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Which the entry to record the conversion includes a

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Problem 1. Subsequently, the preference shares are converted into ordinary shares at "1 ordinary share for 1 preference share held" basis. The ordinary shares have par value per share of P200. The entry to record the conversion includes a?

a. credit to ordinary share capital for P400,000

b. credit to retained earnings for P80,000

c. credit to share premium for P280,000

d. none of these

Problem 2. Subsequently, the preference shares are converted into ordinary shares at "3 ordinary shares for 1 preference share held" basis. The ordinary shares have par value per share of P200. The entry to record the conversion includes a?

a. credit to ordinary share capital for P400,000

b. debit to retained earnings for P120,000

c. debit to share premium for P200,000

d. none of these

Reference no: EM132842265

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