32. Use the following information for the next 2 questions.

The following information relate to the records of MAHAL CO. Authorized Ordinary Shares , 500,000 shares, P10 par Ordinary Share Capital P2,500,000 Ordinary Shares Subscribed Capital 1,200,000 Ordinary Shares Subscriptions Receivable 600,000 Ordinary Share Premium 740,000

The Ordinary Shares Subscribed of P1,200,000 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 MAHAL CO. who still have a balance payable on their subscriptions made full payment, how many shares of ordinary share capital will be issued?

( Answer should include shares word EX: 50,000 shares) 33. Use the following information for the next 2 questions.

The following information relate to the records of MAHAL CO. Authorized Ordinary Shares , 500,000 shares, P10 par Ordinary Share Capital P2,500,000 Ordinary Shares Subscribed Capital 1,200,000 Ordinary Shares Subscriptions Receivable 600,000 Ordinary Share Premium 740,000

The Ordinary Shares Subscribed of P1,200,000 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 MAHAL CO. who still have a balance payable on their subscriptions made full payment, how many shares of ordinary share capital will be issued?

( Answer should include shares word EX: 50,000 shares) 34. The December 31, 2020 condensed Statement of Financial Position of COCO Entertainment Services, a sole proprietorship business owned by COCONUT are as follows:

Current Assets P 1,400,000 Property, Plant and Equipment net 1,300,000 Total Assets P 2,700,000

Liabilities P 700,000 COCONUT, Capital 2,000,000

Total Liabilities and Capital P 2,700,000

On January 15, 2021, COC Entertainment Services was incorporated with 10,000 shares of P100 par value common shares issued. Prior to incorporation, Mr. COCONUT had determined the following fair market values:

Current Assets P 1,600,000 Property, Plant and Equipment 2,100,000 Liabilities 700,000

What amount should be credited to Share Premium?

(ANSWER PATTERN SHOULD BE EX: 1,000,000)

37. On September 1, RAZZIL issued 3,000 shares with par value of P50 par ordinary shares to Atty. Rigwarl for 100 hours of legal consultation. Based on the website of Atty. Rigwarl, the rate of his service is usually P2,000 per hour. On the website of Philippine Stock Exchange (PSE), the shares are quoted at P60 per share on that date of issuance.

What journal entry should RAZZIL record on its books related to the issuance?

Group of answer choices

DR Organization Cost /Professional expenses 180,000 CR Share capital 150,000 CR Share premium 30,000

DR Organization Cost/Professional expenses 180,000 CR Share capital 180,000

DR Organization Cost/Professional expenses 200,000 CR Share capital 150,000 CR Share premium 50,000

DR Organization Cost/Professional expenses 200,000 CR Share capital 200,000