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(Solved by Expert Tutors) Assignment no. 2The shareholders equity account of Algeria Corpor


The shareholders equity account of Algeria Corporation, after its initial year of

operation in 2016 dhows the following:

Date????????????????????? Particulars?????????????????????????????????????????????????????????? Debit???????????????????? Credit

Jan. 1???????????????????? Issued 6,000 shares at par P100 in

??????????????????????????????? Exchange for real property with a

??????????????? ??????????????? Market value of P800,000; authorized

??????????????????????????????? 20,000 shares???????????????????????????????????????????????????????????????????????????????????? 600,000

Jan. 15????????????????? Sold 8,000 shares at P120????????????????????????????????????????????????????????????? 960,000

Mar. 10???????????????? Purchase 800 Algeria shares at P150??????? 120,000

May 15 ??????????????????????????????? Loss on sale of machinery ?????????????????????????? ???40,000

June 10 ??????????????? Sold 400 treasury shares?????????????????????????????????????????????????????????????? ? 68,000

Dec. 31???????????????? Cash dividends declared payable

??????????????????????????????? January 15, 2017?????????????????????????????????????????????? ?? 80,000

Dec. 31???????????????? Profit for the year??????????????????????????????????????????????????????????????????????????? 316,000

Questions:

Based on the information presented above and the result of your audit, answer the following.

1. The adjusted share capital as of December 31, 2016 is

2. The total share premium as of December 31, 2016 is

3. The unapproriated retained earnings as of December 31, 2016 is

4. The adjusted total equity on December 31, 2016 is

 


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Apr 19, 2020

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