2018

Authorized to issue 100,000, 12% Cumulative

May-01
Preference shares at P100 per share

Authorized to issue 200,000 ordinary shares

At P50 per share

Subscription Receivable-Preference Shares (30,000 xP100) 3,000,000

Subscribed Preference Share Capital
To record common stock subscription of incorporators.

Subscription Receivable- Ordinary Shares (60,000 x P50 ) 3,000,000

Subscribed Ordinary Share Capital
To record common stock subscription of incorporators.

Cash 1,500,000
Subscription Receivable-Preference Share(3,000,000 x .25)
Subscription Receivable-Ordinary Share (3,000,000 x .25)
To record downpayment of incorporators.
June
5 Organization Expense 120,000
Cash
Paid for organization cost.

Subscription Receivable-Preference Share(5,000 x P110) 550,000

Subscribed preference share capital (5,000 x P100)
15
Preference share Premium
To record subscription of various investors.

Cash (550,000 x .25) 137,500

Subscription Receivable-Preference share
To record downpayment of various investors.

Subscription Receivable-Ordinary Share(30,000 x P52) 1,560,000

17 Subscribed Ordinary Share Capital
Ordinary Share Premium

Cash (1,560,000 x .25) 390,000

Subscription receivable-Ordinary Share
To record downpayment of common stock subscription.
 30 Cash 2,250,000
Subscription receivable-Preference Share
Subscription Receivable-Ordinary Share
To record first installment of incorporators.
Jul-01
Cash 1,170,000
Subscription Receivable-Ordinary Share

Subscribed Ordinary Share 1,500,000

Ordinary Share Capital
15
Cash 137,500
Subscription Receivable-Preference Share
18
Land 75,000
Ordinary Share Capital
Ordinary Share Premium
20
Cash 750,000
Subscription Receivable-Preference Share
Subscription Receivable-Ordinary Share

Subscribed Preference Share 1,000,000

Subscribed Ordinary Share 1,000,000
Preference Share Capital
Ordinary Share Capital
30
Cash 1,500,000
Subscription Receivable-Preference Share
Subscription Receivable-Ordinary Share

Subscribed Preference Share Capital 2,000,000

Subscribed Ordinary Share Capital 2,000,000
Preference Share Capital
Ordinary Share Capital

Income Summary 105,000

Retained Earnings
3,000,000

3,000,000

750,000
750,000

120,000

500,000
50,000

137,500

1,500,000
60,000

390,000
1,125,000
1,125,000

1,170,000

1,500,000

137,500

70,000
5,000

375,000
375,000

1,000,000
1,000,000

750,000
750,000

2,000,000
2,000,000

105,000
 Authorized to issue 50,000 common shares at P100 par
2018 Jan 1
value

Subscription Receivable-Ordinary 1,250,000

Subscribed Ordinary Share Capital 1,000,000
Ordinary Share Premium 250,000

Cash
312,500
Subscription Receivable- Ordinary Shares 312,500

Cash 468,750
Ma31
Subscription Receivable- Ordinary Shares 468,750

Cash 445,312.50
31
Subscription Receivable-Ordinary Shares 445,312.50

Subscribed Ordinary Share Capital

950,000
Ordinary Share Capital 950,000

Due from Highest Bidder 24,812.50

Subscription Receivable – Ordinary 23,437.50
Cash 1,375

Cash 24,812.50
Due from Highest Bidder 24,812.50

Subscribed Ordinary Share Capital 50,000

Ordinary Share Capital 50,000
Shareholders’ Equity:
Paid In Capital
Authorized 100,000 18% cumulative preference shares, at
P100 par
Issued and Outstanding Preference Share, 30,000 3,000,000
Subscribed 5,000 500,000
Authorized 200,000 common shares, at P50 par

Issued and Outstanding Ordinary Shares, 91,400

Additional Paid In Capital:

Preference Share Premium 50,000
Ordinary Share Premium 65,000
Total Paid In Capital
Retained Earings
Total Shareholders' Equity
3,500,000

4,570,000

115,000
8,185,000
105000
8,290,000