Provide necessary journal entries under memorandum method

Assignment Help Accounting Basics

Reference no: EM132834981

Question - On January 1, 20x1, COMMISERATE CONDOLE Co. received authorization from the SEC to issue share capital of 2,000,0000 divided into 20,000 shares with par value per share of 100. Of the total authorized share capital, 25% was subscribed at par value and 25% of the total subscription was paid at subscription date. On February 1, 20x1, COMMISERATE received full payment for 4,000 subscribed shares and issued the related share certificates. On February 28, 20x1, COMMISERATE received cash subscription for 2,000 shares at par value.

Requirements -

a. Provide the necessary journal entries under (1) memorandum method and (2) journal entry method.

b. Prepare the share capital portion of COMMISERATE's statement of financial position as of February 28, 20x1.

Reference no: EM132834981

Questions Cloud

Identify how art benefits wellness and creativity : Identify how art benefits wellness and creativity in the community and workplace. You just opened a small company and got your first contract to design a new.

What should be the balance of the ordinary share capital : If the share capital has no par value and no stated value, what should be the balance of the Ordinary Share Capital

Prepare journal entries to record each of these transactions : Jan, 10: Purchased 40,000 shares of its own stock at $12 cash per share. Prepare journal entries to record each of these transactions

How might you use the evidence-based research : Write a 2-page response to the scholarly, peer-reviewed article you selected. In your response, identify and briefly summarize the article.

Provide necessary journal entries under memorandum method : COMMISERATE received cash subscription for 2,000 shares at par value. Provide necessary journal entries under memorandum method

Assess the effectiveness of your company leadership : Assess the effectiveness of your company's leadership. Discuss the basis of your company's competitive advantage and the potential challenges to its strategy.

Human dynamics that drive negotiation : Describe the positions, interests, and BATNAs. What are the human dynamics that drive the negotiation?

Conduct a test of mean with a given significance level : To determine whether the bags are indeed being underfilled by the machinery, the manager must conduct a test of mean with a significance level a = 0.05.

Describe concept of bounded awareness : Describe the concept of Bounded Awareness. How has bounded awareness prevented you from solving a problem (give a specific example)?

User Account

All Pages