Subscription of Shares
The Akawnting Corporation has been authorized to issue 127,000 shares of P 7 par ordinary shares. The following 2015 transactions relate to the initial issuance of shares.- June 1, Akawnting sold subscriptions for 35,000 shares for P 12 per share. The subscribers made down-payments amounting to 25% of the subscription price.
- June 7, the corporation issued 15,000 shares for P 160,000
- July 10, Akawnting exchanged 1,000 shares for a computer costing P 15,000 but with fair value of P 12,000.
- August 1, an installment amounting to 40% of the subscription price was received.
- September 1, the final installment was received and the shares were issued.
Required:
- Prepare the journal entries to record the above transactions
- How would you present in the Balance Sheet the Subscription Receivable account? (Write your answer in two - three sentences.)
Go Yvette
ReplyDelete1.
June 1 subscription receivable 420 000
Subscribed ordinary share 245 000
Share premium 175 000
To record subscription above par.
Cash 105 000
Subscription receivable 105 000
To record initial installment.
July 10 equipment 12 000
Subscribed ordinary share 7 000
Share premium 5 000
To record subscription in exchange of computer.
Aug. 1 cash 190 000
Subscription receivable 190 000
Sept. 1 cash 285 000
Subscription receivable 285 000
To record final installment
Subscribed ordinary share 357 000
Ordinary share 357 000
To record issuance of certificate of stocks.
2. subscription receivable should presented as an current account or a contra equity account is datable in the Balance Sheet. Subscription receivable is in the asset side.
1.)
ReplyDeleteJune 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
Sold subscriptions.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium 55,000
Issued shares for cash.
July 10 Computer Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
Issued shares for computer.
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Installment received for subscription.
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
Received final installment and issued
ordinary shares.
2.) Subscriptions Receivable is stated in the Balance Sheet as a deduction from the related subscribed shares. If the receivable is collectible within one year, it is recorded as a current asset.
June 1 Cash 105 000
ReplyDeleteSubscriptions Receivable 315 000
Subscribed ordinary shares 245 000
Share Premium-Ordinary 175 000
To record subscription
7 Cash 160 000
Ordinary Share 105 000
Share Premium- Ordinary 55 000
To record issuance of share
July 10 Equipment 12 000
Ordinary Share 7 000
Share premium- Ordinary 5 000
To record issuance of share
Aug. 1 Cash 168 000
Subscriptions Receivable 168 000
To record installment
Sept. 1 Cash 147 000
Subscriptions Receivable 147 000
To record final installment
/ Subscribed Ordinary Shares 245 000
Ordinary Shares 245 000
To record issuance
of stock certificates
2. Subscription Receivable is a shareholder's equity account. It is shown in the balance sheet as a deduction to the subscribed ordinary share, yet may be shown as a current asset if collectible within one year.
PADAON, ALLYZON O. BSA 1B
ReplyDeleteI.
June 1 Subscription Receivable 420,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the subscription above par.
/ Cash 105,000
Subscription Receivable 105,000
To record the partial payment.
7 Cash 160,000
Ordinary Share 105,000
Share Premium- Ordinary 55,000
To record the issuance of ordinary share
in cash.
July 10 Equipment 12,000
Ordinary Share 7,000
Share Premium-Ordinary 5,000
To record the issuance of ordinary share in
exchange of equipment.
Aug. 1 Cash 168,000
Subscription Receivable 168,000
To record partial payment.
Sept.1 Cash 147,000
Subscription Receivable 147,000
To record final settlement.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of stock certificates.
II.
It is presented in the statement of financial position as a deduction from the related subscribed ordinary shares. It can be considered as current asset when it is collectible within one year.
1.)
ReplyDeleteJune 1 Cash 105,000
Subscription Receivables 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record subscriptions above par.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record issuance of shares for cash.
July 10 Computer Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
To record issuance of shares in exchange
for computer.
Aug. 1 Cash 168,000
Subscription Receivables 168,000
To record initial installment.
Sept.1 Cash 147,000
Subscription Receivables 147,000
To record final installment.
Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record issuance of stock certificates.
2.) The Subscription Receivable account is a shareholder’s equity account. It is shown in the balance sheet as a deduction from the related subscribed ordinary shares; however, when collectible in one year this may be shown as a current asset.
Locop, Jun Joshua O.
ReplyDeleteJune 1 Cash 105 000
Subscriptions Receivable 315 000
Subscribed ordinary shares 245 000
Share Premium-Ordinary 175 000
To record subscription
7 Cash 160 000
Ordinary Share 105 000
Share Premium- Ordinary 55 000
To record issuance of share
July 10 Equipment 12 000
Ordinary Share 7 000
Share premium- Ordinary 5 000
To record issuance of share
Aug. 1 Cash 168 000
Subscriptions Receivable 168 000
To record installment
Sept. 1 Cash 147 000
Subscriptions Receivable 147 000
To record final installment
/ Subscribed Ordinary Shares 245 000
Ordinary Shares 245 000
To record issuance
of stock certificates
2. Subscription Receivable is a shareholder's equity account. It is shown in the balance sheet as a deduction to the subscribed ordinary share, yet may be shown as a current asset if collectible within one year.
1. June 1 Cash 105,000
ReplyDeleteSubscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
To record sale of subscriptions.
June 7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordina 55,000
The corporation issued shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
To record exchange of shares for computer.
August 1 Cash 168,000
Subscriptions Receivable 168,000
To record installment received.
September 1 Cash 147,000
Subscriptions Receivable 147,000
To record final installment.
September 1 Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record issuance of certificates.
2. In the balance sheet, a portion of the shareholders' Equity shows that subscriptions receivable account must be deducted to the subscribed ordinary shares.This account will appear after the authorization of shares.
Dacuno, Rayñel Ed L. BSA-1A
ReplyDelete1.
June 1 Subscription Receivable 420,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record Subscriptions.
/ Cash 105,000
Subscription Receivable 105,000
To record initial installment.
June 7 Cash 160,000
Ordinary Shares 160,000
To record issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 12,000
To record the exchange.
