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    PARCOR

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    kristian eldric Bondoc
    1. ABC Corporation issued shares and recorded subscriptions receivable for $375,000 of subscribed share capital and $75,000 of share premium. It also recorded receivables from highest bidders. 2. Good Harvest Corporation recorded share subscriptions for $1,500,000 of subscribed share capital using the memorandum and journal entry methods. 3. Dividends of property were declared and distributed at carrying value, fair market value and a loss was recorded on disposal for the difference between fair market value and carrying value at distribution date.

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    PARCOR

    Uploaded by

    kristian eldric Bondoc
    42 views15 pages
    1. ABC Corporation issued shares and recorded subscriptions receivable for $375,000 of subscribed share capital and $75,000 of share premium. It also recorded receivables from highest bidders. 2. Good Harvest Corporation recorded share subscriptions for $1,500,000 of subscribed share capital using the memorandum and journal entry methods. 3. Dividends of property were declared and distributed at carrying value, fair market value and a loss was recorded on disposal for the difference between fair market value and carrying value at distribution date.

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    1. ABC Corporation issued shares and recorded subscriptions receivable for $375,000 of subscribed share capital and $75,000 of share premium. It also recorded receivables from highest bidders. 2. Good Harvest Corporation recorded share subscriptions for $1,500,000 of subscribed share capital using the memorandum and journal entry methods. 3. Dividends of property were declared and distributed at carrying value, fair market value and a loss was recorded on disposal for the difference between fair market value and carrying value at distribution date.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    42 views15 pages

    PARCOR

    Uploaded by

    kristian eldric Bondoc
    1. ABC Corporation issued shares and recorded subscriptions receivable for $375,000 of subscribed share capital and $75,000 of share premium. It also recorded receivables from highest bidders. 2. Good Harvest Corporation recorded share subscriptions for $1,500,000 of subscribed share capital using the memorandum and journal entry methods. 3. Dividends of property were declared and distributed at carrying value, fair market value and a loss was recorded on disposal for the difference between fair market value and carrying value at distribution date.

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    XEREX CORPO

    Journal Entry Method


    Dr. Cr.
    0 Unissued Share Capital 3,000,000
    Authorize Share Capital 3,000,000

    1 Cash 200,000
    Unissued Share Capital 200,000

    2 Cash 52,000
    Subscription Receivable - Ordinary 78,000
    Subsricbed Share Capital 100,000
    Paid in capital in excess of stated value 30,000

    Cash 84,000
    Subscription Receivable - preference 126,000
    Subsricbed Share Capital 200,000
    Share premium 10,000

    3 Cash 550,000
    Unissued Share Capital 500,000
    Share Premium 50,000

    4 Merchandise Inventory 5,000


    Unissued Share Capital 5,000

    5 Legal Fees 12,000


    Unissued Share Capital 10,000
    Paid in capital in excess of stated value 2,000

    6 Equipment 50,000
    Unissued Share Capital 40,000
    Paid in capital in excess of stated value 10,000

    7 Cash 15,600
    Subscription Receivable 15,600

    Subscribed Share Capital 20,000


    Unissued Share Capital 20,000
    Balance Sheet

    Cash 901,600
    Merchandise Inventory 5,000
    Equipment 50,000
    Subscription receivable 188,400
    Legal fees 12,000
    Total Assets 1,157,000
    Subscribed Share Capital 280,000
    Issued Shares 775,000
    Share Premiums 102,000
    Legal Capital 1,157,000
    Alexa Corporation

    # Title Dr. Cr.


    1 Cash 45,000
    Subsricption Receivable 105,000
    Subscribed Share Capital 100,000
    Share Premium 50,000

    2 Receivable from highest bidder 105,000


    Subscription receivable 105,000

    3 Receivable from highest bidder 3,000


    Cash 3,000

    4 Cash 108,000
    Receivable from highest bidder 108,000

    5 Subscribed Share Capital 100,000


    Ordinary Share Capital 100,000
    1f
    2t
    3f
    4t
    5f
    6t
    7f
    8t
    9t
    10 f
    11 f
    12 t
    13 t
    14 t
    15 f
    16 t
    17 t
    18 f
    19 t
    20 t
    21 t
    22 t
    23 t
    24 f
    25 t
    26 t
    27 f
    28 t
    29 t?
    30 f
    31 f
    32 t
    33 t
    34 t
    35 t
    GOOD HARVEST CORPORATION
    Memorandum Entry Method
    # Title Dr. Cr.
    A Cash 375,000
    Subscription Receivable 1,125,000
    Subscribed Share Capital 1,500,000

