Problem 1:- Following particulars are given from the books and records of Standard Products Ltd. Relating to issue and forfeiture of Equity Shares during January to April, 2016. The amount per share was payable as under: $ 3 on Application $ 5 on Allotment ( including $ 2 as premium) $ 4 on First & Final Call. No. of shares No. of shares allotted applied for Category I 20,000 30,000 Category II 10,000 10,000 5,000 ( application money refunded) Allotments were made pro- rata in Category I. Mr. Giri who applied for 450 shares in Category I failed to pay Allotment and Call Money and his shares were forfeited by the Directors. Subsequently 200 forfeited Shares were reissued to Mr. Puri as fully paid for $ 9 per share. Show Journal and Cash Book entries to record the above transactions.

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At the end of the accounting year, December 31, 2007, Emme's records reflected the following: (Compute for the total stockholders' equity) - Common stock, no par, 5,000 shares issued, issue price P12 per share - Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15 per share - Unrealized gain, available-for-sale securities, P18,000 - Retained earnings, P20,000 (unappropriated) - Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share -Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2008 -Reserve for bond sinking fun, P15,000 -Treasury stock, common stock, 1,000 shares, cost P10 per share

Consider the following data being taken out of the trial balance of GPA Ltd. as at 31 March 2017:    Dr  Cr  Ordinary shares of $5 each    520,000  Preference shares of $1 each    10,000  8% debentures    84,000  General reserve    89,700  Retained profits    145,623  Motor vehicles at cost  175,000     Machinery at cost  196,000     Accumulated depreciation - vehicles    109,500  Accumulated depreciation - machinery    127,800  Stock at 31 March 2016  94,403     Debtors  225,640     Creditors    91,661  Cash at bank   566,662     Purchases  222,820     Sales    630,260  Wages & salaries  73,740    General expenses  84,608     Directors’ remuneration  30,364     Rent and rates  100,807     Debenture interest  2,880     Interim dividend paid – Ordinary shares  9,400     Interim dividend paid – 10%…