Aug. 1 Cash 168,000
Subscription Receivable 168,000
To record second installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To record final installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record issuance of stock certificates.
2.It is presented in the balance sheet as a deduction from the related subscribed ordinary shares; however, when it is collectible within one year, this may be shown as a current asset. It is debited for the total proceeds of the subscriptions to the ordinary shares and credited for the collections on the subscription.
Date Account Title Debit Credit
ReplyDeleteJune 1 Subscriptions Receivable
Cash
Subscribed Ordinary Shares
Share Premium
To record subscription of shares with down –payment of 25%. 315,00
105,000
245,000
175,000
June 7 Cash
Ordinary Shares
Share Premium
To record issuance of ordinary shares for cash. 160,000
105,000
55,000
June 10 Computer
Ordinary Shares
Share Premium
To record issuance of shares for computer. 12,000
7,000
5,000
August 1 Cash
Subscription Receivable
To record 40% installment of the subscription. 168,000
168,000
September 1 Cash
Subscription Receivable
To record final installment. 147,000
147,000
September 1 Subscribed Ordinary Share
Ordinary Shares
To record issuance of stock certificates. 245,000
245,000
1.
2. I would present the subscription receivable account by putting it on the asset section in the balance sheet. It should be there because when payment arrives, the asset section will be the only thing affected, until the shares of stock are issued to the subscriber.
June 1 Cash 105000
ReplyDeleteSubscription Receivable 315000
Ordinary Shares 245000
Share Premium- Ordinary 175000
To record subscription
7 Cash 160000
Ordinary Shares 105000
Share Premium- Ordinary 55000
To record issuance of shares
July 10 Equipment 12000
Ordinary Shares 7000
Share Premium- Ordinary 5000
To record issuance of shares
Aug. 1 Cash 168000
Subscription Receivable 168000
To record installment
Sept. 1 Cash 147000
Subscription Receivable 147000
To record final installment
/ Subscribed Ordinary Shares 245000
Ordinary Shares 245000
Issuance of stock certificate
Subscription receivable is presented on the balance sheet as a deduction from the related subscribed shares. However, if it is collectible within one year, it is treated as a current asset.
Aaron John Añora BSA- 1B
June 1. Cash 105,000.00
ReplyDeleteSubscription Receivable 315,000.00
Subscribed Ordinary Shares 245,000.00
Share Premium-Ordinary 175,000.00
Payment of 25% Subscription price
June 7. Cash 160,000.00
Ordinary Shares 105,000.00
Share Premium-Ordinary 55,000.00
Issued Ordinary Shares
July 10. Equipment 12,000.00
Ordinary Shares 7,000.00
Share Premium-Ordinary 5,000.00
Exchanged for computer
August 1. Cash 168,000.00
Subscription Receivable 168,000.00
Installment
Sep. 1 Cash 147,000.00
Subscription Receivable 147,000.00
Final Installment
/ Subscribed Ordinary Shares 245,000.00
Ordinary Shares 245,000.00
To issue Certificate of stock
2 Subscription Receivable is a asset if the receivable is collectible for 1 year. But if that receivable will excess in 1 year it will be no longer a asset.
LAGONOY, LORIE LYN C. BSA-1B
ReplyDelete1. June 1 Cash 105,000
Subscrition Receivable 315,000
----Subscribed Ordinary Share 245,000
----Share Premium 175,000
To record subscription above par and initial installment.
June 7 Cash 160,000
----Ordinary Shares 105,000
----Share Premium- Ordinary 55,000
To record the issuance of 15,000 shares.
June 10 Equipment 12,000
----Ordinary Shares 7,000
----Share Premium-Ordinary 5,000
To record the issuance of 1,000 shares in exchange of computer.
Aug. 1 Cash 168,000
----Subscription Receivable 168,000
To record 40% installment of the subscription price.
Sept. 1 Cash 147,000
Subscribed Ordinary Share245,000
----Subscription Receivable 147,000
----Ordinary Shares 245,000
To record the final installment and the issuance of shares.
2. Subscription receivable is presented in the statement of financial position as a deduction from the related subscribed ordinary shares. However, it may be shown as a current asset if it is collectible within one year.
MARCELO T. GREFIEL III BSA 1B
ReplyDelete1.) Entries:
June 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record subscription above par.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of 15,000
shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
To record issuance of 1,000 shares
in exchange for computer.
Aug 1 Cash 168,000
Subscription Receivable 168,000
To record installment of 40% of the
subscription price.
Sept 1 Cash 147,000
Subscription Receivable 147,000
To record final installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record issuance of certificate of
stock.
2.) It is presented as a deduction to Subscribed Ordinary Shares account.
But, it will only be that way if it is not fully collected. For if the total
subscription is fully collected then it becomes a part of the asset portion
which is Cash.
Lendio,Gerly Jane M. BSA-1B
ReplyDeleteDate
June 1 Cash 105,000
Subscription receivable 315,000
Subsc. Ordinary Share 245,000
Share Premium 175,000
To record the sold subsc.
07 Cash 160,000
Ordinary Share 105,000
Share Premium-ordinary 55,000
To record the issued shares.
July 10 Equipment 12,000
Ordinary share 7,000
Share Premium-ordinary 5,000
To record the equipment.
Aug. 1 Cash 168,000
Subscription Receivable 168,000
To record initial installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To record the final installment.
/ subscribed ordinary share 245,000
Ordinary share 245,000
To record the issued stock of share,
B. Subscription Receivable is shareholders equity account. it is presented in the statement of financial position as a deduction from the related subscribed ordinary share. however when it is collectible within 1 year, this may shown as a current asset. it is debited for the total proceeds of the subscription to the ordinary shares and credited for the collections on the subscription.
Labanes,Mary Rose E. BSA-1B
ReplyDeleteDate
June 1 Cash 105,000
Subscription receivable 315,000
Subsc. Ordinary Share 245,000
Share Premium 175,000
To record the sold subsc.
