shares of ordinary share capital. Subsequently, 250,000 shares were issued at P25 per The Security Corporation was organized on May 1, 2014 and is authorized to issue 500,000 Exercise 8 - 3 (Issuance of Various Classes of Share Capital for Cash) share. Iastructions: Prepare the journal entries to record authorized share capital and the issuance the 250,000 shares using the memorandum entry method under each of the following independent assumptions: 1. Each ordinary share has a par value of P20. 2. Each ordinary share has a stated value of P15. 3. The ordinary shares have no par and no stated value.

shares of ordinary share capital. Subsequently, 250,000 shares were issued at P25 per The Security Corporation was organized on May 1, 2014 and is authorized to issue 500,000 Exercise 8 - 3 (Issuance of Various Classes of Share Capital for Cash) share. Iastructions: Prepare the journal entries to record authorized share capital and the issuance the 250,000 shares using the memorandum entry method under each of the following independent assumptions: 1. Each ordinary share has a par value of P20. 2. Each ordinary share has a stated value of P15. 3. The ordinary shares have no par and no stated value.

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

315
Chepter 8-Organication and Formation of a Corporation
The Security Corporation was organized on May 1, 2014 and is authorized to issue 500,000
Exercise 8- 3 (Issuance of Various Classes of Share Capital for Cash)
hares of ordinary share capital. Subsequently, 250,000 shares were issued at P25 per
apital
of P
Instructions: Prepare the journal entries to record authorized share capital and the issuance
of the 250,000 shares using the memorandum entry method under each of the following
independent assumptions:
share.
1. Each ordinary share has a par value of P20.
2. Each ordinary share has a stated value of P15.
3. The ordinary shares have no par and no stated value.
res for

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