Please give me the journal entries of the following:Sold 18,000 ordinary shares for P390 per share. Issue costs were P150,000.24,000 ordinary shares were sold under share subscriptions at P450 per share. No shares are issued until full payment of a subscription contract. No cash was received as a down payment.Exchanged 4,200 ordinary shares and 8,400 preference shares for a building with a fair value of P3,060,000. In addition, 3,600 ordinary shares were sold for P1,440,000 in cash.

Date Particulars Amount (Dr.) Amount (Cr.) 1. On the issue of offers to the promoters Preliminary…

Answered: Please give me the journal entries of…

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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Please give me the journal entries of the following:

Sold 18,000 ordinary shares for P390 per share. Issue costs were P150,000.
24,000 ordinary shares were sold under share subscriptions at P450 per share. No shares are issued until full payment of a subscription contract. No cash was received as a down payment.
Exchanged 4,200 ordinary shares and 8,400 preference shares for a building with a fair value of P3,060,000. In addition, 3,600 ordinary shares were sold for P1,440,000 in cash.

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