Scribd Logo
Upload

Welcome to Scribd!

  • Classroom Discussion 1 - 04172021

    Uploaded by

    LLYOD FRANCIS LAYLAY
    70 views3 pages
    1) Superior Corp was authorized to issue 100,000 ordinary shares at P50 par value and 100,000 8% preference shares at P100 par value. Various stock transactions occurred in August and September involving the subscription and issuance of these shares. 2) In August, 60,000 ordinary shares were subscribed at par value with payments in three installments. Also, 40,000 preference shares were subscribed at par value with a 5% down payment. Some shares were issued above par. 3) By September 30th, the preference subscribers had paid in full and installment payments were received for the ordinary shares subscribed. Stock certificates were issued accordingly.

    Original Description:

    Original Title

    CLASSROOM DISCUSSION 1_04172021

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1) Superior Corp was authorized to issue 100,000 ordinary shares at P50 par value and 100,000 8% preference shares at P100 par value. Various stock transactions occurred in August and September involving the subscription and issuance of these shares. 2) In August, 60,000 ordinary shares were subscribed at par value with payments in three installments. Also, 40,000 preference shares were subscribed at par value with a 5% down payment. Some shares were issued above par. 3) By September 30th, the preference subscribers had paid in full and installment payments were received for the ordinary shares subscribed. Stock certificates were issued accordingly.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    70 views3 pages

    Classroom Discussion 1 - 04172021

    Uploaded by

    LLYOD FRANCIS LAYLAY
    1) Superior Corp was authorized to issue 100,000 ordinary shares at P50 par value and 100,000 8% preference shares at P100 par value. Various stock transactions occurred in August and September involving the subscription and issuance of these shares. 2) In August, 60,000 ordinary shares were subscribed at par value with payments in three installments. Also, 40,000 preference shares were subscribed at par value with a 5% down payment. Some shares were issued above par. 3) By September 30th, the preference subscribers had paid in full and installment payments were received for the ordinary shares subscribed. Stock certificates were issued accordingly.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    UNIVERSAL COLLEGES OF PARANAQUE INC.

    COLLEGE OF BUSINESS AND ACCOUNTANCY


    FINANCIAL ACCOUNTING AND REPORTING 2

    CLASSROOM DISCUSSION 1: (30 MINS ONLY)

    ON AUGUST 1, 2012 SUPERIOR CORP. WAS AUTHORIZED TO ISSUE 100,000 ORDINARY SHARES
    WITH

    A PAR VALUE OF P50 PER SHARE AND 100,000 8% PREFERENCE SHARES WITH A PAR VALUE OF
    P100

    THE FOLLOWING STOCK TRANSACTIONS WERE COMPLETED:

    AUG 1 RECEIVED SUBCRIPTIONS FOR 60,000 ORDINARY SHARES AT PAR.THE SUBSCRIBERS


    PAID

    ONE THIRD OF THE SUBSCRIPTION PRICE THE BALANCE IN TWO EQUAL INSTALLMENTS.
    (TAN) - 1 PT FOR MIDTERM EXAM.

    ACCOUNT TITLE DR CR
    SUBSCRIPTION RECEIVABLE - OS 3,000,000
    SUBSCRIBED SHARE CAPITAL - OS 3,000,000

    CASH 1,000,000
    SUBSCRIPTION RECEIVABLE -OS 1,000,000

    5 RECEIVED SUBSCRIPTIOS FOR 40,000 PREFERENCE SHARES AT PAR WITH A 5% DOWN

    PAYMENT THE BALANCE PAYABLE AT THE END OF THE MONTH.

    (VERGARA) – 1PT FOR MIDTERM EXAM.


    ACCOUNT TITLE DR CR
    SUBSCRIPTION RECEIVABLE – PS 4,000,000
    SUBSCRIBED SHARE CAPITAL - SPS 4,000,000

    CASH (4,000,000 X .05) 200,000


    SUBSCRIPTION RECEIVABLE -PS 200,000

    10 ISSUED 20,000 ORDINARY SHARES AT P53 PER SHARE.

    (ABITAGO) – 1PT FOR MIDTERM EXAM

    ACCOUNT TITLE DR CR
    CASH (20,000 X 53) 1,060,000
    SHARE CAPITAL – OS (20,000 X 50) 1,000,000
    SHARE PREMIUM – OS 60,000
    12 ISSUED 5,000 PREFERENCE SHARES IN EXCHANGE FOR EQUIPMENT WORTH P700,000.
    (ACEBOQUE) – 1PT FOR MIDTEM EXAM

    ACCOUNT TITLE DR CR
    EQUIPMENT 700,000
    SHARE CAPITAL – PS (5,000 *100) 500,000
    SHARE PREMIUM – PS (700K -500K) 200,000

    30 PREFERENCE SUBCRIBERS PAID IN FULL

    (ALMONICAR) - 1PT MIDTERM EXAM

    ACCOUNT TITLE DR CR
    CASH (4,000,000 – 200,000) 3,800,000
    SUBSCRIPTION RECEIVABLE 3,800,000

    SUBSCRIBED SHARE CAPITAL 4,000,000


    SHARE CAPITAL – PS 4,000,000

    SEPT 1

    RECEIVED THE FIRST INSTALLMENT DUE FOR THE 60,000 ORDINARY SHARES SUBCRIBED.
    (ALMONICAR) – 1PT MIDTERM EXAM

    ACCOUNT TITLE DR CR
    CASH 1,000,000
    SUBSCRIPTION RECEIVABLE – OS 1,000,000

    30 RECIEVED THE BALANCE DUE ON 57,500 SUBSCRIBED ORDINARY SHARES.STOCK


    CERTIFICATES WERE ISSUED ACCORDINGLY.

    ACCOUNT TITLE DR CR
    CASH (57,500 * 50) * 1/3 958,333.34
    SUBSCRIPTION RECEIVABLE – OS 958,333.34

    SUBSCRIBED SHARE CAPITAL – OS 2,875,000


    SHARE CAPITAL – OS 2,875,000

    You might also like