Question
1. The following information relate to the records of AMY CO. Authorized Ordinary Shares, 500,000 shares, P20 par Ordinary Share Capital 5,000,000 Ordinary Shares Subscribed
1. The following information relate to the records of AMY CO.
Authorized Ordinary Shares, 500,000 shares, P20 par
Ordinary Share Capital 5,000,000
Ordinary Shares Subscribed Capital 2,400,000
Ordinary Shares Subscriptions Receivable 1,200,000
Ordinary Share Premium 1,480,000
The Ordinary Shares Subscribed of P2,400,000 refers to subscriptions made by 10 persons. Each of the ten subscribers subscribed to an equal number of shares at par and each one made a fifty percent payment on their
subscriptions. Assuming four of the ten subscribers of AMY CO. who still have a balance payable on their subscriptions made full payment, how many shares of ordinary share capital will be issued?
2. JIJX issued 60,000 shares of P100 stated value in exchange for land and factory building with total fair value of P9 million pesos. The value of land is thrice as much as the value of the building. What would be the entry of JIJX to record the transaction?
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