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Which should not be done by abc corp

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Question 1: Ms. Dela Cruz subscribes to buy 2,000 ordinary shares with P10 par value of ABC Corp for P22 per share. Immediately, she paid P4 per share and the remaining P18 per share will be paid 30 days after. Which of the following should not be done by ABC Corp.?

a. Share Premium account will be credited for P24,000.
b. Subscribed Ordinary Share account will be debited for P20,000.
c. Subscription Receivable will have balance of P36,000 after receiving the initial payment.
d. Cash account will be debited for P8,000.

Question 2: If Hope Corp. issued 200,000 ordinary shares of P1 par value at P15 and repurchases its own 5,000 ordinary shares at P20, using the cost method of accounting treasury shares

a. Share Premium - Ordinary will decrease by P25,000.
b. total shareholders' equity will decrease by P100,000.
c. total assets will decrease by P25,000.
d. profit for the year will decrease by P100,000.

Reference no: EM132786667

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