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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer number 16 and 17. Show solution and explanation. 

I. Worldwide Company was authorized to issue 10,000 preference shares of P200 par value and 100,000 ordinary shares of P20 par value. Subscription for 4,000 preference shares was received at P225 per share with a down payment of 25%. The balance is payable after 60 days. 16. What is the amount of Share Premium - Preference recognized by Worldwide upon receipt of the preference share subscription? J. authorized share capital of P3,000,000 divided into 100,000 shares of P30 par. In February, 30,000 shares were sold for P40 per share. In March, 20,000 shares were sold on a subscription basis at a price of P45 per share. As of December 31, 2018, one-half of the subscriptions in March was collected. On January 31, 2018, Mendoza Corporation was incorporated with an
Transcribed Image Text:I. Worldwide Company was authorized to issue 10,000 preference shares of P200 par value and 100,000 ordinary shares of P20 par value. Subscription for 4,000 preference shares was received at P225 per share with a down payment of 25%. The balance is payable after 60 days. 16. What is the amount of Share Premium - Preference recognized by Worldwide upon receipt of the preference share subscription? J. authorized share capital of P3,000,000 divided into 100,000 shares of P30 par. In February, 30,000 shares were sold for P40 per share. In March, 20,000 shares were sold on a subscription basis at a price of P45 per share. As of December 31, 2018, one-half of the subscriptions in March was collected. On January 31, 2018, Mendoza Corporation was incorporated with an
17. What amount will appear on the December 31, 2018 statement of financial position as Ordinary Share Capital?
Transcribed Image Text:17. What amount will appear on the December 31, 2018 statement of financial position as Ordinary Share Capital?
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