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How much must be paid upon subscription

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Reference no: EM133190000

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Q1. Elle Corporation was organized on January 1, 2021 with authorized capital of P 2,000,000, P 20 par value shares. Subsequently incorporators subscribed 25% of the authorized shares at P 24 per share. How much must be paid upon subscription to comply with the requirement of the SEC?

a. P150,000

b. P600,000

c. P125,000

d. P500,000

Q2. Subscriptions receivable and other receivables from sale of shares which are not collectible currently shall be presented as

a. Other asset

b. Deduction from the related subscribed share capital in the shareholders' equity section

c. Long term investment

d. Current asset

Reference no: EM133190000

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