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Required: Prepare all the entries for the above transactions.

Required: Prepare all the entries for the above transactions.

FINANCIAL ACCOUNTING
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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The share equity of Brookside Corporation on January 1 of the current year 200C is given below: Share Capital 8% Preference Share, Php100 par value, 3,000 share authorized; 2,000 shares issued of which 250 shares are in treasury Php200,000 Ordinary Shares, Php50 par value, 5,000 shares authorized 3,500 shares issued 175,000 Additional Paid-in Capital: Premium on Preference Share Php10,000 Premium on Ordinary Share 35,000 45,000 Retained Earnings: Unappropriated Php75,000 Appropriated for Contingencies 20,000 Appropriated for Treasury Shares 27,500 122,500 Appraisal Capital 15,000 Total Php557,500 27.500 Pho530. 000 Less: Treasury Shares 250 shares at cost Total Shareholders' Equity The following are the transactions that occurred during the year: March 1- The board of directors declared a semi-annual dividend on preference shares and ordinary shares to shareholders of record as of June 30, to be paid on July 31. The preference share is cumulative and no dividend have been declared since 200A. June 30 - An 8% share dividend on ordinary was declared to shareholders of record as of August 31, payable on October 15; market value of ordinary is Php58 per share. July 31- Paid the preference and ordinary dividends. Oct. 15- Distributed the share dividends to ordinary shareholders. Required: Prepare all the entries for the above transactions.
Transcribed Image Text:The share equity of Brookside Corporation on January 1 of the current year 200C is given below: Share Capital 8% Preference Share, Php100 par value, 3,000 share authorized; 2,000 shares issued of which 250 shares are in treasury Php200,000 Ordinary Shares, Php50 par value, 5,000 shares authorized 3,500 shares issued 175,000 Additional Paid-in Capital: Premium on Preference Share Php10,000 Premium on Ordinary Share 35,000 45,000 Retained Earnings: Unappropriated Php75,000 Appropriated for Contingencies 20,000 Appropriated for Treasury Shares 27,500 122,500 Appraisal Capital 15,000 Total Php557,500 27.500 Pho530. 000 Less: Treasury Shares 250 shares at cost Total Shareholders' Equity The following are the transactions that occurred during the year: March 1- The board of directors declared a semi-annual dividend on preference shares and ordinary shares to shareholders of record as of June 30, to be paid on July 31. The preference share is cumulative and no dividend have been declared since 200A. June 30 - An 8% share dividend on ordinary was declared to shareholders of record as of August 31, payable on October 15; market value of ordinary is Php58 per share. July 31- Paid the preference and ordinary dividends. Oct. 15- Distributed the share dividends to ordinary shareholders. Required: Prepare all the entries for the above transactions.
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