    B Cash 220,000
    Ordinary Share Capital 200,000
    Share premium 20,000

    C Cash 36,000
    Subscription Receivable 84,000
    Subscribed Share Capital 100,000
    Share premium 20,000

    D Cash 1,125,000
    Subscription Receivable 1,125,000

    Subscribed Share Capital 1,500,000


    Ordinary Share Capital 1,500,000

    GOOD HARVEST CORPORATION


    Journal Entry Method
    # Title Dr. Cr.
    * Unissued Share Capital 6,000,000
    Authorized Share Capital 6,000,000

    A Cash 375,000
    Subscription Receivable 1,125,000
    Subscribed Share Capital 1,500,000

    B Cash 220,000
    Unissued Share Capital 200,000
    Share premium 20,000

    C Cash 36,000
    Subscription Receivable 84,000
    Subscribed Share Capital 100,000
    Share premium 20,000

    D Cash 1,125,000
    Subscription Receivable 1,125,000

    Subscribed Share Capital 1,500,000


    Uniisued Share Capital 1,500,000
    PAGE 216
    PROBLEM 1
    ABC Corporation
    Memorandum Entry

    # Title Dr. Cr.


    2 Cash 202,500
    Subscription Receivable 247,500
    Subscribed Share Capital 375,000
    Share Premium 75,000

    3 Receivable from the Highest Bidder 252,450


    Subscription Receivable 252,450

    4 Receivable from the Highest Bidder 4,000


    Cash 4,000

    5 Cash 256,450
    Receivable from the Highest Bidder 256,450

    Subscribed Share Capital 135,000


    MR. ZUBIRI
    Ordinary Share Capital 135,000

    Subscribed Share Capital 240,000


    MR. MARTINEZ
    Ordinary Share Capital 240,000
    PAGE 218

    PROBLEM 5

    28.5 per share


    # Title Dr. Cr.
    1-Dec Asset held for distribution 1,000,000
    Equipment 1,000,000

    1-Dec Retained Earnings 1,500,000


    Property Dividends Payable 1,500,000

    31-Dec Retained Earnings 300,000


    Property Dividends Payable 300,000

    31-Jan Retained Earnings 100,000


    Property Dividends Payable 100,000

    Property Dividend Payable 1,900,000


    Asset held for distribution 1,000,000
    Gain on Disposal of Asset 900,000

    1-Nov Asset Held for Distribution 2,500,000


    Equipment 2,500,000

    Retained Earnings 2,500,000


    Property Dividends Payable 2,500,000

    31-Dec Property Dividends Payable 300,000


    Retained Earnings 300,000

    Impairment Loss 300,000


    Asset Held for Distribution 300,000

    1-Mar Property Dividends Payable 200,000


    Retained Earnings 200,000

    Property Dividends Payable 2,000,000


    Loss on Disposal of Asset 200,000
    Asset Held for Distribution 2,200,000
    INFO
    Declaration Nov 1 2,500,000 Carrying Value
    31-Dec 2,200,000.00 FMV
    1-Mar 2,000,000.00 FMV
    LARGE
    Date Title Dr. Cr.
    18-Feb Retained Earnings 200,000
    Share Dividends Payable 200,000

    16-Jun Share Dividends Payable 200,000


    Share Capital 200,000

    MAKE OVER CORPO


    SMALL
    Date Title Dr. Cr.
    31-Dec Retained Earnings 180,000
    Share Dividends Payable 120,000
    Share Premium 60,000

    1-Mar Share Dividends Payable 120,000


    Ordinary Share Capital 120,000

    MAKE OVER CORPO


    LARGE
    Date Title Dr. Cr.
    31-Dec Retained Earnings 240,000
    Share Dividends Payable 240,000

    1-Mar Share Dividends Payable 240,000


    Ordinary Share Capital 240,000
    INFO
    10000 shares outstanding 100 par
    Share premium 500,000.00
    Retained Earnings 500,000.00

    pg. 264

    (60000*.1*30 per share)


    (60000*.1*20)
    (60000*.1*10)

    (60000*20%Bonus*20par)
    Date Title Dr. Cr.
    1-Feb Retained Earnings 200,000
    Scrip Dividends Payable 200,000

    1-Aug Interest Expense 12,000


    Scrip Dividends Payable 200,000
    Cash 212,000
    INFO

    Declared Scrip Payable 200000


    Interest payable for 6 months 12%

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