Reference no: EM133190050
Question - The LCPR Corporation was incorporated in April 1, 2021 with authorized ordinary shares of 10,000 each with a par value of P40 per share. Subscriptions were received from incorporators - Anson, Borja, Canlas, Diokno, and Erfe for 400 shares each at par. They paid 25% of their individual subscriptions.
The other transactions of the company for the month of April are as follows:
Apr. 3: Paid incorporation fee of P500.
Apr. 5 Received subscriptions from: Franco - 400 shares at P50 per share Gascon - 800 shares at P42 per share
Apr. 7 Diokno and Erfe paid their subscriptions in full and they were issued share certificates.
Apr. 10 Anson settled his account in full by giving merchandise worth P12,000. He was issued the share certificate.
Apr. 12 Issued 1,400 shares for a delivery van.
Apr. 15 Franco paid his subscription in full and was issued a share certificate.
Apr. 17 Received and paid a bill from stockbroker for promotional expenses, P2,000.
Apr. 20 Canlas paid in full his subscription and was issued a share certificate.
Apr. 21 Borja paid 50% of his balance at the end of the month
Apr. 22 Gascon paid his subscription in full and was issued a share certificate.
Apr. 25 Received cash for 2,000 shares at P44 per share
Apr. 27 Acquired a parcel of land with a fair market value of P60,000 and paid P20,000 and issued 800 shares.
Apr. 30 Borja paid his subscriptions in full and was issued certificate.
Required - Journalize the above transactions in a general journal
1. Using journal entry method.
2. Using memorandum method.
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