Compute amount of share premium related to ordinary shares

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Question - Gilas Company issued 20,000 shares of its P10 par ordinary share and 40,000 shares of its P10 preference shares for a total amount of P1.500,000. At the date of issue, the ordinary shares had a market value of P20 per share and the convertible preference shares are selling at P20 per share. Compute the amount of share premium related to (1) ordinary and (2) preference shares?

Reference no: EM133150510

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