RUSS corporation was organized May 1, 2020 with authorized 120,000 ordinary shares of P15 stated value and 100,000 10% preference shares with P10 stated value May 2 Received subscriptions to 25% of preference shares at stated value and 25% of the ordinary shares at stated value. Received 35% downpayment for both subscriptions. Balance is to be paid in two equal installments 10 Issued 1,000 preference shares at P11 21 Received first installment from preference and ordinary shares subscriptions 31 Received second installment from preference and ordinary shares subscriptions Determine balances of the following Subscription Receivable – Ordinary Shares Subscription Receivable – Preference Shares Subscribed Ordinary Share Capital Subscribed Preference Share Capital Ordinary Share Capital Preference Share Capital Share Premium - Ordinary Shares Share Premium - Preference Shares Encode the figures in this format XX,XXX
RUSS corporation was organized May 1, 2020 with authorized 120,000 ordinary shares of P15 stated value and 100,000 10% preference shares with P10 stated value
May 2 Received subscriptions to 25% of preference shares at stated value and 25% of the ordinary shares at stated value. Received 35% downpayment for both subscriptions. Balance is to be paid in two equal installments
10 Issued 1,000 preference shares at P11
21 Received first installment from preference and ordinary shares subscriptions
31 Received second installment from preference and ordinary shares subscriptions
Determine balances of the following
Subscription Receivable – Ordinary Shares
Subscription Receivable – Preference Shares
Subscribed Ordinary Share Capital
Subscribed
Ordinary Share Capital
Preference Share Capital
Share Premium - Ordinary Shares
Share Premium - Preference Shares
Encode the figures in this format XX,XXX
Step by step
Solved in 3 steps