07 Cash 160,000
Ordinary Share 105,000
Share Premium-ordinary 55,000
To record the issued shares.
July 10 Equipment 12,000
Ordinary share 7,000
Share Premium-ordinary 5,000
To record the equipment.
Aug. 1 Cash 168,000
Subscription Receivable 168,000
To record initial installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To record the final installment.
/ subscribed ordinary share 245,000
Ordinary share 245,000
To record the issued stock of share,
B. Subscription Receivable is shareholders equity account. it is presented in the statement of financial position as a deduction from the related subscribed ordinary share. however when it is collectible within 1 year, this may shown as a current asset. it is debited for the total proceeds of the subscription to the ordinary shares and credited for the collections on the subscription.
Canciller, Mariel L. BSA-1B
ReplyDeleteDate
June 1 Cash 105,000
Subscription receivable 315,000
Subsc. Ordinary Share 245,000
Share Premium 175,000
To record the sold subsc.
07 Cash 160,000
Ordinary Share 105,000
Share Premium-ordinary 55,000
To record the issued shares.
July 10 Equipment 12,000
Ordinary share 7,000
Share Premium-ordinary 5,000
To record the equipment.
Aug. 1 Cash 168,000
Subscription Receivable 168,000
To record initial installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To record the final installment.
/ subscribed ordinary share 245,000
Ordinary share 245,000
To record the issued stock of share,
B. Subscription Receivable is shareholders equity account. it is presented in the statement of financial position as a deduction from the related subscribed ordinary share. however when it is collectible within 1 year, this may shown as a current asset. it is debited for the total proceeds of the subscription to the ordinary shares and credited for the collections on the subscription.
Adonis, Demelyn T. BSA-1B
ReplyDeleteDate
June 1 Cash 105,000
Subscription receivable 315,000
Subsc. Ordinary Share 245,000
Share Premium 175,000
To record the sold subsc.
07 Cash 160,000
Ordinary Share 105,000
Share Premium-ordinary 55,000
To record the issued shares.
July 10 Equipment 12,000
Ordinary share 7,000
Share Premium-ordinary 5,000
To record the equipment.
Aug. 1 Cash 168,000
Subscription Receivable 168,000
To record initial installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To record the final installment.
/ subscribed ordinary share 245,000
Ordinary share 245,000
To record the issued stock of share,
B. Subscription Receivable is shareholders equity account. it is presented in the statement of financial position as a deduction from the related subscribed ordinary share. however when it is collectible within 1 year, this may shown as a current asset. it is debited for the total proceeds of the subscription to the ordinary shares and credited for the collections on the subscription.
2015
ReplyDeleteJune 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
SILVA BSA-1B
ReplyDeleteDate
June 1 Cash 105,000
Subscription receivable 315,000
Subsc. Ordinary Share 245,000
Share Premium 175,000
To record the sold subsc.
07 Cash 160,000
Ordinary Share 105,000
Share Premium-ordinary 55,000
To record the issued shares.
July 10 Equipment 12,000
Ordinary share 7,000
Share Premium-ordinary 5,000
To record the equipment.
Aug. 1 Cash 168,000
Subscription Receivable 168,000
To record initial installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To record the final installment.
/ subscribed ordinary share 245,000
Ordinary share 245,000
To record the issued stock of share,
B. Subscription Receivable is shareholders equity account. it is presented in the statement of financial position as a deduction from the related subscribed ordinary share. however when it is collectible within 1 year, this may shown as a current asset. it is debited for the total proceeds of the subscription to the ordinary shares and credited for the collections on the subscription.
Abigael Dacdac BSA-1B
ReplyDelete2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
Reynanel Argales BSA-1A
ReplyDelete2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
VALERIO, CLARISSA S. BSA 1A
ReplyDeleteASSIGNMENT #7
1.) JUNE 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium- Ordinary 175,000
To record the issuance of shares and the down payment.
JUNE 7 Cash 160,000
Ordinary shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
JULY 10 Equipment 12,000
Ordinary shares 7,000
Share premium-Ordinary 5,000
To record the issuance of shares.
AUG 1 Cash 168,000
Subscription Receivable 168,000
To record the installment.
SEPT 1 Cash 147,000
Subscription Receivable 147,000
To record the final installment.
SEPT 1 Subscribed ordinary shares 245,000
Ordinary shares 245,000
To record the issuance of Stock Certificate.
2.) Subscription receivable is a shareholder's Equity account. It is presented in the balance sheet as a deduction from the related subscribed ordinary shares. However, when it is collectible within one year this may be shown as current asset.
2015
ReplyDeleteJune 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
Janica De Veyra BSA-1B
ReplyDelete2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
Janica De Veyra BSA-1B
ReplyDelete2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
Mark Jay Turla BSA 1A
ReplyDelete1. 2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record subscription of ordinary shares
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2.
Subscription Receivable is a shareholder’s equity account. It is presented as a deduction from related subscribed ordinary shares in the balance; however, when it is collectible within one year, this maybe shown as a current asset.
June 1 Subscription Receivable 420,000
ReplyDeleteSubscribed Ordinary Shares 245,000
Share Premium 175,000
To record subscriptions
above par.
Cash 105,000
Subscription Receivable 105,000
To record partial payment.
June 7 Cash 160,000
Ordinary Shares 105,000
Share Premium 55,000
To record the issuance
of shares for cash.
July 10 Equipment 12,000
Ordinary shares 7,000
Share Premium 5,000
To record issuance of
shares in exchange of computer.
Aug 1 Cash 168,000
Subscription Receivable 168,000
To record partial installment.
Sep 1 Cash 147,000
Subscription Receivable 147,000
To record final installment.
Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record issuance of
stock.
BACASNO, YSRAH BSA 1B
ReplyDeleteJune 1 Cash 105 000
Subscription Receivable 315 000
Subscribed Ordinary Shares 245 000
Share Premium-Ordinary 175 000
Sold subscription. The
subscribers made 25% down payment.
June 7 Cash 160 000
Ordinary Shares 105 000
Share Premium-Ordinary 55 000
The Corporation issued
15000 shares.
