Exercise > On December 1, 20xx the incorporators of Kilo Corporation made the following subscription with the corresponding down payment: Incorporators Shares subscribed at par Down payment Abraham Bautista 20,000 shares P 1,000,000 Anthony Bautista 10,000 shares 500,000 Philip Bautista 20,000 shares 1,000,000 Pilito Bautista 10,000 shares 500,000 Alberto Bautista Jr. 10,000 shares 500,000 All subscriptions are callable in 90 days after subscription. On December 15, 20xx Kilo Corporation has received its Certificate of Incorporation and it is authorized to issue 200,000 Ordinary Shares at P100 par value. Kilo Corporation began its operation on December 17, 20xx. Additional stock transactions follow: Dec 18 The incorporators paid their subscriptions in full. 18 Danilo Bautista purchased in cash 3,000 shares. 19 Carlito Contaoi paid P500,000 for 5,000 shares. 2220 21 23 Annie Contaoi subscribed 10,000 shares at P101 per share and paid 25%. Received from Belinda Contaoi a piece of land costing P1,000,000 with fair market value of P1,100,000 for 11,000 shares. 22 Cynthia Contaoi purchased in cash 7,000 shares at P102 per share. Boy Bautista subscribed 3,000 shares at P103 and paid 30% down payment. 24 24 Required: Gladys Bautista subscribed 8,000 shares at P104 and paid 50% of her subscription. Irene Bautista subscribed 3,000 shares at P105 and paid 25% of her subscription. 1. Prepare necessary accounting entries in the general journal book. of the corporation (apply memorandum entry method). 2. Prepare the general ledger book of the corporation. 3. Prepare the Statement of Financial Position of Kilo Corporation.
Exercise > On December 1, 20xx the incorporators of Kilo Corporation made the following subscription with the corresponding down payment: Incorporators Shares subscribed at par Down payment Abraham Bautista 20,000 shares P 1,000,000 Anthony Bautista 10,000 shares 500,000 Philip Bautista 20,000 shares 1,000,000 Pilito Bautista 10,000 shares 500,000 Alberto Bautista Jr. 10,000 shares 500,000 All subscriptions are callable in 90 days after subscription. On December 15, 20xx Kilo Corporation has received its Certificate of Incorporation and it is authorized to issue 200,000 Ordinary Shares at P100 par value. Kilo Corporation began its operation on December 17, 20xx. Additional stock transactions follow: Dec 18 The incorporators paid their subscriptions in full. 18 Danilo Bautista purchased in cash 3,000 shares. 19 Carlito Contaoi paid P500,000 for 5,000 shares. 2220 21 23 Annie Contaoi subscribed 10,000 shares at P101 per share and paid 25%. Received from Belinda Contaoi a piece of land costing P1,000,000 with fair market value of P1,100,000 for 11,000 shares. 22 Cynthia Contaoi purchased in cash 7,000 shares at P102 per share. Boy Bautista subscribed 3,000 shares at P103 and paid 30% down payment. 24 24 Required: Gladys Bautista subscribed 8,000 shares at P104 and paid 50% of her subscription. Irene Bautista subscribed 3,000 shares at P105 and paid 25% of her subscription. 1. Prepare necessary accounting entries in the general journal book. of the corporation (apply memorandum entry method). 2. Prepare the general ledger book of the corporation. 3. Prepare the Statement of Financial Position of Kilo Corporation.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 10MCQ
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Transcribed Image Text:Exercise 5
On December 1, 20xx the incorporators of Kilo Corporation made the following
subscription with the corresponding down payment:
Incorporators
Shares subscribed at par
Down payment
P 1,000,000
Abraham Bautista
20,000 shares
Anthony Bautista
Philip Bautista
10,000 shares
500,000
20,000 shares
1,000,000
Pilito Bautista
10,000 shares
500,000
Alberto Bautista Jr.
10,000 shares
500,000
All subscriptions are callable in 90 days after subscription. On December 15, 20xx
Kilo Corporation has received its Certificate of Incorporation and it is authorized to
issue 200,000 Ordinary Shares at P100 par value.
operation on December 17, 20xx.
Kilo Corporation began its
Additional stock transactions follow:
The incorporators paid their subscriptions in full.
Danilo Bautista purchased in cash 3,000 shares.
Carlito Contaoi paid P500,000 for 5,000 shares.
Annie Contaoi subscribed 10,000 shares at P101 per share and paid 25%.
Received from Belinda Contaoi a piece of land costing P1,000,000 with
fair market value of P1,100,000 for 11,000 shares.
22 Cynthia Contaoi purchased in cash 7,000 shares at P102 per share.
Boy Bautista subscribed 3,000 shares at P103 and paid 30% down
Dec 18
18
19
20
21
23
payment.
24 Gladys Bautista subscribed 8,000 shares at P104 and paid 50% of her
subscription.
Irene Bautista subscribed 3,000 shares at P105 and paid 25% of her
subscription.
24
Required:
1. Prepare necessary accounting entries in the general journal book.
of the corporation (apply memorandum entry method).
2. Prepare the general ledger book of the corporation.
3. Prepare the Statement of Financial Position of Kilo Corporation.
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