screen recX Company is authorized to issue 100,000 shares of 6% P8 par preference shares and1,000,000 ordinary shares with par value of P5. Below are the transactions of thecompany:|January 1January 2January 4|January 6January 9January 11January 13 Issued 20,000 preference shares for equipment with fair value of 320,000.January 15 Purchased 10,000 ordinary shares as treasury shares for 115,000.January 19 Reissued 3,000 shares at 13 per shareJanuary 22 Reissued 4,000 shares at 10 per shareJanuary 25 Retired the remaining treasury sharesJanuary 30 Received 10,000 ordinary shares from shareholders as donationJanuary 31 Sold the donated shares at 10.5 per shareIssued 30,000 preference shares at 25 per shareReceived subscription of 100,000 ordinary shares at a price of 13 per shareIssued 10,000 ordinary shares in exchange of land with fair value of 120,000Received 50% payment from the January 2 transaction.Issued 60,000 ordinary shares for cash, 15Received full payment of the transaction on January 2 and issued the shares.pershare.Prepare all journal entries. After all journal entries are prepared, compute for the ff:Issued preference shares, issued ordinary shares, outstanding preference shares,outstanding ordinary shares.

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X Company is authorized to issue 100,000 shares of 6% P8 par preference shares and 1,000,000 ordinary shares with par value of P5. Below are the transactions of the company: January 1 January 2 January 4 Issued 30,000 preference shares at 25 per share Received subscription of 100,000 ordinary shares at a price of 13 per share Issued 10,000 ordinary shares in exchange of land with fair value of 120,000

X Company is authorized to issue 100,000 shares of 6% P8 par preference shares and 1,000,000 ordinary shares with par value of P5. Below are the transactions of the company: January 1 January 2 January 4 Issued 30,000 preference shares at 25 per share Received subscription of 100,000 ordinary shares at a price of 13 per share Issued 10,000 ordinary shares in exchange of land with fair value of 120,000

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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PLease answer only B3, B4, B5
Question 1A: Kohinoor Company Ltd. completed the following transactions. The par value of company’s share is Rs.10 each. March 23: Issued 6, 000 shares at par each to the promoters of the company. April 09: Purchased an equipment costing Rs.52, 000, issuing 3, 250 shares at Rs. 10 each. June 10: Issued 3, 000 shares of Rs.10 each for equipment purchased worthRs.28, 500. Instructions: Give the journal entries to record the above issuance.
C D B A Evon, a limited liability company, issued 1,000,000 ordinary shares each with a nominal value of 25 cents at a price of $1.10 per share, all received in cash. What should be the accounting entries to record this issue of shares? $1,100,000 $250,000 $850,000 Debit Cash Credit Share Capital Credit Share Premium Debit Share Capital Debit Share Premium Credit Cash Debit Cash Credit Share Capital Debit Cash Credit Share Capital Credit Retained Earnings $250,000 $850,000 $1,100,000 $1,100,000 $1,100,000 $1,100,000 $250,000 $850,000
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Treasury StockPomona Corporation issued 60,000 shares of $3 par value common stock at $21 per share and 9,000 shares of $30 par value, ten percent preferred stock at $85 per share. Later, the company purchased 2,000 shares of its own common stock at $23 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares.b. Assume that Pomona sold 1,500 shares of the treasury stock at $30 per share. Prepare the general journal entry to record the sale of this treasury stock.c. Assume that Pomona sold the remaining 500 shares of treasury stock at $20 per share. Prepare the journal entry to record the sale of this treasury stock. General Journal Ref. Description Debit Credit a. Answer Answer Answer Common stock Answer Answer Answer Answer Answer Issued shares of common stock. Answer Answer Answer 10% Preferred stock Answer Answer Answer Answer Answer Issued shares of preferred stock. Answer Answer…
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PLease answer only B6 and B7
ExercisesThe Hillside Corporation has an authorized share of 250,000 with a par value of Php70. 100,000 shares were originally issued at par and 50,000 shares were subscribed at Php2 above par. During the year, the following transactions occurred;Jan. 5 An additional 30,000 shares were issued at Php75 per share.Feb. 11 2,500 of its own shares were reacquired by the company for Php150,000. Sept. 30 A 10% share dividend was declared by the Board of Directors. Dec. 31 The company realized a profit of Php470,000.Required: Record the foregoing transactions.
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