The following capital accounts are shown in the statement of financial position of George Corporation: Ordinary shares, 10,000 shares, par value P100  - 1,000,000 Premium on ordinary shares 20,000 Share premium - treasury shares 30,000 Accumulated profits and losses 750,000 Treasury shares, 2,000 shares at cost 250,000   The entire 2,000 treasury shares were sold for P200,000. What would be the balance of the accumulated profits and losses account after this sale?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following capital accounts are shown in the statement of financial position of George

Corporation:

Ordinary shares, 10,000 shares, par value P100  - 1,000,000

Premium on ordinary shares 20,000

Share premium - treasury shares 30,000

Accumulated profits and losses 750,000

Treasury shares, 2,000 shares at cost 250,000

 

The entire 2,000 treasury shares were sold for P200,000. What would be the balance of the

accumulated profits and losses account after this sale?

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