ABC Corporation received on January 5, 2023 from the SEC. An authorized capital stock of P 30,000,000 (300,000 common shares, par of P 100) of which P 10,000.000 were subscribed and P 2,500,000 were ρáíd on the subscription by each incorporator.
January 5 The Capital stock authorized and twenty percent (25%) subscription payments received
from each ( use the journal entry method)
February 2 Mr. B an original subscriber for P 1,000,000 shares, ρáíd the balance of P 750,000 on his
subscription, and certificates of shares were issued to him.
March 10 Mr. B, a new subscriber to 1,000 shares at P110 per share, ρáíd fifty percent ( 50%) on the
subscription price, with balance payable within three months.
June 4 Mr. C a new subscriber to 200 shares, ρáíd P 20,000 as full payment in the subscription,
and certificates of shares were issued.
What were the journal entries on the transactions?
January 5 The Capital stock authorized and twenty percent (25%) subscription payments received
from each ( use the journal entry method)
February 2 Mr. B an original subscriber for P 1,000,000 shares, ρáíd the balance of P 750,000 on his
subscription, and certificates of shares were issued to him.
March 10 Mr. B, a new subscriber to 1,000 shares at P110 per share, ρáíd fifty percent ( 50%) on the
subscription price, with balance payable within three months.
June 4 Mr. C a new subscriber to 200 shares, ρáíd P 20,000 as full payment in the subscription,
and certificates of shares were issued.
What were the journal entries on the transactions?
Last edited: