Date Particulars

2018
Aug. 1 Authorized to issue 100,000 ordinary shares at P50 par,
P5,000,000, and 50,000 8% preference shares at P100 par,
P5,000,000

Subscription Receivable-Ordinary (30,000sh x P50par)

Subscribed Share Capital-Ordinary(30,000sh x P50par)
To record received subscription of 30,000 ordinary shares.

Cash
Subscription Receivable-Ordinary

To record down payment received on ordinary subscriptions.

5 Subscription Receivable-Preference (20,000sh x P100par)
Subscribed Share Capital-Preference (20,000sh x P100par)
To record subscription of 20,000 preference shares received.

Cash
Subscription Receivable-Preference
To record down payment received on preference subscriptions.

10 Cash (20,000sh x P55)

Share Capital-Ordinary (20,000sh x P50)
Share Premium-Ordinary
To record issuance of ordinary shares at a premium.

12 Equipment
Share Capital-Preference (5,000sh x P100)
Share Premium-Preference
To record issuance of preference shares at a premium for
equipment.

30 Cash
Subscription Receivable-Preference
To record balance received for preference subscription.

Subscribed Share Capital-Preference

Share Capital-Preference
To record issuance of preferred stock certificates.

Sept. 1 Cash
Subscription Receivable-Ordinary
To record first installment received on ordinary subscriptions.
30 Cash
Subscription Receivable-Ordinary
To record first installment received on ordinary subscriptions.

Subscribed Share Capital-Ordinary

Share Capital-Ordinary
To record issuance of common stock certificates.
Debit Credit

1,500,000
1,500,000

500,000
500,000

2,000,000
2,000,000

1,000,000
1,000,000

1,100,000
1,000,000
100,000

560,000
500,000
60,000

1,000,000
1,000,000

2,000,000
2,000,000

500,000
500,000
 400,000
400,000

1,400,000
1,400,000
 SHAREHOLDER'S EQUITY
Paid In Capital
8% Share Capital-Preference, authorized to
issue 50,000 shares, P100 par, issued and
outstanding 25,000 shares ₱ 2,500,000

Share Capital-Ordinary, authorized to issue

100,000 shares, P50 par, issued and
outstanding 48,000 shares ₱ 2,400,000
Subscribed Share Capital-Ordinary, 2,000 shares 100,000 2,500,000
Additional Paid In Capital
Share Premium-Preference 60,000
Share Premium-Ordinary 100,000
Total Shareholders' Equity ₱ 5,160,000
 Date Particulars
2018
May 1 Authorized to issue 100,000, 12% cumulative
preference shares at P100 par, P10,000,000 and
200,000 common sharesa at P50 par, P10,000,000

Subscription Receivable-Preference (30,000shs x P100par)

Subscription Receivable-Ordinary (60,000shs x P50par)
Subscribed Share Capital-Preference
Subscribed Share Capital-Ordinary
To record received subscription of 30,000 preference
shares at par and 60,000 ordinary shares at par.

Cash
Subscription Receivable-Preference
Subscription Receivable-Ordinary
To record 25% down payment received for the
preference and ordinary shares subscription.

Jun. 5 Organization Expense

Cash
To record payment of organization expenses.

15 Subscription Receivable-Preference (5,000shs x P110sp)

Subscribed Share Capital-Preference (5,000shs x P100par)
Share Premium-Preference
To record received subscription of 5,000 preference
shares at a premium.

Cash
Subscription Receivable-Preference
To record a 25% down payment received for the
preference shares subscription.

17 Subscription Receivable-Ordinary (30,000shs x P52sp)

Subscribed Share Capital-Ordinary (30,000shs x P50par)
Share Premium-Ordinary
To record received subscription of 30,000 ordinary
shares at a premium.

Cash
Subscription Receivable-Ordinary
To record a 25% down payment received for the ordinary
 shares subscription.

30 Cash
Subscription Receivable-Preference
Subscription Receivable-Ordinary
To record first installment received from incorporators
for the preference and ordinary shares subscription.

Jul. 1 Cash
Subscription Receivable-Ordinary
To record full payment received for the balance on the
ordinary shares subscription.

Subscribed Share Capital-Ordinary

Share Capital-Ordinary
To record issuance of common stock certificate.

15 Cash
Subscription Receivable-Preference
To record a 25% payment received for the preference
shares subscription.

18 Land
Share Capital-Ordinary (1,400shs x P50par)
Share Premium-Ordinary
To record issuance of ordinary shares at a premium in
exchange for land.

20 Cash
Subscription Receivable-Preference
Subscription Receivable-Ordinary
To record balance received from two incorporators for
the preference and ordinary shares subscription balance.

Subscribed Share Capital-Preference

Subscribed Share Capital-Ordinary
Share Capital-Preference
Share Capital-Ordinary
To record issuance of preferred and common stock
certificates.

30 Cash
Subscription Receivable-Preference
 Subscription Receivable-Ordinary
To record balance received from other incorporators for
the preference and ordinary shares subscription balance.

Subscribed Share Capital-Preference

Subscribed Share Capital-Ordinary
Share Capital-Preference
Share Capital-Ordinary
To record issuance of preferred and common stock
certificates.

