Preference share capital authorized, P100 par5,000,000Ordinary share capital authorized, P10 par2,000,000Unissued preference share capital1,800,000Unissued ordinary share capital1,000,000Subscriptions receivable, ordinary180,000Subscriptions receivable, preference190,000Preference share capital subscribed300,000Ordinary share capital subscribed220,000Treasury preference shares (700 shares atcost)680,000Share premium850,000Retained Earnings2,000,000How many ordinary shares were issued?

To solve for the ordinary shares that were issued, 1. Get the sum of ordinary shares subscribed and…

Answered: Preference share capital authorized,…

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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The accounts below appear in the December 31, 2022 trial balance of BFAR Corporation: Ordinary Share Capital Subscribed Ordinary Share Capital Subscription Receivable Share Premium Accumulated Profits - Unappropriated Accumulated Profits - Appropriated Treasury Shares, at cost Compute the Total Shareholders' Equity. 3,000,000 1,000,000 400,000 500,000 600,000 300,000 400,000
E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019: in, assuming it uses the cost method. 10 15.8 Account Title Additional Paid-in Capital on Preferred Stock Amount Common Stock Premium on Bonds Payable Preferred Stock Bonds Payable Preferred Stock Subscribed Retained Earnings Additional Paid-in Capital on Common Stock $ 17,000 75,000 4,000 80,000 100,000 20,000 121,000 84,000 SHOW ME HOW Additional information: 1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a $100 par value, 3,000 shares are authorized, 800 shares have been issued and are out- standing. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital…
E15-16 Contributed Capital Adams Company's records provide the following information on December 31, 2019: LO 15.8 Account Title Amount Additional Paid-in Capital on Preferred Stock Common Stock Premium on Bonds Payable Preferred Stock Bonds Payable Preferred Stock Subscribed $ 17,000 75,000 4,000 80,000 100,000 20,000 121,000 84,000 SHOW ME HOW Retained Earnings Additional Paid-in Capital on Common Stock Additional information: 1. Common stock has a $5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a $100 par value, 3,000 shares are authorized, 800 shares have been issued and are out- standing. Two hundred shares have been subscribed at $120 per share. The stock pays an 8% dividend, is cumulative, and is callable at $130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance…
1. Avalanche Inc. revealed the following information for the year ended December 31. 2021 Preference share. P100 par-P2.4 million; Share premium, preference - P700,000; Ordinary share, P15 par-P3.5 million, Share premium, ordinary-P1.5 million. Subscribed ordinary share - P100,000, Retained earnings - P2 million, Subscription receivable, ordinary - P20,000 How much is the legal capital? A.P6 million B.PB 1 million CP5.9 million D.P8 2 million 2.At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4- Issued 15.000 shares at P510 per share April 10- Issued 3,000 shares for services received (FMV of the services is P1.7 million). October 23-Issued 5,000 shares in exchange for a land (FMV) the land is P3 million) What amount should be reported as share premium? A.11.500.000 B. 23.000 C.850.000 D.12.350.000 3. At the beginning of 2021, DAI Corp. was…
The accounts shown below appear in the December 31, 2022 trial balance of BFAR Corporation: Preference Share Capital, issued P100 par Ordinary Share Capital, issued P20 par Subscription Receivable, Preference (collectible in 2 years) Subscription Receivable, Ordinary (collectible in 2 years) Subscribed Preference Share Capital Subscribed Ordinary Share Capital Share Premium - Ordinary Share Premium - Preference Treasury share capital, Ordinary, at cost Accumulated Profits - Appropriated for bond retirement Accumulated Profits - Unappropriated (adjusted) Profit for the year is P2,000,000. Compute the total Shareholders' equity of BFAR Corporation. 10,400,000 5,000,000 680,000 860,000 600,000 540,000 1,000,000 2,860,000 2,000,000 5,000,000 700,000
Exercise 6-5 (Journalizing Share Capital Transactions) The BCD Corporation was organized on January 2, 2021 with authorized capital of 500,000 shares of P20 par value ordinary share capital. During the first two years, the following transactions took place: 2021 Jan 2 Issued 125,000 shares to the incorporators at P26. Ma 2 Issued 62,500 shares at P35. r Issued 25,000 in exchange for land valued at P350,000 and a building valued at 1 Ма P550,000. The Income Summary account showed a credit balance of P750,000 and this 1 r De was transferred to the Retained Earnings account. 3 Declared cash dividends of P3.50 per share payable on January 31, 2022 to 1 shareholders of record of January 15, 2022. 2022 Jan Paid dividends declared on December 31. Fe Received subscriptions for 50,000 shares at P55, with a down payment of 35% of total subscriptions. Received balance due on the subscription of February 14 and shares were issued to the subscribers. Ma r De The Income Summary account showed a…
Less : Excess amount received on application Allotment 600 6,00,000 3,00,000 3,00,000 %3D %3D Balance Due Less: Amount not received from Subodh on Allotment Net amount received on allotment in Cash 600 2,99,400 (reces excess of 600 is exclusively for share capital and hence Securities Premium Reserve ILLUSTRATION 70. KS Ltd. invited applications for issuing 1,60,000 equity shares of 10 each at a premium of 76 per share. The amount was payable as follows : On Application On Allotment On First and Final Call Applications for 3,20,000 shares were received. Applications for 80,000 shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jain holding 800 shares, failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the final call was made. Gupta who had applied for 1,200 shares failed to pay the…
Current Assets P 1,375,000Property, plant and equipment 3,375,000Other non-current assets 500,000Total Assets P 5,250,000 Liabilities and Shareholders’ equity Total liabilities P 1,500,000Ordinary shares, P10 par value 4,000,000Additional paid in capital 750,000Deficit (1,000,000)Total liabilities and equity P 5,250,000The stockholders and creditors approved the quasi reorganization effective July 1,2011, to be accomplishedby a reduction in property, plant and equipment (net) P 875,000, a reduction in other non-current assets ofP375,000, and a reduction in par value from P10 to P51. Logan’s July 1 balan ce sheet after the quasi-reorganization should show total assets ofa. P 4,000,000b. P 2,500,000c. P 4,375,000d. P 3,875,0002. The balance in additional paid in capital after the quasi-reorganization on July 1 is:a. P 750,000b. P 2,000,000c. P 500,000d. P-0-3. Logan’s deficit after the quasi -reorganization on July 1,2011 should be:a. P 750,000b. P 250,000c.…
16
Answer the following:
A Company issued $5,00,000/- new capital divided into $.10/- shares at a premium of $4/- per share payable as On Application $1/- per share On Allotment $4/- per share & $.2/- premium On Final Payment $.5/- per share & $.2/- premium Overpayments on application were to be applied towards sum due on allotment. Where no allotment was made money was to be returned in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 were sent letters of regret. All money due on allotment and final call was duly received. Make the necessary entries in the company‟s book.
Statement of Affairs of Gongcha Corp.:Assets pledged with fully secured liabilities (fair market value P75,000), P90,000Assets pledged with partially sec. Liabilities (fair market value P52,000), 74,000Free assets (current fair value P30,000), 70,000Unsecured liabilities with priority, 7,000Fully secured liabilities, 30,000Partially secured liabilities, 60,000Unsecured liabilities without priority, 112,000How much is the deficiency to unsecured non-priority?

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