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Which accounts will not form part of legal capital of corp

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Reference no: EM132940042

Problem 1: Which of the following accounts will not form part of legal capital of the corporation?

a. Subscribed Ordinary shares, P100 par value, 50,000 shares

b. Ordinary shares, P100 par value, 500,000 shares authorized, 100,000 shares issued.

c. Share Premium - Ordinary

d. 6% Preference shares, P1,000 par value, 1,000 shares issued.

Problem 2: The proper classification of Subscription Receivable is

a. a liability account.

b. a shareholders' equity account.

c. a current asset account.

d. an asset.

Reference no: EM132940042

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