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:Subscription Receivable - Preference ShareSubscription Receivable - Ordinary Share8% Preference Share Capital, P50 par value, authorized,80,000 sharesIssuedSubscribed360,000182,000P 1,440,000720,0002,160,000Ordinary Share Capital, no par, P10 stated value,authorized, 320,000 sharesIssuedP 1,360,000280,000Subscribed1,640,000Paid-In Capital in Excess of Par or Stated ValuePreferenceP.216,000Ordinary328,000544,000Instructions: Compute for each of the items below.Number of preference shares issued.Number of ordinary shares issued.Number of subscribed preference shares.Number of subscribed ordinary shares.Average price per share received by the corporation on its preference sharecapital including subscribed shares.Average price per share received by the corporation on its ordinary share capitalincluding subscribed shares.Average amount per share that the subscribers of preference share capital havenot yet paid to the corporation.Average amount per share that ordinary share subscribers have already paid ontheir subscriptions. Assume that ordinary shares were subscribed at P12.1.2.3.4.5.7.8.6.

Shown below and on the next page are account balances found in the ledger of Humility Corporation at the end of 2014: Subscription Receivable - Preference Share Subscription Receivable - Ordinary Share 8% Preference Share Capital, P50 par value, authorized, 80,000 shares 360,000 182,000 Issued P 1,440,000 720,000 Subscribed 2,160,000 Ordinary Share Capital, no par, P10 stated value, authorized, 320,000 shares Issued P 1,360,000 280,000 Subscribed 1,640,000 Paid-In Capital in Excess of Par or Stated Value Preference 216,000 Ordinary 328,000 544,000 Instructions: Compute for each of the items below. 1. Number of preference shares issued. 2. Number of ordinary shares issued. 3. Number of subscribed preference shares.

Shown below and on the next page are account balances found in the ledger of Humility Corporation at the end of 2014: Subscription Receivable - Preference Share Subscription Receivable - Ordinary Share 8% Preference Share Capital, P50 par value, authorized, 80,000 shares 360,000 182,000 Issued P 1,440,000 720,000 Subscribed 2,160,000 Ordinary Share Capital, no par, P10 stated value, authorized, 320,000 shares Issued P 1,360,000 280,000 Subscribed 1,640,000 Paid-In Capital in Excess of Par or Stated Value Preference 216,000 Ordinary 328,000 544,000 Instructions: Compute for each of the items below. 1. Number of preference shares issued. 2. Number of ordinary shares issued. 3. Number of subscribed preference shares.

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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Wilco Corporation has the following account balances at December 31, 2017. Share capital—ordinary, $5 par value $ 510,000 Treasury shares 90,000 Retained earnings 2,340,000 Share premium—ordinary 1,320,000 InstructionsPrepare Wilco’s December 31, 2017, equity section.
The Balance Sheet of A Ltd. as at 31-3-2016 is as follows : $ I. Equity and Liabilities (1) Shareholders' Funds (a) Share Capital : Authorised Share Capital 1,50,000 Equity Shares of$ 10 each 15,00,000 Issued, Subscribed and Paid-up Capital 80,000 Equity Shares of $10 each, $ 7.50 each called up and paid up (b) Reserves and Surplus Ca ital Redemption Reserve Plant Revaluation Reserve Securities Premium Reserve A/c Development Rebate Reserve Investment Allowance Reserve General Re-erve 6,00,000 1,50,000 20,000 1,50,000 2,30,000 2,50,000 3,00,000 Total 17,00,000 II. Assets Sundry Assets 17,00,000 Total 17,00,000 The Company wanted to issue bonus shares to its shareholders at the rate of one share for every two shares held. Necessary resolutions were passed; requisite legal requirements were complied with: (a) You are required to give effect to the proposal by passing Journal Entries in the books of A Ltd. (b) Show the amended Balance Sheet.
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Kindly answer number 18 and 19 only.
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blue Bay Logistics Ltd.'s shareholders' equity accounts were as follows at the beginning of the current fiscal year, April 1, 2009:$6-cumulative preferred shares (20,000 shares issued) $1,800,000Common shares (500,000 shares issued) 3,750,000Contributed capital-reacquisition of common shares 50,000Retained earnings 1,500,000Total shareholders' equity $7,100,000During the year, the following selected transactions occurred:June 1 Reacquired 22,800 common shares for $9 per share.July 1 Issued 52,000 common shares for $10 per share.Feb. 28 Declared the annual preferred dividend to shareholders of record on March 12, payable on April 1.Mar. 31 Net earnings for the year ended March 31, 2009, were $1,021,350.Calculate the weighted average number of common shares for the year.
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