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Chap 21 Answers

The document summarizes the transactions of Mindanaoan Resource Corporation using both the journal entry method and memo entry method of recording transactions. Key details include: - The corporation is authorized to issue 50,000 preference shares at P25 par value and 100,000 ordinary shares at P75 par value. - Various cash receipts and payments are recorded against subscription receivables, share capital, and share premium accounts. - Transactions include issuance of shares, receipt of cash from shareholders, purchase of land, and payment of organization expenses. - The shareholders' equity section shows the composition of issued and subscribed share capital and share premium.

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Jullie-Ann Ybañez
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268 views9 pages

Chap 21 Answers

The document summarizes the transactions of Mindanaoan Resource Corporation using both the journal entry method and memo entry method of recording transactions. Key details include: - The corporation is authorized to issue 50,000 preference shares at P25 par value and 100,000 ordinary shares at P75 par value. - Various cash receipts and payments are recorded against subscription receivables, share capital, and share premium accounts. - Transactions include issuance of shares, receipt of cash from shareholders, purchase of land, and payment of organization expenses. - The shareholders' equity section shows the composition of issued and subscribed share capital and share premium.

Uploaded by

Jullie-Ann Ybañez
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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21-1 Memo Entry Method 21-1 Journal Entry Method

1/3 Mindanaoan Resource Corporation is authorized to issue 1/1 Unissued Share Capital
10,000 ordinary shares with par value of P100 per share.

1/3 Subscription Receivable 600,000 ### Subscription Receivable


Subscribed Share Capital 600,000

1/4 Cash 300,000 1/4 Cash


Subscription Receivable 300,000

1/5 Organization Expense 30,000 1/5 Organization Expense


Cash 30,000

1/8 Subscription Receivable 36,050 1/8 Subscription Receivable


Subscribed Share Capital 35,000
Share premium 1,050

Cash 7,210 Cash


Subscription Receivable 7,210

1/10 Land 55,000 Land


Share capital 50,000
Share Premium 5,000

1/15 Cash 80,000 Cash


Subscription Receivable 80,000

Subscribed Share Capital 150,000 Subscribed Share Capital


Share capital 150,000

1/18 Cash 30,600 Cash


Share Capital 30,000
Share Premium 600

1/20 Subscription Receivable 42,000 Subscription Receivable


Subscribed Share Capital 40,000
Share premium 2,000

Cash 29,400 Cash


Subscription Receivable 29,400

1/24 Subscription Receivable 15,000 Subscription Receivable


Subscribed Share Capital 15,000
Cash 12,000 Cash
Subscription Receivable 12,000

1/29 Cash 28,840 Cash


Subscription Receivable 28,840

Subscribed Share Capital 35,000 Subscribed Share Capital


Share capital 35,000

SHAREHOLDER'S EQUITY SHAREHOLDER'S EQUITY


Share capital, P100 par, 10,000 shares authorized 265,000 Authorized Share Capital
Subscribed Share Capital 505,000 Less:
Less: Subscription Receivable 235,600 269,400 Subscribed Share Capital
Issued and subscribed 534,400 Less:
Share premium 8,650 Issued and subscribed
Total Shareholders' Equity 543,050 Share premium
Total Shareholders' Equity
Cash 458,050
Land 55,000
Organization expense 30,000
543,050
-
Journal Entry Method 21-3 Memo Entry Method
Unissued Share Capital 1,000,000 1/1 Mindanaoan Resource Corporation is authorized to is
Authorized Share Capital 1,000,000 the following shares:
50,000 6% preference shares with par value of P25 p
Subscription Receivable 600,000 100,000 ordinary shares with par value of P75 per sh
Subscribed Share Capital 600,000
Subscription Receivable - Preference
300,000 Subscription Receivable - Ordinary
Subscription Receivable 300,000

Organization Expense 30,000


Cash 30,000 1/2 Cash in Bank

Subscription Receivable 36,050


Subscribed Share Capital 35,000
Share premium 1,050 1/4 Organization Expense

7,210
Subscription Receivable 7,210 1/14 Organization Expense

55,000
Unissued Share Capital 50,000 1/19 Subscription Receivable - Preference
Share Premium 5,000 Subscription Receivable - Ordinary

80,000
Subscription Receivable 80,000

Subscribed Share Capital 150,000 Cash in Bank


Unissued Share Capital 150,000

30,600
Unissued Share Capital 30,000 2/5 Land
Share Premium 600

Subscription Receivable 42,000


Subscribed Share Capital 40,000 2/28 Cash in Bank
Share premium 2,000

29,400
Subscription Receivable 29,400

Subscription Receivable 15,000 3/15 Cash in Bank


Subscribed Share Capital 15,000
12,000 Subscribed Share Capital - Preference
Subscription Receivable 12,000

28,840
Subscription Receivable 28,840 SHAREHOLDER'S EQUITY
Share capital - Preference
Subscribed Share Capital 35,000 Subscribed Share Capital - Preference
Unissued Share Capital 35,000 Less:
Issued and subscribed - Preference

SHAREHOLDER'S EQUITY Share capital - Ordinary


Authorized Share Capital 1,000,000 Subscribed Share Capital - Ordinary
Unissued Share Capital 735,000 265,000 Less:
Subscribed Share Capital 505,000 Issued and subscribed - Ordinary
Subscription Receivable 235,600 269,400
Issued and subscribed 534,400 Total Issued and subscribed
Share premium 8,650
Total Shareholders' Equity 543,050 Share premium - Ordinary
Share premium - Preference
Total Shareholders' Equity

Cash
Land
Organization expense
Memo Entry Method 21-3 Journal Entry Method
Mindanaoan Resource Corporation is authorized to issue 1/1 Unissued Preference Share
the following shares: 1/1 Unissued Ordinary Share
50,000 6% preference shares with par value of P25 per share.
100,000 ordinary shares with par value of P75 per share.

Subscription Receivable - Preference 450,000 Subscription Receivable - Preference


Subscription Receivable - Ordinary 3,150,000 Subscription Receivable - Ordinary
Subscribed Share Capital - Preference 450,000
Subscribed Share Capital - Ordinary 3,150,000

Cash in Bank 875,500 1/2 Cash in Bank


Subscription Receivable - Preference 114,500
Subscription Receivable - Ordinary 761,000

Organization Expense 7,000 1/4 Organization Expense


Cash in Bank 7,000

Organization Expense 3,000 1/14 Organization Expense


Cash in Bank 3,000

Subscription Receivable - Preference 9,000 1/19 Subscription Receivable - Preference


Subscription Receivable - Ordinary 37,500 Subscription Receivable - Ordinary
Subscribed Share Capital - Preference 7,500
Subscribed Share Capital - Ordinary 37,500
Share Premium - Preference 1,500

Cash in Bank 9,300 Cash in Bank


Subscription Receivable - Preference 1,800
Subscription Receivable - Ordinary 7,500

100,000 2/5 Land


Share Capital - Ordinary 30,000
Share Premium - Ordinary 70,000

Cash in Bank 29,000 2/28 Cash in Bank


Share Capital - Preference 15,000
Share Capital - Ordinary 7,500
Share Premium - Preference 6,000
Share Premium - Ordinary 500

Cash in Bank 7,200 3/15 Cash in Bank


Subscription Receivable - Preference 7,200
Subscribed Share Capital - Preference 7,500 Subscribed Share Capital - Preference
Share Capital - Preference 7,500

