Reference no: EM132568238

Question - Please answer problem thanks!

1. GHI corporation was authorized to issue the following: 5000 preference shares, par value, P15/share 20,000 ordinary shares with no par value with stated value of P10/share.

2. The incorporators subscribed a total of P2,000 preference shares and 5,000 ordinary shares.

3. The subscribers paid 25% of their subscription.

4. The incorporation paid their subscriptions in full.

5. The corresponding stock certificates were issued.

6. 500 preference shares at par value and 800 ordinary shares at stated value were subscribed with 50% down payment.

7. 100 preference shares at P16 per share and 300 ordinary shares at P12 share were subscribed.

8. Received cash subscription of 50 preference shares at par value and 100 ordinary shares at stated value.

9. Sold for cash 100 preference share at P16 per share and 200 ordinary shares at P11 per shave.

Required - Make a journal entry using a memo entry a memo entry method.