Danica Reign c.

Figueroa
Financial Accounting and Reporting
BSA 1C
Problem 14

1.
Issued Shares
1-Jan (500,000/5)= 100,000

Oustanding Shares
31-Mar 100,000-10,000 = 90,000

30-Jun 90,000-4,000 = 86,000

30-Sep 86,000-2,000 = 84,000

1.

Gulane Corporation
Journal Entries

Date Particulars F Debit Credit

2019
Mar. 28 Treasury Shares - O ( 10,000 x 15) 150,000
Cash 150,000

April 10 Cash ( 4,000 x 14) 56,000

Share Premium- TS 4,000
Treasury Shares - O (4,000 x 15) 60,000

July 5 Cash (2,000 x 16) 32,000

Share Premium - TS 2,000
Treasury Shares - O (2,000 x15) 30,000
3.

The Corporation should purchase its shares in order to deter any entity
from taking over the shares. It could expand the ownership of an entity
wherein it allows shares to be “re-cycled”.
 Problem 15

2.

Refozar Corporation
Journal Entries

Date Particulars F Debit Credit

2018
Jan. 28 Treasury Shares - O (24,000 x 7) 168,000
Cash 168,000

10 Cash ( 4,000 x 9) 36,000

Share Premium- TS 8,000
Treasury Shares - O (4,000 x 7) 28,000

29 Cash (14,000 x 6) 84,000

Share Premium - TS 8,000
Retained Earnings 6,000
Treasury Shares ( 14,000 x 7) 98,000

31 Cash ( 6,000 x 7 ) 42,000

Treasury Shares ( 6,000 x 7) 42,000
 Problem 17

1. .
Marasigan Corporation
Journal Entries

Date Particulars F Debit Credit

2018

Mar 21 Land 6,000,000

Share Capital 6,000,000

April 30 Ordinary Shares 2,250,000

Share Capital 2,250,000

June 25 Building 75,000

Share Capital 75,000

July 15 Ordinary Shares 800,000

Share Capital 800,000

Cash 1,820,000
Ordinary Shares 800,000
Gain on sale of Shares 1,020,000

2.

Land 6,000,000
Ordinary Shares 3,050,000
Building 75,000
  9,125,000