Jungkook Corporation was authorized to issue 10,000 preference shares ofP200 par value and 100,000 ordinary shares of P20 par value. Subscription for4,000 preference shares was received at P225 per share with a down payment ofP25%. The balance is payable after 60 days. What is the amount of Share Premium- Preference recognized by Jungkook upon receipt of the preference sharesubscription? *

Jungkook Corporation was authorized to issue 10,000 preference shares ofP200 par value and 100,000 ordinary shares of P20 par value. Subscription for4,000 preference shares was received at P225 per share with a down payment ofP25%. The balance is payable after 60 days. What is the amount of Share Premium- Preference recognized by Jungkook upon receipt of the preference sharesubscription? *

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...

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Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.
Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
Apple Corporation was authorized to issue 10,000 preference shares of P200 par value and 100,000 ordinary shares of P20 par value. Subscription for4,000 preference shares was received at P225 per share with a down payment of P25%. The balance is payable after 60 days. What is the amount of Share Premium– Preference recognized by Jungkook upon receipt of the preference sharesubscription?
XYZ SAOG has in issue 5 million, RO 1 equity share. The company decided to make a bonus issue in the ratio of 2 for 5 shares held. Prior to issue of bonus the company had Share premium of OMR 2,500,000. Which of the following journal entry is Correct in respect of issuing bonus shares? a. Debit Share premium OMR 2,000,000 Credit Share Capital OMR 2,000,000 b. Debit Share capital OMR 7,000,000 Credit Share premium OMR 7,000,000 c. Debit Share capital OMR 2,500,000 Credit Share premium OMR 2,500,000 d. Debit Share premium OMR 500,000 Credit Share Capital OMR 500,000
XYZ SAOG has in issue 5 million, RO 1 equity share. The company decided to make a bonus issue in the ratio of 2 for 5 shares held. Prior to issue of bonus the company had Share premium of OMR 2,500,000. Which of the following journal entry is Correct in respect of issuing bonus shares? Debit Share premium OMR 2,000,000 Credit Share Capital OMR 2,000,000 O b. Debit Share capital OMR 2,500,000 Credit Share premium OMR 2,500,000 O a. O c. Debit Share capital OMR 7,000,000 Credit Share premium OMR 7,000,000 O d. Debit Share premium OMR 500,000 Credit Share Capital OMR 500,000 Clear my choice
Victory Company issued 8,000 ordinary shares with P200 par value and 20,000 preference shares with P200 par value for a total consideration of P7,500,000. At the date of issue, the ordinary share was selling for P360 and the preference share was selling for P270. What is the share premium from the issuance of ordinary shares?
Item No. 2 is based on the following information: 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. Ordinary Share Capital will be credited in the amount of P 16,000. b. 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 P30 par value common stock at P32 per share receiving a 30% down payment. In recording this transaction, A. Ordinary share will be credited in the amount of P15,000 B. Ordinary share will be credited in the amount of P16,000 C. Subscribed share capital will be credited in the amount of P15,000 D. Share premium will be credited in the amount of P4,500 Leon Corporation sold 500 shares of its P40 par value preferred stock for cash at P50 per share. In recording this transaction, there would be a A. Credit to preference share capital for P25,000 B. Credit to preference share capital for P20,000 C. Credit to subscribed preference share capital for P20,000 D. Credit to share capital in excess of stated value for P5,000 Luningning Corporation sold for cash 400 shares of preferred stock with a par value of P50 per share at P56 per share. Also, 600 shares of common stock with no…
Record the foregoing transactions E. Received subscription for 20,000 shares at P550 per share,500 par value, receiving 25% down payment. F. Collected balance of the subscription price on the 12,000 shares subscribed in (e) and share certificates were accordingly issued.
100 Jungkook Corporation was authorized to issue 10,000 preference shares ofP200 par value and 100,000 ordinary shares of P20 par value. Subscription for4,000 preference shares was received at P225 per share with a down payment ofP25%. The balance is payable after 60 days. What is the amount of Share Premium- Preference recognized by Jungkook upon receipt of the preference sharesubscription? * (1 Point) 80,000 70,000 90,000 100,000
b) East Company issued 1,000 shares with P5 par to Howe as compensation for services. By what amount should the share premium accoùnt increase as a result 1. Answer the following questions: a) Ivy Company provided the following accounts at year-end: Preference Share Capital, P100 par P5,000,000 Ordinary Share Capital, P10 par Subscribed Preference Share Capital Subscribed Ordinary Share Capital Subscriptions Receivable - Ordinary Subscriptions Receivable -Preference Share Premium – Preference Share Share Premium – Ordinary Share 2,000,000 1,800,000 1,000,000 180,000 190,000 300,000 220.000 680,000 Treasury Share - Preference (700 shares at cost) Share Premium - Preference Treasury Share 850,000 Retained Earnings 2,000,000 How much is total shareholders' equity at yearend? b) East Company issued 1,000 shares with P5 par to Howe as compensation fo. 1.000 hours of legal services performed. Howe bills P160 per hour for his loet services. By what amount should the share premium accoùnt…
BFAR Corp. was authorized to issue 300,000 P7 par value ordinary shares. It received subscriptions for 68,000 ordinary shares at P9 per share and collected half of this subscription. How much is the balance of the Subscribed Share Capital account?