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When a subscriber fails to pay their subscription, their subscription becomes delinquent after a grace period. The corporation can then bid out the delinquent shares to interested parties. The highest bidder pays the unpaid portion of the subscription plus interest and costs. The corporation is authorized to issue 1,000,000 shares at P2 per share. The document then provides examples of accounting entries related to delinquent subscriptions under different scenarios.
When a subscriber fails to pay their subscription, their subscription becomes delinquent after a grace period. The corporation can then bid out the delinquent shares to interested parties. The highest bidder pays the unpaid portion of the subscription plus interest and costs. The corporation is authorized to issue 1,000,000 shares at P2 per share. The document then provides examples of accounting entries related to delinquent subscriptions under different scenarios.
When a subscriber fails to pay their subscription, their subscription becomes delinquent after a grace period. The corporation can then bid out the delinquent shares to interested parties. The highest bidder pays the unpaid portion of the subscription plus interest and costs. The corporation is authorized to issue 1,000,000 shares at P2 per share. The document then provides examples of accounting entries related to delinquent subscriptions under different scenarios.
subscription, even after he/she is given a grace period his/her subscription is declared delinquent. The subscription is bidded out to interested parties The highest bidder pays the unpaid portion of the subscription plus interest and additional costs. PHILIPPINE CORPORATION The corporation is authorized to issue 1,000,000 shares at P2 per share. Short method with bidders 1 Subsribtion receivable 20,000 Subscribed share capital 20,000 Ms. Gloria subscribed to 10,000 shares at P2 per share. 2 Cash 5,000 Subscription receivable 5,000 Ms. Gloria made partial payment for her subscription. 3 no entry 4 Receivable from highest bidder 2,500 Cash 2,500 Incurred advertising costs for the sale of delinquent shares 5 no entry 6 Cash 17,500 Subscription receivable 15,000 Receivable from highest bidder 2,500 The highest bidder paid the amount due 7 Sibscribed share capital 20,000 Share capital 20,000 Issued the stock certificates Short method with no bidders 1 Subsribtion receivable 20,000 Subscribed share capital 20,000 Ms. Gloria subscribed to 10,000 shares at P2 per share. 2 Cash 5,000 Subscription receivable 5,000 Ms. Gloria made partial payment for her subscription. 3 no entry Advertisement expenses for delinquent shares 6 Cash 17,500 Subscription receivable 15,000 Receivable from highest bidder 2,500 Collected ullpayment from the highest bidder 7 Subscribed share capital 20,000 Share capital 20,000 Issuance of stock certifictes. Short method with no bidders 4 Receivable from highest bidder 2,500 Cash 2,500 Incurred advertising costs for the sale of delinquent shares 5 Treasury shares 17,500 Subscription receivable 15,000 Receivable from highest bidder 2,500 Corporation acquires delinquent shares 6 Subscribed share capital 20,000 Share capital 20,000 Issuance of stock certificates 8-1
A Highest bidder - Carlo Carlo B Eduardo's subscription 100 shares Par value 100 Total amount of subscription P 10,000 Payment 2,000 Balance - subscription receivable P 8,000 Expenses related to delinquent shares 1,500 Receivable from highest bidder P 9,500 C Shares issued to Eduardo 25 shares D Shares issued to the highest bidder 75 shares 8-2
No. of Issue Amount of shares Price subsription Subscribed shares 200 P 52 P 10,400 Payment by Regine 100 5,200 Balance 100 P 5,200 a Shared issued to Regine 0 b Shares issued to the corporation 200 c Treasury shares P 11,400 Subscription P 10,400 Advertising 1,000 Treasury shares P 11,400