Aug. 31 Income Summary

Retained Earnings
To record income earned on August.
Debit Credit

3,000,000
3,000,000
3,000,000
3,000,000

1,500,000
750,000
750,000

120,000
120,000

550,000
500,000
50,000

137,500
137,500

1,560,000
1,500,000
60,000

390,000
390,000
2,250,000
1,125,000
1,125,000

1,170,000
1,170,000

1,500,000
1,500,000

137,500
137,500

75,000
70,000
5,000

750,000
375,000
375,000

1,000,000
1,000,000
1,000,000
1,000,000

1,500,000
750,000
 750,000

2,000,000
2,000,000
2,000,000
2,000,000

105,000
105,000
 Subscribed Preference Subscribed
Preference Ordinary
Preference Share Ordinary
Share Share Capital
Share Capital Premium Share Capital
01-May 3,000,000 3,000,000
15-Jun 500,000 50,000
17-Jun 1,500,000
01-Jul 1,500,000 (1,500,000)
18-Jul 70,000
20-Jul 1,000,000 (1,000,000) 1,000,000 (1,000,000)
30-Jul 2,000,000 (2,000,000) 2,000,000 (2,000,000)
31-Aug
TOTAL 3,000,000 500,000 50,000 4,570,000 -
 Ordinary
Retained
Share
Earnings
Premium

60,000

5,000

105,000
65,000 105,000
 ROSE DE LIMA CORPORATION
Statement of Financial Position
July 31, 2018

ASSETS
Current Assets
Cash
Subscription Receivable on Preference Shares
Subscription Receivable on Ordinary Shares
Total
Plant, Property & Equipment
Land
Total Assets

SHAREHOLDER'S EQUITY
Paid In Capital
12% Cumulative Share Capital-Preference, authorized
to issue 100,000 shares, P100 par, issued and
outstanding 30,000 shares ₱ 3,000,000
Subscribed Share Capital-Preference, 5,000 shares 500,000

Share Capital-Ordinary, authorized to issue

200,000 shares, P50 par, issued and
outstanding 91,400 shares
Additional Paid In Capital
Share Premium-Preference
Share Premium-Ordinary
Total Paid In Capital
Retained Earnings
Total Shareholders' Equity
₱ 7,715,000
275,000

₱ 7,990,000

75,000
₱ 8,065,000

₱ 3,500,000

4,570,000.00

50,000
65,000
₱ 8,185,000
(120,000)
₱ 8,065,000
 Date Particulars Debit
2019
Jan. 5 Unissued Share Capital-Preference 2,000,000
Unissued Share Capital-Ordinary 2,500,000
Authorized Share Capital-Preference
Authorized Share Capital-Ordinary
To record the authorization to issue 20,000
preference shares at P100 par and 50,000 ordinary
shares, no par but with stated value of P50

Subscription Receivable-Ordinary (10,000shs x P50) 500,000

Subscription Receivable-Preference (5,000shs x P100) 500,000
Subscribed Share Capital-Ordinary
Subscribed Share Capital-Preference
To record received subscription of 10,000 ordinary
shares at stated value and 5,000 preference shares
at par.

Cash 375,000
Subscription Receivable-Ordinary
Subscription Receivable-Preference
To record 25% and 50% down payment received
for the ordinary and preference shares subscription
respectively.

30 Cash (750shs x P105) 78,750

Share Capital-Preference (750shs x P100)
Share Premium-Preference
To record issuance of preference shares at a premium.

Feb. 21 Land 110,000

Share Capital-Preference (1,100shs x P100par)
To record issuance of 1,100 preference shares in
exchange of land.

25 Organization Expense 75,000

Cash
To record payment of organization expenses.

28 Cash 187,500
Subscription Receivable-Ordinary
To record 50% payment of balance received on
ordinary shares subscriptions .

Mar. 1 Subscription Receivable-Ordinary (2,000shs x P62) 124,000

 Subscribed Share Capital-Ordinary
To record ordinary shares subscription received.

Cash 31,000
Subscription Receivable-Ordinary
To record 25% down payment received on ordinary
shares subscription.

10 Cash 70,400
Subscription Receivable-Ordinary
To record full payment received for 1,200 shares and
partial payment received for 800 shares.

Subscribed Share Capital-Ordinary 74,400

Share Capital-Ordinary
To record issuance of common stock certificates.

18 Cash 250,000
Subscription Receivable-Preference
To record cash received for the preference shares
subscription balance.

Subscribed Share Capital-Preference 500,000

Share Capital-Preference
To record issuance of preferred certificate stocks.

31 Income Summary 85,000

Retained Earnings
To record income earned on March.
Credit

2,000,000
2,500,000

500,000
500,000

125,000
250,000

75,000
3,750

110,000

75,000

187,500
124,000

31,000

70,400

74,400

250,000

500,000

85,000
 Preference Subscribed Preference Ordinary Subscribed
Share Preference Share Shares Ordinary Share
(Issued) Share Capital Premium (Issued) Capital
05-Jan 500,000 500,000
30-Jan 75,000 3,750
21-Feb 110,000
01-Mar 124,000
10-Mar 74,400 (74,400)
18-Mar 500,000 (500,000)
31-Mar
TOTAL 685,000 - 3,750 74,400 549,600
Retained
Earnings

85,000
85,000
 SHAREHOLDER'S EQUITY
Paid In Capital
Authorized (20,000 preference shares at P100 par)
Less: Unissued Share Capital-Preference
Share Capital-Preference (6,850)

Authorized (50,000 ordinary shares, no par but with P50 stated value)
Less: Unissued Share Capital-Ordinary
Share Capital-Ordinary
Subscribed Share Capital-Ordinary
Additional Paid In Capital
Share Premium-Preference
Total Paid In Capital
Retained Earnings
Total Shareholders' Equity
TY

₱ 2,000,000
1,315,000
₱ 685,000

₱ 2,500,000
2,425,600
₱ 74,400
549,600 624,000

3,750
₱ 1,312,750
85,000
₱ 1,397,750