Cash in bank balance of IRMA Company on January 1, 2011 was P70,000, representing 35% paid- up capital of its authorized share capital of P200,000. The following were postings to some accounts during the year: ------------------------------------ DR CR Petty Cash P 2,000 Accounts receivable, trade 450,000 290,000 Subscription receivable 60,000 50,000 Delivery equipment 50,000 Accounts payable, trade 280,000 430,000 Bank loan 35,000 80,000 Accrued expenses 1,500 Subscribed ordinary shares 60,000 Unissued ordinary shares 200,000 70,000 Authorized ordinary shares 200,000 Sales 450,000 Purchases 430,000 Expenses ( including depreciation of P5,000 & accrued expenses of 1,500) 90,000