Problem2: The Dirge Corporation was organized on January 1, 2013 with authorized share capital consisting 50,000 preference shares with a par value of P 50 and 1,000,000 of no-par ordinary shares with a stated value of P 6. At December 31, 2013, the ledger included the following balances pertaining to shareholders' equity: Preference share capital P 1,000,000 Share premium -preference Ordinary share capital Paid in capital in excess of stated value - ordinary 120,000 3,000,000 4,760,000 Ten thousand preference shares were issued for equipment having a fair value of P 550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash. Compute for the: 3. Number of preference shares issued for cash. 4. Price per share of preference share capital issued for cash. 5. Number of ordinary share issued. 6. Average price per share of the ordinary share capital. 7. Total preference share premium arising from issuance in exchange for equipment.

Problem2: The Dirge Corporation was organized on January 1, 2013 with authorized share capital consisting 50,000 preference shares with a par value of P 50 and 1,000,000 of no-par ordinary shares with a stated value of P 6. At December 31, 2013, the ledger included the following balances pertaining to shareholders' equity: Preference share capital P 1,000,000 Share premium -preference Ordinary share capital Paid in capital in excess of stated value - ordinary 120,000 3,000,000 4,760,000 Ten thousand preference shares were issued for equipment having a fair value of P 550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash. Compute for the: 3. Number of preference shares issued for cash. 4. Price per share of preference share capital issued for cash. 5. Number of ordinary share issued. 6. Average price per share of the ordinary share capital. 7. Total preference share premium arising from issuance in exchange for equipment.

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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