Answer with solution and explanation

Preference Share Capital, 10,000 shares, P100 Ordinary Share Capital, 200,000 shares authorized. 100.000 shares 3,000.000 issued, P30 par Share Premium- Preference Shares Share Premium- Ordinary Shares Retained Earnings par, convertible 1,000,000 200,000 1,000,000 2.000,000 19. The preference share is converted into ordinary share in the ratio of one preference share for three ordinary shares. The entry will include A. Credit to Ordinary Share Capital for P1,000.000 8. Credit to Share Premium- Preference share for P300.000 C. Credit to Preference Share Capital for P1,000,000 D. Debit to Share Premium- Preference Shares for P200,000 20. The preference share is converted into share in the ratio five ordinary shares. of one preference share for A. Debit to Retained Eamings for P300,000 B. Debit to Share Premium- Preference Shares for P300,000 C. Credit to Retained Earnings for P200,000 D. Credit to Share Premium- Ordinary Shares for P200,000 21. At the time of receipt, Donated Capital shall be recorded through: A. Credit in Donated Capital B. Debit in Cash/Asset Donated C. Memorandum Entry D. A and B shall 22. If donated shares are subsequently sold for more than the par value, the excess be accounted for as: A. Donated Capital B. Share Premium- Ordinary Shares C. Share Premium- Donated Capital D. Retained Earnings 23. Donated capital is part of: A. Treasury Shares B. Ordinary Share Capital C. Subscribed Share Capital D. Share Premium