PROBLEM 2 - 15 A and B Partnership's statement of financial position as of December 31, 2020 reported the following: Total assets Total liabilities AA, capital BB, capital P100,000 20,000 40,000 40,000 On January 3, 2021, AA and BB dissolved their partnership and transferred all assets and liabilities to a newly-formed corporation. At the date of incorporation, the fair value of the net assets was P12,000 more than the carrying amount on the partnership's books. AA and BB were each issued 5,000 shares of the corporation's P1 par value ordinary share. 00.0 How much is the share premium upon incorporation?

PROBLEM 2 - 15 A and B Partnership's statement of financial position as of December 31, 2020 reported the following: Total assets Total liabilities AA, capital BB, capital P100,000 20,000 40,000 40,000 On January 3, 2021, AA and BB dissolved their partnership and transferred all assets and liabilities to a newly-formed corporation. At the date of incorporation, the fair value of the net assets was P12,000 more than the carrying amount on the partnership's books. AA and BB were each issued 5,000 shares of the corporation's P1 par value ordinary share. 00.0 How much is the share premium upon incorporation?

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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