Reference no: EM133056216
Questions -
Q1. Monggo Company reported the following equity accounts: Preference share capital, par value P15 2,550,000, Share premium-preference share 150,000, Ordinary share capital, no par, P100 stated value 3,000,000. What is the number of issued and outstanding ordinary shares?
Q2. East Company issued 1,000 shares with P90 par to Howe as compensation for 1,000 hours legal services performed. Howe usually bills P200 per hour for legal services. On the date of issuance, the share was trading on a public exchange at P150. By what amount should the share premium account increase as a result of the transaction?
Q3. At the beginning of the current year, Bibi mo issued 10,000 shares with 50 par and a market value of P60. The consideration received was a Land with a carrying value of P500,000. What amount should be reported for share premium on the issuance of the ordinary shares, if any?
Q4. At the beginning of the current year, Bibi mo issued 10,000 shares with 50 par and a market value of P60. The consideration received was a Land with a carrying value of P500,000 and a fair market value of P700,000. What amount should be reported for the ordinary share capital?
Q5. At the beginning of the current year, Bibi mo issued 10,000 shares with 80 par. The consideration received was a Land with a carrying value of P500,000. What amount should be debited to Land?
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