Problem #5 Issuance of Ordinary and Preference Shares On July 2, 2018, Victorino Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On July 17, it issued for cash 800 shares of P110-par 10% preference shares at P112. Required: 1. Prepare the journal entries for July 2 and July 17. 2. What is the total amount invested by all shareholders as of July 17?
Problem #5 Issuance of Ordinary and Preference Shares On July 2, 2018, Victorino Corporation issued for cash 12,000 shares of no-par ordinary shares with a stated value of P13 per share at P17. On July 17, it issued for cash 800 shares of P110-par 10% preference shares at P112. Required: 1. Prepare the journal entries for July 2 and July 17. 2. What is the total amount invested by all shareholders as of July 17?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Problem #5
Issuance of Ordinary and Preference Shares
On July 2, 2018, Victorino Corporation issued for cash 12,000 shares of no-par ordinary
shares with a stated value of P13 per share at P17. On July 17, it issued for cash 800
shares of P110-par 10% preference shares at P112.
Required:
1. Prepare the journal entries for July 2 and July 17.
2. What is the total amount invested by all shareholders as of July 17?
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