July 10 Equipment 12 000
Ordinary Shares 7 000
Share Premium-Ordinary 5 000
Exchanged 1000 shares
for a computer.
Aug 1 Cash 168 000
Shares Receivable 168 000
An installment of 40%
of the subscription price was paid.
Sept 1 Cash 147 000
Subscribed Ordinary Shares 245 000
Shares Receivable 147 000
Ordinary Shares 245 000
Final installment was paid and
issued shares.
2. The Shares Receivable account is shown in the Shareholder’s Equity Section. It is deducted from the Subscribed Ordinary Shares.
Jefferson Gapate BSA-1B
ReplyDelete2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
MARAYA, LIZETTE B. BSA 1A
ReplyDeleteJune 1 Cash 105 000
Subscription Receivable 315 000
Subscribed Ordinary Shares 245 000
Share Premium-Ordinary 175 000
Sold subscription. The
subscribers made 25% down payment.
June 7 Cash 160 000
Ordinary Shares 105 000
Share Premium-Ordinary 55 000
The Corporation issued
15000 shares.
July 10 Equipment 12 000
Ordinary Shares 7 000
Share Premium-Ordinary 5 000
Exchanged 1000 shares
for a computer.
Aug 1 Cash 168 000
Shares Receivable 168 000
An installment of 40%
of the subscription price was paid.
Sept 1 Cash 147 000
Subscribed Ordinary Shares 245 000
Shares Receivable 147 000
Ordinary Shares 245 000
Final installment was paid and
issued shares.
2. The Shares Receivable account is shown in the Shareholder’s Equity Section. It is deducted from the Subscribed Ordinary Shares.
2.) The subscription receivable is to be presented in the balance sheet along with the assets under receivables if it is to be paid within one year. It is to be presented in the Stockholders' Capital section deducted from the subscribed ordinary/reference shares if not to be paid within one year.
ReplyDeleteJaymar M. Caunte BSA 1A
ReplyDelete1. 2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2.
Subscription Receivable is a shareholder’s equity account. It is presented as a deduction from related subscribed ordinary shares in the balance; however, when it is collectible within one year, this maybe shown as a current asset.
1.
ReplyDelete2015
June 1 Subscription Receivable 420,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
Record Subscription
/ Cash 105,000
Subscription Receivable 105,000
Initial instalment
7 Subscription Receivable 160,000
Subscribed Ordinary Shares 105,000
Shares Premium 55,000
Record Subscription
July 10 Equipment 12,000
Subscription Ordinary Shares 7,000
Share Premium 5,000
Shares in exchange of equipment
Aug. 1 Cash 168,000
Subscribed Receivable 168,000
Initial Instalment
Sept. 1 Cash 147,000
Subscribed Receivable 147,000
Final Intallment
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
Issuance of Shares
2. Subscription Receivable is presented as a deduction in a Shareholder’s Equity Account. However, when Subscription Receivable is collected within one year, this maybe shown as a current Asset.
Allyzon Padaon BSA-1B
ReplyDelete2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
June 1 Cash 105 000
ReplyDeleteSubscription Receivable 315 000
Subscribed Ordinary Shares 245 000
Share Premium-Ordinary 175 000
Sold subscription. PAid 25%. .
June 7 Cash 160 000
Ordinary Shares 105 000
Share Premium-Ordinary 55 000
Issued 15000 shares.
July 10 Equipment 12 000
Ordinary Shares 7 000
Share Premium-Ordinary 5 000
Exchanged 1000 shares
for a computer.
Aug 1 Cash 168 000
Shares Receivable 168 000
40% of the subscription price was paid.
Sept 1 Cash 147 000
Subscribed Ordinary Shares 245 000
Shares Receivable 147 000
Ordinary Shares 245 000
Final installment was paid and
issued shares.
2. The Shares Receivable account is shown in the Shareholder’s Equity Section. It is deducted from the Subscribed Ordinary Shares.
MARCON, MAE A. BSA 1B
Abigael Dacdac BSA 1B
ReplyDelete2015
Apr. 13 Treasury Stock 90,000
Cash 90,000
To record acquisition of
treasury stock
May 5 Cash 66,000
Treasury Stock 54,000
Share Premium-Ordinary 12,000
To record reissue of treasury
shares above cost
July 20 Cash 35,000
Retained Earnings 1,000
Treasury Stock 36,000
To record reissue of treasury
shares below cost
Malcolm Corporation
Stockholder Equity Section
As of April 13, 2015
Share Capital
Ordinary Shares,P20 par P 600,000
Share Premium-Ordinary 1,400,000
Total Share Capital 2,000,000
Retained Earnings 2,001,000
Total 4,001,000
Less:Treasury Stock 90,000
Share Premium-Treasury 12,000
Total Stockholder Equity 3,899,000
=========
2015
ReplyDeleteJune 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
Sept. 1 Cash 147,000
Subscribed Ordinary Shares 245,000
Subscriptions Receivable 147,000
Ordinary Shares 245,000
2. Subscriptions receivable is a shareholders' equity. It is presented in the balance sheet as a deduction to subscribed ordinary shares.
Janica De Veyra BSA 1B
ReplyDelete2015
Apr. 13 Treasury Stock 90,000
Cash 90,000
To record acquisition of
treasury stock
May 5 Cash 66,000
Treasury Stock 54,000
Share Premium-Ordinary 12,000
To record reissue of treasury
shares above cost
July 20 Cash 35,000
Retained Earnings 1,000
Treasury Stock 36,000
To record reissue of treasury
shares below cost
Malcolm Corporation
Stockholder Equity Section
As of April 13, 2015
Share Capital
Ordinary Shares,P20 par P 600,000
Share Premium-Ordinary 1,400,000
Total Share Capital 2,000,000
Retained Earnings 2,001,000
Total 4,001,000
Less:Treasury Stock 90,000
Share Premium-Treasury 12,000
Total Stockholder Equity 3,899,000
TUMAMAK, CRYSTAL M. BSA-1A
ReplyDelete1.
