Blue ice incorporated was authorized by its charter to issue 1000 shares of ordinary share at P100 par value per share. To comply with SEC requirements the following shares were subscribed and 25% of which are paid up on December 1, 20A.
Subscribed and paid-up shares Amount
adelaido dalocanog 50 shares x P100 = P 5000
Serafin Mascariñas 40 shares x 100 = 4000
Norberto Bersal 60 shares x 100 = 6000
Jose Elises 80 shares x 100 = 8000
Ian Basarte 20 shares x 100 = 2000
Total 250 shares 25000
Dec. 1 paid incorporation fee, attorney's fee and promotion expenses, P7000.
3 Received subscription of 30 ordinary shares at P110 per share from Severo Santos with 50%
down payment.
5 Issued 50 ordinary shares for cash at P105 per share to Leonora Caminade
8 Collected in full the subscription balance of Severo Santos
14 Received subscription of 60 ordinary shares at P102 per share from Florencio Ybanez
19 Received additional subscription from Norberto Bersal for 40 ordinary shares at par value
after paying his original subscription balance.
21 Received additional subscription from Adelaido Dalocanog for 60 ordinary shares at par value.
25 Received subscription of 100 ordinary shares from jocelyn te at par value.
28 Issued 100 ordinary shares for cash to richard baligala at P101 per share.
30 Received subscription of 40 ordinary shares from Jocelyn Joson at par value with 30% down
payment.
Required:
Record the above transactions including authorization and 25% compliance of corporatse requirements under Memorandum Entry Method
Subscribed and paid-up shares Amount
adelaido dalocanog 50 shares x P100 = P 5000
Serafin Mascariñas 40 shares x 100 = 4000
Norberto Bersal 60 shares x 100 = 6000
Jose Elises 80 shares x 100 = 8000
Ian Basarte 20 shares x 100 = 2000
Total 250 shares 25000
Dec. 1 paid incorporation fee, attorney's fee and promotion expenses, P7000.
3 Received subscription of 30 ordinary shares at P110 per share from Severo Santos with 50%
down payment.
5 Issued 50 ordinary shares for cash at P105 per share to Leonora Caminade
8 Collected in full the subscription balance of Severo Santos
14 Received subscription of 60 ordinary shares at P102 per share from Florencio Ybanez
19 Received additional subscription from Norberto Bersal for 40 ordinary shares at par value
after paying his original subscription balance.
21 Received additional subscription from Adelaido Dalocanog for 60 ordinary shares at par value.
25 Received subscription of 100 ordinary shares from jocelyn te at par value.
28 Issued 100 ordinary shares for cash to richard baligala at P101 per share.
30 Received subscription of 40 ordinary shares from Jocelyn Joson at par value with 30% down
payment.
Required:
Record the above transactions including authorization and 25% compliance of corporatse requirements under Memorandum Entry Method
Memorandum entry method and journal entry method
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