At the beginning of current year, Franta Company was authorized to issue share capital of 100,000...
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At the beginning of current year, Franta Company was authorized to issue share capital of 100,000 shares with P50 par value. The entity had the following share capital transactions during the year. Jan. 1 Sold 80,000 shares at P60 per share. May 1 Jul. 1 Oct. 31 Dec. 31 Reissued all of the treasury shares at P30 Dec. 31 Net Income for the year was P3,000,000. Reacquired 4,000 treasury shares at P65 per share. Approved a share split of 5 for 1 Declared and issued a 10% share dividend when the market value of a share is P25. Required: 1. Prepare a schedule of transactions in chronological order, to present the following Balances at year-end: 1.1. Total number of shares outstanding 1.2. Share Capital Balance 1.3. Share Premium Balance 1.4. Total Shareholders' Equity At the beginning of current year, Franta Company was authorized to issue share capital of 100,000 shares with P50 par value. The entity had the following share capital transactions during the year. Jan. 1 Sold 80,000 shares at P60 per share. May 1 Jul. 1 Oct. 31 Dec. 31 Reissued all of the treasury shares at P30 Dec. 31 Net Income for the year was P3,000,000. Reacquired 4,000 treasury shares at P65 per share. Approved a share split of 5 for 1 Declared and issued a 10% share dividend when the market value of a share is P25. Required: 1. Prepare a schedule of transactions in chronological order, to present the following Balances at year-end: 1.1. Total number of shares outstanding 1.2. Share Capital Balance 1.3. Share Premium Balance 1.4. Total Shareholders' Equity
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Answer rating: 100% (QA)
Schedule of Transactions Jan 1 Sold 80000 shares at P60 per share Total number of shares outstanding 80000 Share Capital Balance P4000000 80000 x P50 ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470616314
IFRS edition volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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