June 1 Cash 105 000
Subscription Receivable 315 000
Subscribed Ordinary Shares 245 000
Share Premium 175 000
To record subscription of shares.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium- Ordinary 55,000
To record issuance of ordinary shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
To record issuance of shares in exchange of a computer.
Aug 1 Cash 190,000
Subscription Receivable 190,000
To record installment of subscription.
Sep.1 Cash 285,000
Subscribed Ordinary Shares 357,000
Subscription Receivable 285,000
Ordinary Shares 357,000
To record final installment and issuance of certificate.
2. Subscription Receivable is a shareholder's equity account in the Balance Sheet as a deduction from the related subscribed ordinary shares. However, when it is collectible within one year, this may be shown as a current asset.
ENDONG, MARK MILLAN N. BSA-1A
ReplyDeleteJune 1 Cash 105 000
Subscription Receivables 315 000
Subscribed Ordinary Shares 245 000
Share Premium-Ordinary 175 000
To record subscription of Ordinary Shares.
7 Cash 160 000
Ordinary Shares 105 000
Share Premium- Ordinary 55 000
To record issuance of Ordinary Shares.
July 10 Equipment 12 000
Ordinary Shares 7 000
Share Premium- Ordinary 5 000
To record issuance of shares in exchange
of computers.
Aug 1 Cash 168 000
Subscription Receivables 168 000
To record installment of subscribed shares.
Sept. 1 Cash 147 000
Subscribed Ordinary Shares 245 000
Subscription Receivables 147 000
Ordinary Shares 245 000
To record final installment of shares
and issuance of shares.
Subscription Receivables account is presented in the Shareholders' Equity Section. It is a deduction from the related Subscribed Ordinary Shares of a subscriber. However, it can be presented as an asset if it is collectible within one year.
1. June 1 Cash 105 000
ReplyDeleteSubscription Receivable 315 000
Subscribed Ordinary Shares 245 000
Share Premium- Ordinary 175 000
7 Cash 160 000
Ordinary Shares 105 000
Share Premium- Ordinary 55 000
July 10 Equipment 12 000
Ordinary Shares 7 000
Share P_remium- Ordinary 5 000
Aug 1 Cash 168 0000
Subscription Receivable 168 000
Sept 1 Cash 147 000
Subscription receivable 147 000
/ Subscribed Ordinary Shares 245 000
Ordinary Shares 245 000
2. I can present the Subscription Receivable account in the balance sheet by not putting it as part of the assets. It must be belong in the Shareholders' Equity section and it will be deducted to the Subscribed Shares account.
Camarines, Sheryl T.
BSA 1A
June 1 Subscription Receivable 420,000
ReplyDeleteSubscribed Ordinary Shares 245,000
Share Premium 175,000
To record subscriptions above par.
Cash 105,000
Subscription Receivable 105,000
To record partial payment.
June 7 Cash 160,000
Ordinary Shares 105,000
Share Premium 55,000
To record the issuance
of shares for cash.
July 10 Equipment 12,000
Ordinary shares 7,000
Share Premium 5,000
To record issuance of
shares in exchange of computer.
Aug 1 Cash 168,000
Subscription Receivable 168,000
To record partial installment.
Sep 1 Cash 147,000
Subscription Receivable 147,000
To record final installment.
Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record issuance of stock.
2. The subscription receivable in balance sheet is located at the section of current assets added to the total current asset. When this subscription is not mentioned to be included in the balance sheet, it is automatically deducted in subscribed ordinary/preference share in the shareholder's equity section.
2015
ReplyDeleteJun. 1 Cash 105 000
Subscriptions Receivable 315 000
Subscribed Ordinary Shares 105 000
Share Premiun - Ordinary 315 000
Subscribed shares received cash.
Jun. 7 Cash 160 000
Ordinary Shares 160 000
Sold shares for cash.
Jul. 10 Computer Equipment 12 000
Ordinary Shares 12 000
Exchanged shares for a computer.
Aug. 1 Cash 168 000
Subscription Receivable 168 000
Received payments.
Sept. 1 Cash 147 000
Subscribed Ordinary Shares 420 000
Ordinary Shares 420 000
Subscription Receivable 147 000
Received final payments.
2. Subscription receivable is found in the equity portion. It is a temporary account. It is subtracted to the subscribed ordinary shares.
Ruth Florencio BSA 1B
ReplyDelete2015
Jun. 1 Cash 105 000
Subscriptions Receivable 315 000
Subscribed Ordinary Shares 105 000
Share Premiun - Ordinary 315 000
Subscribed shares received cash.
Jun. 7 Cash 160 000
Ordinary Shares 160 000
Sold shares for cash.
Jul. 10 Computer Equipment 12 000
Ordinary Shares 12 000
Exchanged shares for a computer.
Aug. 1 Cash 168 000
Subscription Receivable 168 000
Received payments.
Sept. 1 Cash 147 000
Subscribed Ordinary Shares 420 000
Ordinary Shares 420 000
Subscription Receivable 147 000
Received final payments.
2. Subscription receivable is found in the equity portion. It is a temporary account. It is subtracted to the subscribed ordinary shares.
Añora, Karl Joshua C. BSA-1A
ReplyDelete1) June 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium- Ordinary 175,000
7 Cash 160,000
Ordinary Shares 105,000
Share Premium- Ordinary 55,000
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium- Ordinary 5,000
Aug 1 Cash 168,000
Subscription Receivable 168,000
Sep 1 Cash 147,000
Subscription receivable 147,000
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
2) Subscription Receivable account may be a claim of the business against someone. However, it should not appear among the Assets. Instead, this account would be put in the Shareholders' Equity Section as a deduction to the Subscribed Shares account.
1.
ReplyDeletejune 1 subscriptions receivable 315000
cash 105000
subscribed ordinary shares 245000
share premium-ordinary 175000
7 subscriptions receivable 160000
subscribed ordinary shares 105000
share premium-ordinary 55000
10 equipment 12000
subscribed ordinary shares 7000
share premium-ordinary 5000
Aug. 1 cash 190000
subscriptions receivable 190000
Sep. 1 cash 285000
subscriptions receivable 285000
/ subscribed ordinary shares 357000
ordinary shares 375000
2.
