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Prepare journal entries to record the transactions

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Reference no: EM133010705

Question - Toyota Company has two classes of share capital outstanding consisting of 12%, P100 par value preference shares, and P50 par value ordinary share

The entity reported the following balances at the beginning of the current year:

Preference share capital- 5, 000 shares P500,000

Ordinary share capital- 50, 000 shares P2, 500,000

Share premium PS P200,000

Share premium- Ordinary P500,000

Retained earnings P2,000,000

The following data summarize the transaction for the current year

1. Issue of ordinary share capital 20,000 shares, 50 per share.

2. Purchase of treasury share-ordinary 5,000 shares, 60 per share.

3. Share split-ordinary 2 for 1.

4. Reissue of treasury share 3,000 shares, 40 per share.

S. Shareholders donated 15,000 ordinary shares to the corporation. Subsequently, 10,000 donated shares were reissued at P40 per share.

6. Net income for the year was P500,000.

7. Appropriated retained earnings equal to the cost of treasury shares.

Required -

a. Prepare journal entries to record the transactions.

b. Present the shareholders' equity at year-end.

Reference no: EM133010705

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