SHAREHOLDER'S EQUITY SHAREHOLDER'S EQUITY


hare capital - Preference 22,500 Authorized Share Capital - Preference
ubscribed Share Capital - Preference 450,000 Less:
Subscription Receivable - Preference 335,500 114,500 Subscribed Share Capital - Preference
sued and subscribed - Preference 137,000 Less:
Issued and subscribed - Preference
hare capital - Ordinary 37,500
ubscribed Share Capital - Ordinary 3,187,500 Authorized Share Capital - Ordinary
Subscription Receivable - Ordinary 2,419,000 768,500 Less:
sued and subscribed - Ordinary 806,000 Subscribed Share Capital - Ordinary
Less:
otal Issued and subscribed 943,000 Issued and subscribed - Ordinary

hare premium - Ordinary 70,500 Total Issued and subscribed


hare premium - Preference 7,500 78,000
otal Shareholders' Equity 1,021,000 Share premium - Ordinary
Share premium - Preference
911,000 Total Shareholders' Equity
100,000
rganization expense 10,000
1,021,000
-
Journal Entry Method 21-4
Unissued Preference Share 1,250,000 1 Organization Expense
Unissued Ordinary Share 7,500,000
Authorized Preference Share 1,250,000
Authorized Ordinary Share 7,500,000
2 Organization Expense
Subscription Receivable - Preference 450,000
Subscription Receivable - Ordinary 3,150,000
Subscribed Share Capital - Preference 450,000
Subscribed Share Capital - Ordinary 3,150,000 3 Organization Expense

Cash in Bank 875,500


Subscription Receivable - Preference 114,500 21-5
Subscription Receivable - Ordinary 761,000 1 Land

Organization Expense 7,000


Cash in Bank 7,000
2 Land
Organization Expense 3,000
Cash in Bank 3,000

Subscription Receivable - Preference 9,000 3 Land


Subscription Receivable - Ordinary 37,500
Subscribed Share Capital - Preference 7,500
Subscribed Share Capital - Ordinary 37,500
Share Premium - Preference 1,500 21-6
1
Cash in Bank 9,300 2
Subscription Receivable - Preference 1,800 3
Subscription Receivable - Ordinary 7,500 4

100,000 5
Unissued Share Capital - Ordinary 30,000
Share Premium - Ordinary 70,000

Cash in Bank 29,000


Unissued Share Capital - Preference 15,000
Unissued Share Capital - Ordinary 7,500
Share Premium - Preference 6,000
Share Premium - Ordinary 500

Cash in Bank 7,200


Subscription Receivable - Preference 7,200
Subscribed Share Capital - Preference 7,500
Unissued Share Capital - Preference 7,500

SHAREHOLDER'S EQUITY
Authorized Share Capital - Preference 1,250,000
Unissued Share Capital - Preference 1,227,500 22,500
Subscribed Share Capital - Preference 450,000
Subscription Receivable - Preference 335,500 114,500
Issued and subscribed - Preference 137,000

Authorized Share Capital - Ordinary 7,500,000


Unissued Share Capital - Ordinary 7,462,500 37,500
Subscribed Share Capital - Ordinary 3,187,500
Subscription Receivable - Ordinary 2,419,000 768,500
Issued and subscribed - Ordinary 806,000

Total Issued and subscribed 943,000

Share premium - Ordinary 70,500


Share premium - Preference 7,500 78,000
Total Shareholders' Equity 1,021,000
Organization Expense 60,000
Share Capital - Ordinary 50,000
Share Premium - Ordinary 10,000

Organization Expense 62,500


Share Capital - Ordinary 50,000
Share Premium - Ordinary 12,500

Organization Expense 50,000


Share Capital - Ordinary 50,000

550,000
Share Capital - Preference 500,000
Share Premium 50,000

550,000
Share Capital - Preference 500,000
Share Premium 50,000

500,000
Share Capital - Preference 500,000

300 shares
Melanie Buenzuelan
45000-27000 = 18,000
Receivable from te highest bidder 27,000
Subscription Receivable - Ordinary 27,000
Brian Baluya - 170 shares
Melanie Buenzuelan - 130 shares

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