It is presented in the statement of financial position as a deduction from the related subscribed ordinary shares; however, when it is collectible within one year, this may be shown as a current asset. It is debited for the total proceeds of the subscriptions to the ordinary shares and credited for the collections on the subscriptions.
-Nicudemus Carlou D. Capellan BSA 1B
ReplyDelete2015
Jun. 1 Cash 105 000
Subscriptions Receivable 315 000
Subscribed Ordinary Shares 105 000
Share Premiun - Ordinary 315 000
Subscribed shares received cash.
Jun. 7 Cash 160 000
Ordinary Shares 160 000
Sold shares for cash.
Jul. 10 Computer Equipment 12 000
Ordinary Shares 12 000
Exchanged shares for a computer.
Aug. 1 Cash 168 000
Subscription Receivable 168 000
Received payments.
Sept. 1 Cash 147 000
Subscribed Ordinary Shares 420 000
Ordinary Shares 420 000
Subscription Receivable 147 000
Received final payments.
2. Subscription receivable is found in the equity portion. It is a temporary account. It is subtracted to the subscribed ordinary shares.
1.
ReplyDeletejune 1 subscriptions receivable 315000
cash 105000
subscribed ordinary shares 245000
share premium-ordinary 175000
7 subscriptions receivable 160000
subscribed ordinary shares 105000
share premium-ordinary 55000
10 equipment 12000
subscribed ordinary shares 7000
share premium-ordinary 5000
Aug. 1 cash 190000
subscriptions receivable 190000
Sep. 1 cash 285000
subscriptions receivable 285000
/ subscribed ordinary shares 357000
ordinary shares 375000
2.
It is presented in the statement of financial position as a deduction from the related subscribed ordinary shares; however, when it is collectible within one year, this may be shown as a current asset. It is debited for the total proceeds of the subscriptions to the ordinary shares and credited for the collections on the subscriptions.
PRISNO, IRIS BSA 1A
ReplyDelete1.
june 1 subscriptions receivable 315000
cash 105000
subscribed ordinary shares 245000
share premium-ordinary 175000
7 subscriptions receivable 160000
subscribed ordinary shares 105000
share premium-ordinary 55000
10 equipment 12000
subscribed ordinary shares 7000
share premium-ordinary 5000
Aug. 1 cash 190000
subscriptions receivable 190000
Sep. 1 cash 285000
subscriptions receivable 285000
/ subscribed ordinary shares 357000
ordinary shares 375000
Jun. 1 Cash 105 000
ReplyDeleteSubscriptions Receivable 315 000
Subscribed Ordinary Shares 105 000
Share Premiun - Ordinary 315 000
Subscribed shares received cash.
Jun. 7 Cash 160 000
Ordinary Shares 160 000
Sold shares for cash.
Jul. 10 Computer Equipment 12 000
Ordinary Shares 12 000
Exchanged shares for a computer.
Aug. 1 Cash 168 000
Subscription Receivable 168 000
Received payments.
Sept. 1 Cash 147 000
Subscribed Ordinary Shares 420 000
Ordinary Shares 420 000
Subscription Receivable 147 000
Received final payments.
2. Subscription receivable is found in the equity portion. It is a temporary account. It is subtracted to the subscribed ordinary shares.
- Romelee T. Velasco BSA-1B :)
PRISNO, IRIS BSA 1A
ReplyDelete2.
It is presented in the statement of financial position as a deduction from the related subscribed ordinary shares; however, when it is collectible within one year, this may be shown as a current asset. It is debited for the total proceeds of the subscriptions to the ordinary shares and credited for the collections on the subscriptions.
Jun. 1 Cash 105 000
ReplyDeleteSubscriptions Receivable 315 000
Subscribed Ordinary Shares 105 000
Share Premiun - Ordinary 315 000
Subscribed shares received cash.
Jun. 7 Cash 160 000
Ordinary Shares 160 000
Sold shares for cash.
Jul. 10 Computer Equipment 12 000
Ordinary Shares 12 000
Exchanged shares for a computer.
Aug. 1 Cash 168 000
Subscription Receivable 168 000
Received payments.
Sept. 1 Cash 147 000
Subscribed Ordinary Shares 420 000
Ordinary Shares 420 000
Subscription Receivable 147 000
Received final payments.
2. Subscription receivable is found in the equity portion. It is a temporary account. It is subtracted to the subscribed ordinary shares.
-- Romell laurence Belano BSA_1B :)
1.
ReplyDelete2015
June 1 Cash 105,000
Subscriptions Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record subscriptions above par.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium-Ordinary 5,000
To record issuance of shares.
Aug. 1 Cash 168,000
Subscriptions Receivable 168,000
To record initial installment.
Sep. 1 Cash 147,000
Subscriptions Receivable 147,000
To record final installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record issuance of stock certi-
ficate.
2. Some firms record Subscriptions Receivable account as a current asset especially when it is within a year. However, if the problem is silent, this will be deducted from the Subscribed Ordinary Shares in the Shareholders' Equity Section in Balance Sheet.
Noemi Trisha N. Diolola BSA-1A
ReplyDelete1.)
June 1 Subscriptions Receivable 315,000
Cash 105,000
Subscribed Ordinary Shares 245,000
Share Premium - Ordinary 175,000
7 Subscriptions Receivable 160,000
Subscribed Ordinary Shares 105,000
Share Premium - Ordinary 55,000
10 Equipment 12,000
Subscribed Ordinary Shares 7,000
Share Premium - Ordinary 5,000
Aug. 1 Cash 190,000
Subscriptions Receivable 190,000
Sept.1 Cash 285,000
Subscriptions Receivable 285,000
/ Subscribed Ordinary Shares 357,000
Ordinary Shares 357,000
2.) Subscription Receivable is a shareholder's equity account in the Balance Sheet as a deduction from the related subscribed ordinary shares. However, when it is collectible within one year, this may be shown as a current asset.
