Homework Help is Here – Start Your Trial Now!
Business
Accounting
XXX Corporation was organized on January5, 2023. The authorized capital stock of preference consists of 20,000 preference shares with par value of P100 per share and the authorized capital stock of ordinary consist of 100,000 no par value ordinary shares with stated value of P50. On December 31, 2023, the ledger included the following balances: • Share Capital Preference = P600,000 Share Capital Ordinary = P2,000,000 Subscribed Share Capital Ordinary = P 500,000 ⚫Subscription Receivable Ordinary P250,000 Share Premium Preference = P90,000 Share Premium Ordinary = P300,000 ⚫Retained Earnings = 100,000 Additional Information: 1. 2,000 shares of preference were issued for brand new equipment with fair market value of P220,000. The remaining preference shares were issued for cash. There is no subscription receivable. 2. All ordinary shares were issued for cash. There is subscription receivable for ordinary shares. How much is the average premium per share of preference shares and ordinary shares?

XXX Corporation was organized on January5, 2023. The authorized capital stock of preference consists of 20,000 preference shares with par value of P100 per share and the authorized capital stock of ordinary consist of 100,000 no par value ordinary shares with stated value of P50. On December 31, 2023, the ledger included the following balances: • Share Capital Preference = P600,000 Share Capital Ordinary = P2,000,000 Subscribed Share Capital Ordinary = P 500,000 ⚫Subscription Receivable Ordinary P250,000 Share Premium Preference = P90,000 Share Premium Ordinary = P300,000 ⚫Retained Earnings = 100,000 Additional Information: 1. 2,000 shares of preference were issued for brand new equipment with fair market value of P220,000. The remaining preference shares were issued for cash. There is no subscription receivable. 2. All ordinary shares were issued for cash. There is subscription receivable for ordinary shares. How much is the average premium per share of preference shares and ordinary shares?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 9PA: Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000...
See similar textbooks
icon
Related questions
Question
= P XXX Corporation was organized on January5, 2023. The authorized capital stock of preference consists of 20,000 preference shares with par value of P100 per share and the authorized capital stock of ordinary consist of 100,000 no par value ordinary shares with stated value of P50. On December 31, 2023, the ledger included the following balances: • Share Capital Preference = P600,000 Share Capital Ordinary = P2,000,000 Subscribed Share Capital Ordinary 500,000 •Subscription Receivable Ordinary P250,000 Share Premium Preference = P90,000 Share Premium Ordinary = P300,000 ⚫Retained Earnings = 100,000 Additional Information: 1. 2,000 shares of preference were issued for brand new equipment with fair market value of P220,000. The remaining preference shares were issued for cash. There is no subscription receivable. 2. All ordinary shares were issued for cash. There is subscription receivable for ordinary shares. How much is the average premium per share of preference shares and ordinary shares?
Transcribed Image Text:= P XXX Corporation was organized on January5, 2023. The authorized capital stock of preference consists of 20,000 preference shares with par value of P100 per share and the authorized capital stock of ordinary consist of 100,000 no par value ordinary shares with stated value of P50. On December 31, 2023, the ledger included the following balances: • Share Capital Preference = P600,000 Share Capital Ordinary = P2,000,000 Subscribed Share Capital Ordinary 500,000 •Subscription Receivable Ordinary P250,000 Share Premium Preference = P90,000 Share Premium Ordinary = P300,000 ⚫Retained Earnings = 100,000 Additional Information: 1. 2,000 shares of preference were issued for brand new equipment with fair market value of P220,000. The remaining preference shares were issued for cash. There is no subscription receivable. 2. All ordinary shares were issued for cash. There is subscription receivable for ordinary shares. How much is the average premium per share of preference shares and ordinary shares?
Expert Solution
steps

Step by step

Solved in 6 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS