The Company bought 100,000 DBS shares on 18t May 2010 at $20.00 per share. On 18t June 2010, it sold 20,000 DBS share at $23.00 per share. The last transacted price of DBS share on 31.12.10 was $19.00. Please journalise the transaction (including Provision for Diminution Account on 31.12.2010)

The Company bought 100,000 DBS shares on 18t May 2010 at $20.00 per share. On 18t June 2010, it sold 20,000 DBS share at $23.00 per share. The last transacted price of DBS share on 31.12.10 was $19.00. Please journalise the transaction (including Provision for Diminution Account on 31.12.2010)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: BFAR Company has the following transactions: • Acquired 8,000 shares of its own outstanding shares…

A: Treasury stock: Shares that are bought back by the company from the open market but not retired from…

Q: At 1 January 20X9, company X had in issue 10 million ordinary shares. On 30 April 20X9, company X…

A: Earnings per share (EPS) is one of the important calculation done in business. This is calculated by…

Q: Required information [The following information applies to the questions displayed below.] Lisa…

A: Journal Entry is the primary step to record the transaction in the books of accounts.The increase in…

Q: How to record the following transactions? 13. (!)Company repurchased from the market 20 of own…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: In 2018, Borland Semiconductors entered into the transactions described below. In 2015, Borland had…

Q: If Frank Corporation sells 100,000 shares of its new $1 par value common stock to investors for $1…

A: Journal entry for the sale of common stock is:

Q: BC Company declared a 10% share dividend. During declaration, the market price of the entity’s…

A: Formulas: No. of shares issued under stock dividend = No. of shares issued and outstanding x stock…

Q: RCSB bought on 1 June 2017 shares of Company A. The shares were only 1% of total shares issued.…

A: Trading Securities Trading securities are securities that have been purchased by a company for the…

Q: The following transactions took place during the year ended 31 December 2020: On 1 March 2020, a…

A: Stockholders' equity represents the shares of the company held in hands of the shareholders of the…

Q: On December 31, 2003, Masters Inc. had outstanding 180,000 shares of common stock. Net income for…

A: Introduction Earnings Per Share and Diluted Earnings Per Share are the Profitability Measures and…

Q: classified as trading investment. During the year, the entity sold 20,00 share. On December 31,…

A: Solution: During 2013, G Company Purchased 80,000 shares @ P60 per Share. therefore, Total Cost…

Q: Marin Inc. issues 9.900 shares of $100 par value preferred stock for cash at $110 per share.…

A: The preferred stock seems to be a type of shareholding which has a greater seniority claim on a…

Q: Delta NV has share capital of $l m in shares of $0.25 each. At 31 May 2019 shares had a market value…

A: Right Issue :— It is the new shares issued to existing equity shareholders at lower price.…

Q: On July 1, 2020, Daichi Corporation declared a 1 for 5 reverse share split when the market value of…

A: Stock split of 1:5 Shares means that every 5 shares will get split into 1 Share. capital amount will…

Q: Google sold its shares to the public on Aug 19,2005. The offer price was $74 per share and Google…

A: Offer Price = $74 per shareNumber of Shares Sold = 28,406,064Closing Price = $90.43 per share

Q: On August 19, 2004, Google completed its IPO of 20.0 million shares to the initial investors at $85…

A: Value of underpriced : It is the difference of Closing price of share at first trading day and share…

Q: On July 1, 2010, Bettina Company’s board of directors declared a 10% share dividend. The market…

A: The dividend is declared from the retained earnings of the business. The dividend can be paid in the…

Q: Toy Co Corporation purchased 282,000 of the 940,000 common shares of Abacus Ltd. on October 1, 2021,…

A: Journal entry is the first stage of accounting process.Journal entry used to record business…

Q: Prepare the journal entry required on 17 March 20X6 by Thanushan: Prepare the journal entry required…

A: When a company purchase stocks of other company that represents 20%-50% of total stockholding of…

Q: 10,000, P10 par ordinary shares were subscribed on June 1, 2018 for P15 per share. The subscription…

A: Subscription receivable as on Dec 31,2018 = Total Value of Shares Subscribed - Subscription Amount…

Q: On July 1, 2023, TGV purchased 10,000 of BPO's 50,000 outstanding shares at a price of P6.00 per…

A: Under PFRS, Held for Trading investments are measured at their fair value on the Balance, and any…

Q: On December 29, 2024, Adams Apples purchased 2,500 shares of General Electric common stock for $33…

A: The journal entries are prepared to record the transactions on a regular basis. The investment is…

Q: Bright Ltd reported net income of R34 400 in 2011. The financial year end for Bright Ltd is 31…

