iACCOUNT: akawnting

Thursday, 21 May 2015

May 2015 CPA Licensure Exam Result

Correction

overall 81.82% (9 out of 11 takers)

first timer 100%

2015 May CPA Licensure

100% passers ...first time takers
81.82% passers ,.. overall

http://www.prcboardnews.com/2015/05/prc-releases-may-2015-cpa-board-exam-results.html

October 2014 CPA Board Exam Results

The PRC announced the October 2014 CPA Licensure in 3 days after the last day of examination. To find out if you have passed the CPA Board:

http://www.prc.gov.ph/news/?id=851

Saturday, 7 March 2015

Retained Earnings

Problem # 1.

Lam-ang's board of directors declared a P 710,000 cash dividend on October 5, 2015. The board decided to include all shareholders as of November 5, 2015, beyond the date would no longer entitle the shareholder to receive any dividend declared on October 5, 2015. On December 20, 2015, the shareholders received their share of the profit.

Required:

Prepare the necessary journal entries to record the above transactions.

Shareholders' Equity Section

The shareholders' equity of Moonlight Corporation at January 2, 2015, appeared below:

8% Preference Shares, P 150 par, 100,000 shares authorized, 20,000 shares issued and outstanding P 3,000,000

Ordinary shares, P 100 par, 200,000 shares authorized, 50,000 shares issued and outstanding P 5,000,000

Share premium - preference P 300,000

Share Premium - Ordinary P 200,000

Retained Earnings P 1,500,000

During 2015 the following transactions occurred:

Jan 5, issued 6,500 ordinary shares in exchange for a piece of land . The land had a cost of P 500,000. There was no available fair value of shares stock.
Feb 10, purchased 6,000 ordinary shares for the treasury at P 90 per share.
Feb 15 shareholders donated P 10,000 cash
May 7, issued 10,000 preference shares for P 160 per share
June 29, received subscription to 10,000 ordinary shares at P 120
Aug 17, received donation from ordinary shareholders, 2,000 ordinary shares
Sept 11, received full amount from subscribers and issued the shares
Oct 20, sold 3,000 treasury shares at P 160 per share
Nov 22, retired 2,000 treasury shares.
Dec 31, Closed profit of P 450,000

Required:

Prepare journal entries to record transactions (to be posted online)
Prepare the December 31, 2015 Shareholders' equity section (yellow paper)

Note: To be submitted on or before March 8, 2015 (8 pm)