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Tapdasan, April Mae I. Journal Entries

1. The document contains journal entries for transactions involving the issuance of preferred and common stock, repurchase of treasury stock, stock split, and cash dividend. 2. It also includes a requirement to calculate various equity accounts such as preferred stock, ordinary stock, share premium, and total stockholders' equity. 3. The calculations show total stockholders' equity of PHP 26,949,240 composed of share capital, share premium, and accumulated profits.

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April Mae Intong Tapdasan
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142 views2 pages

Tapdasan, April Mae I. Journal Entries

1. The document contains journal entries for transactions involving the issuance of preferred and common stock, repurchase of treasury stock, stock split, and cash dividend. 2. It also includes a requirement to calculate various equity accounts such as preferred stock, ordinary stock, share premium, and total stockholders' equity. 3. The calculations show total stockholders' equity of PHP 26,949,240 composed of share capital, share premium, and accumulated profits.

Uploaded by

April Mae Intong Tapdasan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Tapdasan, April Mae I.

BSA - 2
Assignment
JOURNAL ENTRIES
DEBIT CREDIT
1. Cash (27,000 x P40) 1,080,000
Prefered stock (27,000 x P30) 810,000
APIC - premium on preferred stock 270,000

2. Cash (94,500 x P70) 6,615,000


Common stock (94,500 x P50) 4,275,000
APIC - premium on common stock 1,890,000

3. Preferred Stock (5,400 x P30) 162,000


APIC - premium on P5 (P1,080,000 x
5,400/135,000) 43,200
Retained earnings 37,800
Cash 243,000

4. Treasury stocks (13,500 x P80) 1,080,000

Cash 1,080,000

5. Memo - the willpower corp. split


common stock two for one

6. Cash (13,500 x P50) 675,000

Treasury stock ( P1,080,000 x 1/2) 540,000

APIC - from treasury stock transactions 135,000

7. Memo Entry
Cash (9,000 x 1/2 x P54) 243,000

APIC - Donated Capital 243,000

8. Retained Earnings 1,625,760


Cash 1,625,760
Requirement #2
1. Preference Share Capital
Preference share outstanding 4,050,000
Issued (27,000 x P30) 810,000
Total 4,860,000
-162,000
Preference share Capital 4,698,000

2. Ordinary Share Capital


Ordinary Share Outstanding 9,000,000
Issued (94,500 x P70) 4,725,000

Ordinary Share Capital 13,725,000

3. Total Share Premium


Share premium preference (1,080,000
+ 270,000) 1,350,000
Retirement of Preference Share -43,200
Share premium- Ordinary (3,240,000 +
1,890,000) 5,130,000
Share Premium-Treasury 135,000

Share Premium- Donated Capital 243,000


Total Share Premium 6,814,800

4. Un-appropriated Accumulated
Profit (Losses) 1,711,440

5. Total Stockholder's Equity


Share Capital (4,698,000 + 13,725,000) 18,423,000
Share Premium 6,814,800
Un-appropriated Accumulated Profit
(Losses) 1,711,440
Total Stockholder's Equity P26,949,240

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