XEREX CORPO
Journal Entry Method
Dr. Cr.
0 Unissued Share Capital 3,000,000
Authorize Share Capital 3,000,000
1 Cash 200,000
Unissued Share Capital 200,000
2 Cash 52,000
Subscription Receivable - Ordinary 78,000
Subsricbed Share Capital 100,000
Paid in capital in excess of stated value 30,000
Cash 84,000
Subscription Receivable - preference 126,000
Subsricbed Share Capital 200,000
Share premium 10,000
3 Cash 550,000
Unissued Share Capital 500,000
Share Premium 50,000
4 Merchandise Inventory 5,000
Unissued Share Capital 5,000
5 Legal Fees 12,000
Unissued Share Capital 10,000
Paid in capital in excess of stated value 2,000
6 Equipment 50,000
Unissued Share Capital 40,000
Paid in capital in excess of stated value 10,000
7 Cash 15,600
Subscription Receivable 15,600
Subscribed Share Capital 20,000
Unissued Share Capital 20,000
Balance Sheet
Cash 901,600
Merchandise Inventory 5,000
Equipment 50,000
Subscription receivable 188,400
Legal fees 12,000
Total Assets 1,157,000
Subscribed Share Capital 280,000
Issued Shares 775,000
Share Premiums 102,000
Legal Capital 1,157,000
Alexa Corporation
# Title Dr. Cr.
1 Cash 45,000
Subsricption Receivable 105,000
Subscribed Share Capital 100,000
Share Premium 50,000
2 Receivable from highest bidder 105,000
Subscription receivable 105,000
3 Receivable from highest bidder 3,000
Cash 3,000
4 Cash 108,000
Receivable from highest bidder 108,000
5 Subscribed Share Capital 100,000
Ordinary Share Capital 100,000
1f
2t
3f
4t
5f
6t
7f
8t
9t
10 f
11 f
12 t
13 t
14 t
15 f
16 t
17 t
18 f
19 t
20 t
21 t
22 t
23 t
24 f
25 t
26 t
27 f
28 t
29 t?
30 f
31 f
32 t
33 t
34 t
35 t
GOOD HARVEST CORPORATION
Memorandum Entry Method
# Title Dr. Cr.
A Cash 375,000
Subscription Receivable 1,125,000
Subscribed Share Capital 1,500,000
B Cash 220,000
Ordinary Share Capital 200,000
Share premium 20,000
C Cash 36,000
Subscription Receivable 84,000
Subscribed Share Capital 100,000
Share premium 20,000
D Cash 1,125,000
Subscription Receivable 1,125,000
Subscribed Share Capital 1,500,000
Ordinary Share Capital 1,500,000
GOOD HARVEST CORPORATION
Journal Entry Method
# Title Dr. Cr.
* Unissued Share Capital 6,000,000
Authorized Share Capital 6,000,000
A Cash 375,000
Subscription Receivable 1,125,000
Subscribed Share Capital 1,500,000
B Cash 220,000
Unissued Share Capital 200,000
Share premium 20,000
C Cash 36,000
Subscription Receivable 84,000
Subscribed Share Capital 100,000
Share premium 20,000
D Cash 1,125,000
Subscription Receivable 1,125,000
Subscribed Share Capital 1,500,000
Uniisued Share Capital 1,500,000
PAGE 216
PROBLEM 1
ABC Corporation
Memorandum Entry
# Title Dr. Cr.
2 Cash 202,500
Subscription Receivable 247,500
Subscribed Share Capital 375,000
Share Premium 75,000
3 Receivable from the Highest Bidder 252,450
Subscription Receivable 252,450
4 Receivable from the Highest Bidder 4,000
Cash 4,000
5 Cash 256,450
Receivable from the Highest Bidder 256,450
Subscribed Share Capital 135,000
MR. ZUBIRI
Ordinary Share Capital 135,000
Subscribed Share Capital 240,000
MR. MARTINEZ
Ordinary Share Capital 240,000
PAGE 218
PROBLEM 5
28.5 per share
# Title Dr. Cr.
1-Dec Asset held for distribution 1,000,000
Equipment 1,000,000
1-Dec Retained Earnings 1,500,000
Property Dividends Payable 1,500,000
31-Dec Retained Earnings 300,000
Property Dividends Payable 300,000
31-Jan Retained Earnings 100,000
Property Dividends Payable 100,000
Property Dividend Payable 1,900,000
Asset held for distribution 1,000,000
Gain on Disposal of Asset 900,000
1-Nov Asset Held for Distribution 2,500,000
Equipment 2,500,000
Retained Earnings 2,500,000
Property Dividends Payable 2,500,000
31-Dec Property Dividends Payable 300,000
Retained Earnings 300,000
Impairment Loss 300,000
Asset Held for Distribution 300,000
1-Mar Property Dividends Payable 200,000
Retained Earnings 200,000
Property Dividends Payable 2,000,000
Loss on Disposal of Asset 200,000
Asset Held for Distribution 2,200,000
INFO
Declaration Nov 1 2,500,000 Carrying Value
31-Dec 2,200,000.00 FMV
1-Mar 2,000,000.00 FMV
LARGE
Date Title Dr. Cr.
18-Feb Retained Earnings 200,000
Share Dividends Payable 200,000
16-Jun Share Dividends Payable 200,000
Share Capital 200,000
MAKE OVER CORPO
SMALL
Date Title Dr. Cr.
31-Dec Retained Earnings 180,000
Share Dividends Payable 120,000
Share Premium 60,000
1-Mar Share Dividends Payable 120,000
Ordinary Share Capital 120,000
MAKE OVER CORPO
LARGE
Date Title Dr. Cr.
31-Dec Retained Earnings 240,000
Share Dividends Payable 240,000
1-Mar Share Dividends Payable 240,000
Ordinary Share Capital 240,000
INFO
10000 shares outstanding 100 par
Share premium 500,000.00
Retained Earnings 500,000.00
pg. 264
(60000*.1*30 per share)
(60000*.1*20)
(60000*.1*10)
(60000*20%Bonus*20par)
Date Title Dr. Cr.
1-Feb Retained Earnings 200,000
Scrip Dividends Payable 200,000
1-Aug Interest Expense 12,000
Scrip Dividends Payable 200,000
Cash 212,000
INFO
Declared Scrip Payable 200000
Interest payable for 6 months 12%
