Reference no: EM132910281
Company was formed and organized on June 1 2019 and was authorized to issue 1,000,000 ordinary share at P100 par value per share. The incorporations subscribed 25% of the authorized share capital and paid the legal requirement of the subscriptions.
1. Cost of incorporation, P50,000, and issuance of 1,000 shares to legal counsel.
2. Issued 10,000 shares to other investors for P120 per share.
3. Issued 5,000 shares to other investors in exchange for land with fair value of P600,000.
4. Received additional payment of 30% from the incorporators.
5. Received P2,000,000 partial payment from other investors for 20,000 shares subscriptions at P130 per share.
6. Paid P5,000 for the printing cost of share certificates.
Required:
Problem 1: Journalize all related transactions starting June 1, 2019 using:
(a) memorandum entry method
(b) journal entry method
|
Make shareholder equity of diamond company
: Make Shareholder's equity of Diamond Company. Ordinary shares, 6,000 shares at P120; cash consideration received P600,000; 75% subscribers are fully paid.
|
|
Innovate toward health experience
: Technological innovation has pushed the consumer experience forward in banking, retail, entertainment and hospitality (among other industries) but has not yet b
|
|
Haagen daz has won numerous awards for campaign
: Haagen Daz has won numerous awards for its campaign, but, as of early 2010, there was still not a known cause for the disappearance of the honeybee.
|
|
Probability of market being unchanged
: Fast Food Express, a company that makes gourmet snack foods is considering upgrading or repairing its major production machine. The company currently operates i
|
|
Journalize all related transactions starting june
: Journalize all related transactions starting June 1, 2019 using memorandum entry method. Company was formed and organized on June 1 2019 and was authorized.
|
|
Discuss the importance of these qualitative characteristics
: Discuss the importance of these qualitative characteristics and explain how each of the characteristic is useful in interpretation of the financial statements
|
|
Explain the objectives of two layout types
: Layout decisions include the best placement of machines, offices and desks, or service centers. Of the seven (7) layout strategies, briefly explain the objectiv
|
|
Demonstrate to jason the ledger accounts
: Demonstrate to Jason the ledger accounts (T-Ledger, double entry format) for the above unrelated transactions and also show any reversals as at 1 July
|
|
Summarize the main differences of IAS 17 and IFRS 16
: Summarize the main differences of IAS 17 and IFRS 16? Why can HKFRS 16 not reflect the commercial reality of how companies manage residual value risk
|