A: Weighted average outstanding shares = 8,000×612 + 10,000×312 + 12,000×312…

Q: what journal entry would be made for the following transaction? highway studios sells 10 million of…

A: Journal entries means the primary and foremost reporting of the business transactions in the books…

Q: The following account balances are for the Agee Company as of January 1, 2020, and December 31,…

A: Remeasurement is the process of converting foreign currencies into the subsidiary's functional…

Q: On July 1, 2010, Bettina Company's board of directors declared a 10% share dividend. The market…

A: No. of shares issued under share dividend = outstanding ordinary shares x dividend rate = 400,000 x…

Q: total shareholders’ equity on December 31, 2018?

Q: 1. On July 1, 2010, Bettina Company’s board of directors declared a 10% share dividend. The market…

A: >Dividends can be paid to stockholders in two ways:--as a Cash dividend, or--as a Stock Dividend…

Q: On August 19, 2004, Google completed its IPO of 18.5 million shares to the initial investors at $80…

A: Dollar Value of the underpricing = (Closing price - Issue Price) * No. of shares

Q: On January 2015, ABC had 5 million RM 1 ordinary shares in issue. On 1 March 2015, ABC made a 1 for…

A: Formula used in the solution:- Formula for Diluted EPS =

Q: The market value of G's common stock was P20 per share at December 31, 2010, and P27 per share at…

A: Answer with explanation are as follows:

Question

4. The Company bought 100,000 DBS shares on 18" May 2010 at $20.00 per share. On 18t
June 2010, it sold 20,000 DBS share at $23.00 per share. The last transacted price of
DBS share on 31.12.10 was $19.00. Please journalise the transaction (including
Provision for Diminution Account on 31.12.2010)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Prepare the journal entries for both 2016 and 2017. Byrd company bought computers for 60k. Terms of the sale were 2/10, n30. Byrd signed a 60000, 30 day note at 12% in order to take advantage of the discount terms. This transaction took place on dec 29 2016. Acct payable pd jan 2 2017. On dec 20 2016 byrd declared a 2.00 cash dividend. 10 thousand shares were outstanding on this date. Dividend is to b paid jan 5 2017
dont uplode any images in answer
ABC Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, ABC's retained earnings amounted to P3,000,000. In March 2020, ABC reacquired 50,000 treasury shares at P20/share. In June 2020, ABC sold 10,000 of these shares to its corporate officers for P25 per share. ABC used the cost method to record treasury shares. Net income for the year ended December 31, 2020 was P600,000. On December 31, 2020, what amount should ABC report as unappropriated retained earnings? (Round answer to whole number)
On January 1, 2020, XYZ Corporation had 250,000 ordinary shares of P2 par value outstanding. On March 1, XYZ sold an additional 500,000 shares on the open market at P20 per share. XYZ issued a 20% share dividend on May 1. On August 1, XYz purchased 280,000 shares and immediately retired the shares. On November 1, 400,000 shares were sold for P25 per share. What is the weighted-average number of shares outstanding for 2020?
Drake Company has granted 200 share appreciation rights to each of its 300 employees on January 1, 2016. The rights are due to vest on December 31, 2017, with payment being made on December 31, 2018. During the year 2016, the company estimated that all options would vest, although only 90% of the options actually vested. Share prices are as follows: January 1, 2016. P20 December 31, 2016. 24 December 31, 2017. 27 December 31, 2018. 30 1. What liability will be recorded on December 31, 2016 as a result of the share appreciation rights? 2. How much compensation expense should be recorded for the year ended December 31, 2017?
Brash Co had 100,000 shares in issue, but then makes a 1 for 5 rights issue on October 1, 2002 at a price of $1. The market value on the last day of quotation with rights was $1.60. Calculate the EPS for 2002 and the corresponding figure for 2001 given total earnings of $50,000 in 2002 and $40,000 in (b) 2001
On January 1, 2013, an investor purchases 15,000 common shares of an investee at $9 (cash) per share. The shares represent 20% ownership in the investee. The investee shares are not considered "marketable" because they do not trade on an active exchange. On January 1, 2013, the book value of the investee's assets and liabilities equals $600,000 and $150,000, respectively. On that date, the appraised fair values of the investee's identifiable net assets approximated the recorded book values. During the year ended December 31, 2013, the investee company reported net income equal to $22,500 and dividends equal to $12,000. Noncontrolling investment accounting (price equals book value)Assume the investor can exert significant influence over the investee. Determine the balance in the "Investment in Investee" account at December 31, 2013. $3,600 $137,100 $135,000 $690,750
plz solve??