P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10.000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HKS20 per share. The following share transactions were completed during the first year. Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Issued 100,000 ordinary shares for cash at HK$48 per share, Issued 5,000 preference shares for cash at HK$1,050 per share. Issued 18,000 ordinary shares for land. The asking price of the land was HKS980,000. The fair value of the land was HK$920,000. Issued 80,000 ordinary shares for cash at HK$45 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize. Issued 10,000 ordinary shares for cash at HK$50 per share. Nov. 1 Issued 1,000 preference shares for cash at HK$1,060 per share. Sept. 1 al Journalize the transactions b) post to the equity accounts (use J5 as the posting refrence) prepare the share capital section of the statement of financial position at december 31, 2017
P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10.000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HKS20 per share. The following share transactions were completed during the first year. Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Issued 100,000 ordinary shares for cash at HK$48 per share, Issued 5,000 preference shares for cash at HK$1,050 per share. Issued 18,000 ordinary shares for land. The asking price of the land was HKS980,000. The fair value of the land was HK$920,000. Issued 80,000 ordinary shares for cash at HK$45 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize. Issued 10,000 ordinary shares for cash at HK$50 per share. Nov. 1 Issued 1,000 preference shares for cash at HK$1,060 per share. Sept. 1 al Journalize the transactions b) post to the equity accounts (use J5 as the posting refrence) prepare the share capital section of the statement of financial position at december 31, 2017
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Ⓒ
O
D
O
H
<
UB Unblockit - Proxies to acce X C Solved P11-1A Gão Limited X b Home | bartleby
C
(4) How to study fo... Dropbox- 1st B.tec... (10) Lil Jaico - Toma
Dropbox - 1st B.tec...
(10) Lil
Would you like to make Opera GX your everyday browser? How do I do that?
www.chegg.com/homework-help/questions-and-answers/journalize-transactions-b-post-equity-accounts-use-j5-posting-refrence-c-prepare-share-cap-q90903484
Jaico-Toma (17) Liverpool reacti... (1) How To Study fo... (6) HABITS of SUCC... AMARIA BB - Slow...
Type here to search
MARM O
x +
Chegg
Books
Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1
Study
Career
Find solutions for your homework
business/accounting / accounting questions and answers/p11-1a gão limited was organized on january 1, 2017, it is...
Question: P11-1A Gão Limited Was Organized On January 1, 2017. It Is
Authorized To Issue 10,000 8%, HK$1,000 Par Value Preference Share...
P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10,000
8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a
stated value of HK$20 per share. The following share transactions were completed during
the first year.
Life
Search
Issued 100,000 ordinary shares for cash at HK$48 per share.
Issued 5,000 preference shares for cash at HK$1,050 per share.
Issued 18,000 ordinary shares for land. The asking price of the land was
HK$980,000. The fair value of the land was HK$920,000.
Show transcribed i
Expert Answ
Issued 80,000 ordinary shares for cash at HK$45 per share.
Issued 10,000 ordinary shares to attorneys in payment of their bill of
HK$320,000 for services provided in helping the company organize.
Issued 10,000 ordinary shares for cash at HK$50 per share.
Issued 1,000 preference shares for cash at HK$1,060 per share.
a) Journalize the transactions
b) post to the equity accounts (use J5 as the posting refrence)
c) prepare the share capital section of the statement of financial position at december 31, 2017
For educators Help Sign in
This problem has been solved!
You'll get a detailed solution from a subject matter expert that
helps you learn core concepts.
See answer
2
OED ® ▷ ♡ £
Yes, set it as default browser
16:11
30°C Light rain 40 ENG 27-07-2022
X
#
□
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education