On January 2, 2022, Jensan Company was authorized to issue 100,000 ordinary shares with par value of P100. The following transactions relating to its share capital took place during January 2022:

a.

Five incorporators subscribed to 25% of authorized share at P120 per share and each one paid 25% of the subscription price and the remaining 75% payable within three months.

Subscribers	No. of Shares
Alex	10,000
Betsy	3,000
Cathy	4,000
Divine	5,000
Elsie	3,000
Total	25,000

b.

Issued for cash 700 ordinary share at P130 per share to Mr. Sumilang

c.

Issued 10,000 ordinary shares in exchange for equipment. At this time the land has fair value of P1,500,000 and assessed value of P1,000,000. Ordinary share has fair value of P150 per share.

d.

Transaction costs of P150,000 relating to issuance of shares were incurred and paid.

e.

Issued to Atty. Cuevas 300 ordinary shares for incorporation services rendered. At this date, the fair value of the ordinary share is P165.

f.

Received in full the balance due from Alex (see transaction (a) above). Issued the corresponding share certificate to Alex.

1. What is the balance of Subscriptions Receivable at January 31, 2022?

2.How much is the total Share Premium on January 31, 2022?

Answer rating: 100% (QA)

1 The balance of Subscriptions Receivable at January 31 2022 P1350000 2 The total Share Premium on ... View the full answer