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 sharesIssuedP 1,360,000Subscribed280,0001.640,000Paid-In Capital in Excess of Par or Stated ValueP216,000PreferenceOrdinary328,000544,000Instructions: Compute for each of the items below.Number of preference shares issued.1.2.Number of ordinary shares issued.3.Number of subscribed preference shares.Number of subscribed ordinary shares.4.5.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.

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Answered: Problem 8-6 Shown below and on the next…

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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QUESTION I Below are the balances available for Delima Berhad as at 31 December 2015: Statement of Financial Position of Delima Berhad as 31 December 2015 RM 170,000,000 115,000,000 150,000,000 435,000,000 Non-current assets Current assets (except cash at hank) Cash at bank Issued share capital 100,000,000 ordinary shares Retained profits Non-current liability 50,000,000 5% redeemable preference shares Current liabilities Additional information: On 1 January 2016, the directors decided on the following matters 100,000,000 3. To redeem 5% redeemable preference shares at a premium of 10% 240,000,000 55,000,000 20,000,000 435,000,000 1. To issue bonus shares of one (1) ordinary shares for every ten (10) shares held to the existing shareholders. 2. To repurchase 2,000,000 ordinary shares at RM1.50 each for cancellation. (u 4 To issue 30,000,000 ordinary shares at RMI. The application were paid and fully subscribed Required: a) Prepare journal entries to record above transactions b) Prepare…
Problem 4 (Adapted)The shareholders equity of Joyce corporation on Dec. 31, 2018 shows the following account balances:10% preference share, 10,000 shares, 100 par 1,000,00012% preference share, 12,000 shares, 100 par 1,200,000Ordinary share, 20,000 shares, 40 par 800,000 Share premium 640,000Accumulated profits 960,000The 10% preference share is cumulative and fully participating, while the 12% preference share is non-cumulative and fully participating. The last payment of dividends was on Dec. 31, 2016. What is the book value per share of ordinary shares?
Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1.00 par value ordinary stock at P1.50 per share (2,000,000 shares were authorized). During the year: (a) Elegant received various subscriptions totaling 500,000 shares for 30% down at P1.25 per share; (b) It was able to collect P400,000 of the subscriptions; (c) From the subscriptions, it had issued 450,000 shares. Questions: 1. What is the balance of the subscriptions receivable at the end of the year? 2. What is the total number of shares still subscribed? | 3. Assume that the remaining shares were declared delinquent and were sold in a public auction incurring P10,000. What is the total amount paid by the delinquent subscriber?
POF ACC113 - Chapter 13 (1).pdf C:/Users/yaras/OneDrive/Desktop/ACC113%20-%20Chapter%2013%20(1).pdf A Read aloud Draw V Highlight Financial Accounting II ACC113 Ex5: On October 31, a company declared a cash dividend of $2 per common share to the shareholders of record on November 12. The cash dividend will be paid on November 27. This company has 750,000 shares authorized and 230,000 shares outstanding. Prepare the journal entries required. Date Debit Credit
A Company provided the following balances on December 31, 2021: Subscription receivable 100,000 Losses from investment in equity FVTOCI 60,000 Accrued taxes 15,000 Ordinary share capital 2,500,000 Profit for the year 1,200,000 Retained earnings, beginning balance3,500,000 Salaries payable 80,000 Share dividends payable 50,000 Treasury shares, at cost 300,000 Unamortized issue cost on notes payable 10,000 Unearned rent income 60,000 Accounts payable (net of accounts with debit balances of P100,000) 300,000 Dividends paid 250,000 Mortgage payable (P800,000 due in 8 months) 3,000,000 Trade notes payable, due on January 31, 2023 600,000 Share premium 200,000 Preference share capital 1,300,000 Discount on notes payable 200,000 [Q3]: Determine the total amount of (7) current liabilities, (8) non-current liabilities, (9) retained earnings and (10) shareholder’s equity on December 31, 2021.
ILLUSTRATION 9:-Following are the figures extracted from the books of Midways Ltd. As on 30th June, 2015 : 5,000, 11% Preference shares of $ 100 each, 70 paid-up $ 3,50,000; 1,00,000 Equity shares of $ 10 each fully paid-up $ 10,00,000; Securities premium reserve $ 50,000 ; Capital redemption reserve $ 2,00,000 ; General reserve $ 3,00,000; Investments in government securities (market value $ 2,25,000) $2,50,000. Under the terms of the issue, the preference shares are redeemable on 30th September, 2015 on the following conditions: To sell the investments @ 90% of their market value. To create a statutory reserve by way of capitalisation as per the provisions of the Companies Act, 2013 leaving a balance of $ 25,000 in general reserve and $ 25,000 in securities premium reserve. To issue further equity shares, to back up the redemption at $ 11 per share payable as follows: $ 2 on application; $ 3.50 (including premium) on allotment and the balance as call money on 1** January, (i) (ii)…
Problem 6 (Adapted)Anna company presented the following account balances in the shareholders’ equity section for the year ended December 31, 2018: Preference share capital, 12% P50 par, P3,000,000, Ordinary share capital, P100 par, P6,000,000 and deficit, (P1,350,000). No dividends have been paid on the preference share since 2016. Determine the book value per share under the following conditions:a. Preference share is preferred as to assetsb. Preference share is preferred as to dividend
Part A The equity section of Island Ltd as at July 1, 2020 is as follows: Share capital 2,000,000 ordinary shares, issued at $2 fully paid 6% 20,000 preference shares, issued at $3, fully paid General reserve Revaluation surplus Retained earnings $4,000,000 60,000 50,000 8,000 590,000 During the year ended June 30, 2021, the following transactions occurred: (1) On July 1, 2020, Island Ltd issued 2,000 ordinary shares at $2 each by private placement. All new shares are entitled to interim and final dividends. (ii) Declared $0.06 per share of interim dividend to all ordinary shareholders on December 1, 2020. (i) Payment of interim dividend to ordinary shareholders was made on February 28, 2021. (iv) Declared and paid a dividend to preference shareholders on March 31, 2021. (v) Declared final dividend of 2 cents per share to all ordinary shareholders on June 30, 2021. Required: Prepare journal entries for the above transactions. Show all workings and narrations.
The shareholders' equity of Ningning Company shows the following balances on 31 December 2014: Ordinary share, P100 par - P3,000,000 Treasury share, 5,000 ordinary shares at cost - P400,000 Share Premium - P660,000 Retained Earnings - P1,580,000 What is the book value per share of ordinary shares? (Round answer to the nearest two decimal places)
Problem 1 Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2023 to 2025. At December 31, 2022, the corporation's accounts included (in thousands): Ordinary share capital, P1 par Share premium 105,000 630,000 Retained earnings 970,000 a. On November 1, 2023, the board of directors declared a cash dividend of PO 80 per share on its ordinary shares, payable to shareholders of record on November 15, to be paid on December 1. b. On March 1, 2024, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Ricki was holding as an investment. The bonds had a fair value of P1.6 million, but were purchased two years previously for P1.3 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record on March 13, to be distributed on April 5. The fair value of the…
E14-4 Issuing shares payable by instalments [10–15 min] Riverside Ltd is issuing shares payable by instalments. It completed the following transactions: Received an application for 2000 ordinary shares with a total issue price of $10 per share. The applicant paid one-quarter of the total issue price. Allotted the 2000 shares and collected a further half of the total issue price. Made a call on the shares and collected the balance still due. May 3 May 18 Aug 3 Requirement Record these transactions in the general journal. Explanations aren't required.

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