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Prepare all journal entries. After all journal entries are prepared, compute for the ff: Issued preference shares, issued ordinary shares, outstanding preference shares, outstanding ordinary shares.

Prepare all journal entries. After all journal entries are prepared, compute for the ff: Issued preference shares, issued ordinary shares, outstanding preference shares, outstanding ordinary shares.

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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share-capital transactins topic

screen rec X Company is authorized to issue 100,000 shares of 6% P8 par preference shares and 1,000,000 ordinary shares with par value of P5. Below are the transactions of the company: |January 1 January 2 January 4 |January 6 January 9 January 11 January 13 Issued 20,000 preference shares for equipment with fair value of 320,000. January 15 Purchased 10,000 ordinary shares as treasury shares for 115,000. January 19 Reissued 3,000 shares at 13 per share January 22 Reissued 4,000 shares at 10 per share January 25 Retired the remaining treasury shares January 30 Received 10,000 ordinary shares from shareholders as donation January 31 Sold the donated shares at 10.5 per share Issued 30,000 preference shares at 25 per share Received subscription of 100,000 ordinary shares at a price of 13 per share Issued 10,000 ordinary shares in exchange of land with fair value of 120,000 Received 50% payment from the January 2 transaction. Issued 60,000 ordinary shares for cash, 15 Received full payment of the transaction on January 2 and issued the shares. per share. Prepare all journal entries. After all journal entries are prepared, compute for the ff: Issued preference shares, issued ordinary shares, outstanding preference shares, outstanding ordinary shares.
Transcribed Image Text:screen rec X Company is authorized to issue 100,000 shares of 6% P8 par preference shares and 1,000,000 ordinary shares with par value of P5. Below are the transactions of the company: |January 1 January 2 January 4 |January 6 January 9 January 11 January 13 Issued 20,000 preference shares for equipment with fair value of 320,000. January 15 Purchased 10,000 ordinary shares as treasury shares for 115,000. January 19 Reissued 3,000 shares at 13 per share January 22 Reissued 4,000 shares at 10 per share January 25 Retired the remaining treasury shares January 30 Received 10,000 ordinary shares from shareholders as donation January 31 Sold the donated shares at 10.5 per share Issued 30,000 preference shares at 25 per share Received subscription of 100,000 ordinary shares at a price of 13 per share Issued 10,000 ordinary shares in exchange of land with fair value of 120,000 Received 50% payment from the January 2 transaction. Issued 60,000 ordinary shares for cash, 15 Received full payment of the transaction on January 2 and issued the shares. per share. Prepare all journal entries. After all journal entries are prepared, compute for the ff: Issued preference shares, issued ordinary shares, outstanding preference shares, outstanding ordinary shares.
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