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How many shares should sioson receive

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Question - Thelma Corporation received authorization to issue 100,000 shares of P25 par value ordinary shares capital. It completed the following selected transactions during the year.

Received subscription from Sioson for P20,000 shares at P30 per share, receiving 40% of the subscription price as down payment

On due date, Sioson failed to pay the balance of the subscription price. The shares were declared delinquent and were advertised for sale at a public auction. Thelma paying P5,000 advertising costs.

Assume that Thelma Corporation received the following bids: Cruz, 18,000 shares. Guzman, 15,000 shares and Ferrer, 12,000 shares. How many shares should Sioson receive?

Reference no: EM132868539

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