Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Authorized Ordinary Shares , 1,000,000 shares, P20 par Ordinary Share Capital P5,000,000 Ordinary Shares Subscribed Capital 2,400,000 Ordinary Shares Subscriptions Receivable 960,000 Ordinary Share Premium

image text in transcribed

Authorized Ordinary Shares , 1,000,000 shares, P20 par Ordinary Share Capital P5,000,000 Ordinary Shares Subscribed Capital 2,400,000 Ordinary Shares Subscriptions Receivable 960,000 Ordinary Share Premium 80,000 The Ordinary Shares Subscribed of P2,400,000 refers to subscriptions made by 10 persons. Each of the 10 subscribers subscribed to an equal number of shares at par and each one made a 60% payment on their subscriptions. Assuming six of the ten subscribers of BIBI CO. who still have a balance payable on their subscriptions made full payment, how many shares of ordinary share capital will be issued

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions