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The Banco de Plata was organized on April1, 2018 and is authorized to issue 250,000 shares of Ordinary Share Capital. Thereafter, 62,500 shares were issued at P 25 per share. Prepare the journal entries to record the authorization of the share capital and the issuance of the 62,500 shares using the memorandum entry method and the journal entry method under of the following independent cases: a) Each ordinary share has a par value of P 20 b) Each ordinary share has a stated value of P 15 c) Each ordinary share have a no par value and no stated value

The Banco de Plata was organized on April1, 2018 and is authorized to issue 250,000 shares of Ordinary Share Capital. Thereafter, 62,500 shares were issued at P 25 per share. Prepare the journal entries to record the authorization of the share capital and the issuance of the 62,500 shares using the memorandum entry method and the journal entry method under of the following independent cases: a) Each ordinary share has a par value of P 20 b) Each ordinary share has a stated value of P 15 c) Each ordinary share have a no par value and no stated value

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 Banco de Plata was organized on April1, 2018 and is authorized to issue 250,000 shares of Ordinary Share Capital.  Thereafter, 62,500 shares were issued at P 25 per share.  Prepare the journal entries to record the authorization of the share capital and the issuance of the 62,500 shares using the memorandum entry method and the journal entry method under of the following independent cases:
 

a)       Each ordinary share has a par value of P 20

b)       Each ordinary share has a stated value of P 15

c)       Each ordinary share have a no par value and no stated value
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