Virma Corporation sold to a subscriber 500 shares of its P 30 par value ordinary shares at P 32 per share receiving a 30% down payment. 2. In recording this transaction: a. Ordinary Share Capital will be credited in the amount of P 15,000. b. Ordinary Share Capital will be credited in the amount of P 16,000. c. Ordinary Share Premium will be credited in the amount of P 4,500. d. Subscribed Ordinary Share Capital will be credited in the amount of P 15,000.

Virma Corporation sold to a subscriber 500 shares of its P 30 par value ordinary shares at P 32 per share receiving a 30% down payment. 2. In recording this transaction: a. Ordinary Share Capital will be credited in the amount of P 15,000. b. Ordinary Share Capital will be credited in the amount of P 16,000. c. Ordinary Share Premium will be credited in the amount of P 4,500. d. Subscribed Ordinary Share Capital will be credited in the amount of P 15,000.

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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