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How much is credited in the Preference Share Capital Account

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Question - ABC Company issued 500 ordinary and 500 preference shares for a total consideration of P 20,000. Each ordinary share of ABC sells P 15 and preference share at P 30 in the stock exchange. The par value of the ordinary share is P 10 and the preference shares has no par & no stated value.

-How much is allocated to Ordinary shares from the total consideration received?

-How much is allocated to Preference shares from the total consideration received?

-How much is credited in the Ordinary Share Capital Account upon issuance of the shares?

-How much is credited in the Preference Share Capital Account upon issuance of the shares?

On January 1,2019, ABC Company issued 2,000 ordinary shares with a par value of P 20 for P 25 each. Transactions cost of P 15,000 related to issuance was also incurred.

-How much is charged to Ordinary share premium account related to the issuance of the 2,000 ordinary shares?

On January 1,2019, ABC Company issued 2,000 ordinary shares with a par value of P 20 for P 25 each. Transactions cost of P 15,000 related to issuance was also incurred. The balance of the Ordinary share premium account as of this date is P 25,000.

-How much is charged to Retained earnings in the issuance of the 2,000 ordinary shares?

Reference no: EM132894528

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