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  • Accounting

    Transféré par

    Alfred Valenzuela
    18 vues2 pages
    hjfhd

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    18 vues2 pages

    Accounting

    Transféré par

    Alfred Valenzuela
    hjfhd

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme DOC, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 2

    TRANSACTIONS

    Memo Authorized to issue to the


    BSA 2018 Corporation is following shares of stock:
    authorized to issue the
    following: Unissued PSC - 5 000 000
    12 preferences share capital 50 Authorized PSC - 5 000 000
    1. 12 Preference Share 000 shares par value P100 ( 50 000 X 100 = 5 000 000 )
    Capital ( PSC ) 50 000 shares
    per P100 Unissued OSC - 10 000 000
    Ordinary share capital 200 000 Authorized OSC - 10 000 000
    Ordinary Share Capital share no par stated value - P50 ( 200 000 X 50 = 10 000 000 )
    ( OSC ) 200 000 share per par
    stated value P50

    2. The 5 incorporators
    subscribed for the following
    and paid the required down
    payment
    Subscription Receivable - 1M
    2 000 Preference shares Subscribed PSC - 1M
    each at par stated value ( 2 000 X 5 X 100 = 1 000 000 ) SAME ENTRY

    Subscription Receivable - 1.25M


    5 000 Ordinary shares Subscribed OSC - 1.25M
    each at par stated value ( 5 000 X 5 X 50 = 1 250 000 )
    Legal Fees - 60 000
    Legal Fees - 60 000 Unissued OSC - 50 000
    3. Issued 1 000 as to the Ordinary Share Capital - 50 000 Share Premium - 10 000
    lawyer to legal/incorporation ( 1 000 X 50 = 50 000 )
    fees at P60 000 Share Premium - 10 000

    4. Received Subscription
    for the following:
    Subscription Receivable PSC-550K
    5 000 Preference shares ( 5 000 X 110 = 550 000 )
    at P110 Subscribed PSC - 500 000
    ( 5 000 X 100 = 500 000 )
    Share Premium-PSC - 50 000

    Subscription Receivable OSC-600K


    10 000 Ordinary shares at ( 10 000 X 60 = 600 000 )
    P60 Subscribed OSC - 500 000 SAME ENTRY
    ( 10 000 X 50 = 500 000 )
    Share Premium-OSC - 100 000

    Cash - 287 500


    ( PSC-550K + OSC-600K)
    = ( 1 150 000 X 25% = 287 500 )
    Subscription Receivable PSC-137.5K
    ( 550K X 25% = 137 500 )
    Subscription Receivable OSC-150K
    ( 600K X 25% = 150 000 )

    JOURNAL ENTRY TRANSACTIONS


    MEMO ENTRY METHOD
    5. Incorporator paid
    balances of his subscription JOURNAL ENTRY
    by issuing the following:

    Equipment P250 000 Cash - 160 000


    fairly value at 200 000 Equipment - 200 000
    Subscription Receivable PSC-150K
    P160 000 Cash ( 1M X 1/5 X 75% = 150 000 )
    Subscription Receivable OSC-187.5K
    ( 1 250 000 X 1/5 X 75% = 187 500 )
    Share Premium PSC - 11 250
    Share Premium OSC - 11 250 SAME ENTRY
    ( Cash-160K + Equipment-200K )
    = 360K - ( PSC-150K + OSC-187.5K)
    = 22 500 X 1/2 = 11 250

    Subscribed PSC - 200 000 Subscribed PSC - 200 000


    PSC - 200 000 Unissued PSC -200 000
    ( 1 000 000/5 = 200 000 )

    Subscribed OSC - 250 000 Subscribed OSC - 250 000


    OSC - 250 000 Unissued OSC - 250 000
    ( 1 250/5 = 250 000)

    MEMO ENTRY METHOD

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