Answer 7 to 8 Problem 8-6 (Reconstruction of Transaction)Shown below and on the next page are account balances found in the ledger of HumilityCorporation at the end of 2014:P360,000182,000Subscription Receivable - Preference ShareSubscription Receivable - Ordinary Share8% Preference Share Capital, P50 par value, authorized,80,000 sharesIssuedP 1,440,000720,0002,160,000Subscribed Ordinary Share Capital, no par, P10 stated value,authorized, 320,000 sharesP 1,360,000Issued280,000Subscribed1.640,000Paid-In Capital in Excess of Par or Stated ValueР216,000Preference328,000Ordinary544,000Instructions: Compute for each of the items below.Number of preference shares issued.Number of ordinary shares issued.1.3.Number of subscribed preference shares.Number of subscribed ordinary shares.Average price per share received by the corporation on its preference sharecapital including subscribed shares..6.Average price per share received by the corporation on its ordinary share capitalincluding subscribed shares.7.Average amount per share that the subscribers of preference share capital havenot yet paid to the corporation.8.Average amount per share that ordinary share subscribers have already paid ontheir subscriptions. Assume that ordinary shares were subscribed at P12.2345

One of the source used by the business organizations to raise the capital are issue of shares i.e.…

Problem 8-6 (Reconstruction of Shown below and on the next page are account balances found in the ledger of Humility Corporation at the end of 2014: P 360,000 182,000 Subscription Receivable - Preference Share Subscription Receivable - Ordinary Share 8% Preference Share Capital, P50 par value, authorized, 80,000 shares Issued P 1,440,000 720,000 2,160,000 Subscribed

Problem 8-6 (Reconstruction of Shown below and on the next page are account balances found in the ledger of Humility Corporation at the end of 2014: P 360,000 182,000 Subscription Receivable - Preference Share Subscription Receivable - Ordinary Share 8% Preference Share Capital, P50 par value, authorized, 80,000 shares Issued P 1,440,000 720,000 2,160,000 Subscribed

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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