Salvatierra, Aigie Grace M. BSA-1B
ReplyDelete1.)
June 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
7 Cash 160,000
Ordinary Shares 7,000
Share Premium-Ordinary 55,000
July 10 Office Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
Aug. 1 Cash 168,000
Subscription Receivable 168,000
Sept. 1 Cash 147,000
Subscription Receivable 147,000
2.) Subscription Receivable is a Shareholders Equity Account. It is presented in the Statement of Financial Position as a deduction from the related subscribed ordinary shares; however when it is collectible within one year, this may be shown as a current asset.
ARTECHE, RACHELLE NINA V.
ReplyDeleteBSA-1B
1.)
June 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
7 Cash 160,000
Ordinary Shares 7,000
Share Premium-Ordinary 55,000
July 10 Office Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
Aug. 1 Cash 168,000
Subscription Receivable 168,000
Sept. 1 Cash 147,000
Subscription Receivable 147,000
2.) Subscription Receivable is a Shareholders Equity Account. It is presented in the Statement of Financial Position as a deduction from the related subscribed ordinary shares; however when it is collectible within one year, this may be shown as a current asset.
Basilan, Angielyn I.
ReplyDeleteBSA-1B
1.)
June 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
7 Cash 160,000
Ordinary Shares 7,000
Share Premium-Ordinary 55,000
July 10 Office Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
Aug. 1 Cash 168,000
Subscription Receivable 168,000
Sept. 1 Cash 147,000
Subscription Receivable 147,000
2.) Subscription Receivable is a Shareholders Equity Account. It is presented in the Statement of Financial Position as a deduction from the related subscribed ordinary shares; however when it is collectible within one year, this may be shown as a current asset.
Peachy M. Bandilla
ReplyDeleteBSA-1B
1.)
June 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
7 Cash 160,000
Ordinary Shares 7,000
Share Premium-Ordinary 55,000
July 10 Office Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
Aug. 1 Cash 168,000
Subscription Receivable 168,000
Sept. 1 Cash 147,000
Subscription Receivable 147,000
2.) Subscription Receivable is a Shareholders Equity Account. It is presented in the Statement of Financial Position as a deduction from the related subscribed ordinary shares; however when it is collectible within one year, this may be shown as a current asset.
Kesly Anne Guira
ReplyDeleteBSA-1B
1.)
June 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
7 Cash 160,000
Ordinary Shares 7,000
Share Premium-Ordinary 55,000
July 10 Office Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
Aug. 1 Cash 168,000
Subscription Receivable 168,000
Sept. 1 Cash 147,000
Subscription Receivable 147,000
2.) Subscription Receivable is a Shareholders Equity Account. It is presented in the Statement of Financial Position as a deduction from the related subscribed ordinary shares; however when it is collectible within one year, this may be shown as a current asset.
ARTECHE,RACHELLE NINA V.
ReplyDeleteBSA-1B
1.)
June 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium 175,000
7 Cash 160,000
Ordinary Shares 7,000
Share Premium-Ordinary 55,000
July 10 Office Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
Aug. 1 Cash 168,000
Subscription Receivable 168,000
Sept. 1 Cash 147,000
Subscription Receivable 147,000
2.) Subscription Receivable is a Shareholders Equity Account. It is presented in the Statement of Financial Position as a deduction from the related subscribed ordinary shares; however when it is collectible within one year, this may be shown as a current asset.
FLORENDO, ALDWIN Q. BSA-1A
ReplyDeleteJun. 1 Subscriptions Receivable 315 000
Cash 105 000
Subscribed Ordinary Shares 245 000
Share Premium-Ordinary 175 000
To record subscription above par.
7 Cash 160 000
Ordinary Shares 105 000
Share Premium-Ordinary 55 000
To record issuance of shares.
Jul. 10 Computer Equipment 12 000
Ordinary Share 7 000
Share Premium-Ordinary 5 000
To record issuance of shares in exchange for equipment.
Sept. 1 Cash 315 000
Subscriptions Receivable 315 000
To record final installment.
/ Subscribed Ordinary Shares 245 000
Ordinary Shares 245 000
To record issuance of stock certificate.
RENZ P. MORTA BSA1A
ReplyDeleteRequirement # 1
Date................Particulars.............................Debit......Credit
2015
June 1...Cash.............................................105,000
.............Subscription Receivable.................315,000
....................Subscribed Ordinary Shares...................245,000
....................Share Premium.....................................175,000
..........................To record subscribed
...........................shares w/ down payment.
........7....Subscription Receivable................160,000
.....................Subscribed Ordinary Shares..................105,000
.....................Shares Premium....................................55,000
.............................To record the issuance
..............................ordinary shares.
July 10...Equipment ...................................12,000
....................Subscribed Ordinary Shares ....................7,000
....................Share Premium-Ordinary............................5,000
.............................Issued Shares in
............................. exchange of equipment.
Aug. 1....Cash..........................................168,000
.....................Subscription Receivable..........................168,000
..............................Received Through
..............................installmemt the 40% of
..............................subscription price.
Sept. 1...Cash..........................................147,000
.....................Subscription Receivable..........................147,000
..............................Received the final
..............................installment.
......../....Subscribed Ordinary Shares..........245,000
.....................Ordinary Shares ..................................245,000
..............................To record the issuance
...............................Ordinary Shares.
Requirement # 2
Ans: Subscription Receivable account is presented in the Balance Sheet as a deduction from the related Subscribed Ordinary Shares in the Shareholders' Equity Section.
RENZ P. MORTA BSA1A
ReplyDeleteRequirement # 1
Date................Particulars.............................Debit......Credit
2015
June 1...Cash.............................................105,000
.............Subscription Receivable.................315,000
....................Subscribed Ordinary Shares...................245,000
....................Share Premium.....................................175,000
..........................To record subscribed
...........................shares w/ down payment.
........7....Subscription Receivable................160,000
.....................Subscribed Ordinary Shares..................105,000
.....................Shares Premium....................................55,000
.............................To record the issuance
..............................ordinary shares.
