Duyao - Yvonne - Antonette - M2ModuleAssignment-Data Files
Duyao - Yvonne - Antonette - M2ModuleAssignment-Data Files
Duyao - Yvonne - Antonette - M2ModuleAssignment-Data Files
Requirements:
1. Prepare the journal entries for the transactions occurred.
2. Prepare the Shareholders’ Equity at year-end.
On September 2, the corporation reacquired its 5,000 ordinary shares at P 22. On October 27, there are 3,000 reissued tre
reissued at P 18 per share.
Requirements:
Prepare the journal entries for the transactions occurred.
Instruction:
Prepare the necessary journal entry to record each of the following independent transactions:
a. A share split of 5 for 1.
b. A share split of 2 for 4.
c. One new ordinary share with a par value of P 15 is issued in exchange for one ordinary shares with a par value of P 25
d. One new ordinary share with a stated value of P 12 is issued in exchange for one ordinary shares with a par value of P
Problem 4
Presented below is the Shareholders’ Equity of Wilco Corporation beginning of the year:
Requirements:
1. Prepare the journal entries for the transactions occurred.
2. Prepare the Shareholders’ Equity at year-end.
3. How many issued and outstanding shares at year-end?
a. Ordinary Shares
b. Preference Shares
7, there are 3,000 reissued treasury shares at P 25 per share. The remaining treasury shares were
shares with a par value of P 25.
ry shares with a par value of P 25.
Date
1
6
2. Shareholders' Equity at year-end.
Particulars Debit Credit
5% Preference share capital A/c Dr (1000 * 50) 50,000.00
Preference share Premium A/c Dr (1000 * 28) 28,000.00
Preference Share holders (1000 * 78) 78,000.00
October 27
October 27
Particulars Debit Credit
Treasury Stock 110,000.00
Cash 110,000.00
To record acquisition of 5000 shares at 22 per share
Cash
Treasury Stock 75,000.00
Additional Paid In Capital in excess of par 66,000.00
To record re-issue of 3000 treasury shares at 25 per share 9,000.00
Cash
Additional Paid In Capital in excess of par 36,000.00
Cash 8,000.00
To record re-issue of 2000 treasury shares at 18 per share 44,000.00
Date
August 4
August 4
August 4
Particulars Debit Credit
Equity share capital a/c 1,000,000.00
To Equity share capital a/c 1,000,000.00
to record 40,000 shares that has been split into 200,000 shares
to record 40000 shares has been converted into 20000 shares being Reverse split
Date
March 03
March 21
June 14
August 05
November 19
December 28
Particulars Debit Credit
15% preference share capital (600*150) 90,000.00
Preference share premium (workings) 18,000.00
Cash (600*165) 99,000.00
Retained earnings 9,000.00
to record preference shares retired
No entry required
(Par value =30/5=P 6)
Number of ordinary shares=(200000/30)*5=33333