Reference no: EM132885322
Goodwill Corporation was authorized to issue 60,000, P100 par value ordinary share capital on November 3, 2021. The following are share capital transactions completed during the month of November:
Nov. 4 Issued 9,000 shares to David at par
Nov. 7 Received subscription from Ramos for 5,500 shares at P120 per share
Nov. 11 Received subscription from Vargas for 6,000 shares at P125 per share. 25% down payment was collected.
Nov. 15 Collected in full the subscription of Ramos and share certificate was correspondingly issued.
Nov. 21 Issued 1,000 shares in exchange for machinery with equivalent cash price of P125,000
Nov. 22 Received full payment from Vargas
Nov. 24 Received a statement of account for the services rendered by Delgado, for drafting and filing the Articles of Incorporation and the corporate by-laws. The bill is for P60,000 which is settled by issuing 500 ordinary shares
Nov. 30 The remaining shares were subscribed by Bautista at P130 per share. The corporation collected 40% of the subscription price, the balance is payable on or before January 31, 2022
Required:
Problem (a) Journalize the foregoing transactions using the memorandum entry method
Problem (b) Prepare the contributed capital section of the Statement of Financial Position at December 31, 2021, assuming that there were no other transactions that occurred during December relating to share capital
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