based on the following information: Luningning Corporation sold for cash 400 preference shares with a par value of P 50 per share at P56 per share. Also, 600 ordinary shares with no par value but with stated value of P 100 per share were sold for P 102 per share. 4. What would be the effect of the transaction on the total Share Premium account? a. PO. C. P 2,400. b. P 1,200. d. P 3,600.

Item No. 4 is based on the following information: Luningning Corporation sold for cash 400 preference shares with a par value of P 50 per share at P56 per share. Also, 600 ordinary shares with no par value but with stated value of P 100 per share were sold for P 102 per share. 4. What would be the effect of the transaction on the total Share Premium account? a. PO. C. P 2,400. b. P 1,200. d. P 3,600.

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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