July 10...Equipment ...................................12,000
....................Subscribed Ordinary Shares ....................7,000
....................Share Premium-Ordinary............................5,000
.............................Issued Shares in
............................. exchange of equipment.
Aug. 1....Cash..........................................168,000
.....................Subscription Receivable..........................168,000
..............................Received Through
..............................installmemt the 40% of
..............................subscription price.
Sept. 1...Cash..........................................147,000
.....................Subscription Receivable..........................147,000
..............................Received the final
..............................installment.
......../....Subscribed Ordinary Shares..........245,000
.....................Ordinary Shares ..................................245,000
..............................To record the issuance
...............................Ordinary Shares.
Requirement # 2
Ans: Subscription Receivable account is presented in the Balance Sheet as a deduction from the related Subscribed Ordinary Shares in the Shareholders' Equity Section.
1.
ReplyDelete2015
June 1 Cash 105 000
Subscriptions Receivable 315 000
Subscribed Ordinary Shares 245 000
Share Premium – Ordinary 175 000
Sold shares for subscriptions.
7 Cash 160 000
Ordinary Shares 105 000
Share Premium – Ordinary 55 000
Issuance of ordinary shares.
July 10 Equipment 12 000
Ordinary Shares 7 000
Share Premium – Ordinary 5 000
Issued shares for equipment.
Aug. 1 Cash 168 000
Subscriptions Receivable 168 000
Installment amounting to 40% of subscription price.
Sep. 1 Cash 147 000
Subscriptions Receivable 147 000
Final installment
/ Subscribed Ordinary Shares 245 000
Ordinary Shares 245 000
Issuance of certificate of stock.
2. Subscriptions Receivable is an equity account. It is presented in the statement of financial position as a deduction from the related subscribed ordinary shares. However, when it is collectible for one year, this may be shown as a current asset.
FLORENDO, ALDWIN Q. BSA-1A
ReplyDelete..Continuation.. .
2. Subscriptions Receivable is a Shareholders' Equity Account. It is being presented in the balance sheet as a deduction from the related subscribed ordinary shares (which is a temporary account).
JACQUELINE P. TADO BSA-IA
ReplyDeleteJune 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the issuance of shares and the down payment.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
To record the issuance of shares in exchage of computer.
August 1 Cash 168,000
Subscription Receivable 168,000
To pay the installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To pay the last installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of shares.
****By writing the final amount of the subscribed ordinary shares below to the preference shares, ordinary shares and the share premium. After writing the amount and the account title, you write below the subscription receivable and the final amount. And less the subscription receivable to the subscribed ordinary shares and add the difference to the other amount to find the total shareholder equity.
arlito solano
ReplyDeleteJune 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the issuance of shares and the down payment.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
To record the issuance of shares in exchage of computer.
August 1 Cash 168,000
Subscription Receivable 168,000
To pay the installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To pay the last installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of shares.
The subscription receivable account is located in the balance sheet . By putting the subscription ordinary shares or preference shares and subtracting to the subscribed receivable .
carlo maglinte
ReplyDeleteJune 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the issuance of shares and the down payment.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
To record the issuance of shares in exchage of computer.
August 1 Cash 168,000
Subscription Receivable 168,000
To pay the installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To pay the last installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of shares.
The subscription receivable is written at the shareholder's equity section. It is represent the receivable of the corporation from the subscriber's. In writing it, it is simply deducted from the subscribed ordinary shares.
regine zabala
ReplyDeleteJune 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the issuance of shares and the down payment.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
To record the issuance of shares in exchage of computer.
August 1 Cash 168,000
Subscription Receivable 168,000
To pay the installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To pay the last installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of shares.
Subscription receivable is simply deducted from the subscribed ordinary shares or other accounts and at the shareholder's equity section.
angela ramos
ReplyDeleteJune 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the issuance of shares and the down payment.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
To record the issuance of shares in exchage of computer.
August 1 Cash 168,000
Subscription Receivable 168,000
To pay the installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To pay the last installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of shares.
Subscription receivable is presented in the section of financial position as a deduction from the related subscribed ordinary shares, however when it is collectible within 1 year, it may become a current asset. It is debited for the total proceeds of the subscription to the ordinary shares and credited for the collections on the subscription.
yvette boreres
ReplyDeleteJune 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the issuance of shares and the down payment.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
To record the issuance of shares in exchage of computer.
August 1 Cash 168,000
Subscription Receivable 168,000
To pay the installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To pay the last installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of shares.
The subscription receivable account is presented in the balance sheet as a deducted from the related subscribed ordinary shares. If it is collectible for or within a year, it is shown as a current asset. It is debited for the total proceed of the subscription to the ordinary share and credited for the collection on the subscription.
ariane gata
ReplyDeleteJune 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the issuance of shares and the down payment.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
To record the issuance of shares in exchage of computer.
August 1 Cash 168,000
Subscription Receivable 168,000
To pay the installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To pay the last installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of shares.
To record the subscription receivable into the balance sheet it should be deducted from the other account like subscribed ordinary shares and subscribed preference shares.
MERILYN HERMOSILLA
ReplyDeleteJune 1 Cash 105,000
Subscription Receivable 315,000
Subscribed Ordinary Shares 245,000
Share Premium-Ordinary 175,000
To record the issuance of shares and the down payment.
7 Cash 160,000
Ordinary Shares 105,000
Share Premium-Ordinary 55,000
To record the issuance of shares.
July 10 Equipment 12,000
Ordinary Shares 7,000
Share Premium 5,000
To record the issuance of shares in exchage of computer.
August 1 Cash 168,000
Subscription Receivable 168,000
To pay the installment.
Sept. 1 Cash 147,000
Subscription Receivable 147,000
To pay the last installment.
/ Subscribed Ordinary Shares 245,000
Ordinary Shares 245,000
To record the issuance of shares.
The subscription receivable is deducted from the subscribed ordinary shares. It is also deducted from other accounts like subscribed preference shares.