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Find and provide the journal entries under memorandum method

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Reference no: EM132718663

Entity B was Incorporated at the start of the current period. The following were Entity B's share capital transactions during the year:

a. the SEC approved entity B's authorized capitalizationof P10,000,000 divided into 1,000,000 share with par value of P10 per share.

b. fifty percent (50%) of the authorized capitalization was subscribed at par value and twenty five percent (25%) of the subscription was paid on subcription date.

c. Received full payment for P250,000 subscribed shares and issued the related share certificates

d. Received cash subcription for 50,000 additional shares for P15 per share

e. Received subscription for P100,000 additional shares for P20 per share.

f. collected the full payment on the subcription in e' above and issued the related share certificates.

Requirements:

Problem a. Provide the Journal entries under (1.)Memorandum Method and (2) Journal Entry Method

Problem b. Prepare the Shareholder's equity of Entity B as of the end of the period.

Reference no: EM132718663

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