Reference no: EM132914218
Problem 1: 10,000 ordinary shares were subscribed at par, by Ace. Paid 40% and the balance payable in three equal instalments. The first two instalments were paid but Ace defaulted on the last installment. The subscription was then advertised and sold at public auction. Paid for advertising cost of P15,000. The highest bidder was able to get 5,000 shares for the balance. What should be the entry to record the subscription?
Problem 2: What should be the entry to record the defaulting subscription?
a. Debit Receivable from Highest bidder 100,000 ; debit Advertising expense 15,000; and credit Subscription Receivable 115,000
b. Debit Receivable from highest bidder 115,000; credit Subscription Receivable 100,000; and credit Cash 15,000
c. Debit Receivable from Highest bidder 115,000; and credit Subscription Receivable 115,000
d. No entry
Problem 3: Assuming that 1,000 of P100. Par value preference shares already issued were reacquired by the corporation for P130. Per share. Those shares were originally issued at P120 per share. What should be the entry to record the treasury shares?
a. Debit Treasury shares- Preference 130,000; credit Preference share Capital 130,000
b. Debit Treasury Shares 130,000; credit Cash 130,000
c. Debit Treasury Shares 130,000; credit Preference shares 130,000
d. Debit Cash 130,000; credit Treasury Shares 130,000
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