During its first year of operations, Punjab Corporation had the following transactions pertaining to its ordinary shares.

Question:

During its first year of operations, Punjab Corporation had the following transactions pertaining to its ordinary shares.
Jan. 10 Issued 70,000 shares for cash at Rs4 per share.
July 1 Issued 30,000 shares for cash at Rs7 per share.

Instructions
(a) Journalize the transactions, assuming that the ordinary shares have a par value of Rs4 per share.
(b) Journalize the transactions, assuming that the ordinary shares are no-par with a stated value of Rs1 per share.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...