CHAPTER 14 - CHAPTER14 Problem146 Requirementa 1.Memoentry...

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CHAPTER  14 Problem 14-6 Requirement a 1.  Memo entry      The corporation was authorized to issue share capital of P5,000,000, divided     into 100,000 shares with par value of P50.     Subscriptions receivable   1,250,000     Subscribed share capital   1,250,000   (25% x 100,000 = 25,000 shares) 2. Cash (25% x 1,250,000) 312,500     Subscriptions receivable 312,500 3. Cash 562,500     Subscriptions receivable (15,000 x 50 x 75%) 562,500     Subscribed share capital 750,000     Share capital (15,000 x 50) 750,000 4. Land 600,000     Share capital (10,000 x 50) 500,000     Share premium 100,000 5. Cash (5,000 x 60) 300,000
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    Share capital (5,000 x 50) 250,000     Share premium   50,000 6. Legal expenses 100,000     Share capital (2,000 x 50) 100,000      118 Requirement b Shareholders’ equity: Share capital, P50 par, 100,000 shares authorized,  32,000 shares issued   1,600,000 Subscribed share capital 500,000 Subscriptions receivable  ( 375,000) Share premium      150,000   1,875,000 Problem 14-8 1. Subscriptions receivable   4,000,000     Subscribed share capital   (40,000 x 100)   4,000,000  2. Accounts receivable 350,000     Note receivable   70,000     Inventory 680,000
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    Accounts payable 100,000     Subscriptions receivable   1,000,000 3. Land 150,000     Building 850,000     Subscriptions receivable   1,000,000 4. Cash 375,000     Subscriptions receivable (15,000 x 100 x 25%) 375,000 5. Legal expenses   50,000     Share capital   50,000 6. Subscriptions receivable (1,000 x 120) 120,000     Subscribed share capital  100,000     Share premium   20,000     Cash (1,000 x 40)   40,000     Subscriptions receivable   40,000 7. Cash   1,100,000     Subscriptions receivable   1,100,000         120
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This note was uploaded on 01/22/2012 for the course 2341 13314 taught by Professor Camus during the Spring '11 term at Central Luzon State University.

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CHAPTER 14 - CHAPTER14 Problem146 Requirementa 1.Memoentry...

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