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    Date Particular DR CR: La Bambina Inc. Journal Entries

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    Loida Ocasla
    - La Bambina Inc. was organized on January 15, 2020 and authorized the issuance of 20,000 8% cumulative preferred shares with P100 par value and 50,000 common shares with no par value. - Various transactions occurred from January to March involving the issuance of shares for cash and assets, as well as the collection of subscription receivables. - As of March 31, 2020, the trial balance showed total assets of P2,307,500 consisting mainly of cash, receivables, land, and investments in shares, with equal total credits to shareholders' equity accounts.

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    Date Particular DR CR: La Bambina Inc. Journal Entries

    Uploaded by

    Loida Ocasla
    80 views5 pages
    - La Bambina Inc. was organized on January 15, 2020 and authorized the issuance of 20,000 8% cumulative preferred shares with P100 par value and 50,000 common shares with no par value. - Various transactions occurred from January to March involving the issuance of shares for cash and assets, as well as the collection of subscription receivables. - As of March 31, 2020, the trial balance showed total assets of P2,307,500 consisting mainly of cash, receivables, land, and investments in shares, with equal total credits to shareholders' equity accounts.

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    sample trial balance

    Original Title

    Trial Balance

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    - La Bambina Inc. was organized on January 15, 2020 and authorized the issuance of 20,000 8% cumulative preferred shares with P100 par value and 50,000 common shares with no par value. - Various transactions occurred from January to March involving the issuance of shares for cash and assets, as well as the collection of subscription receivables. - As of March 31, 2020, the trial balance showed total assets of P2,307,500 consisting mainly of cash, receivables, land, and investments in shares, with equal total credits to shareholders' equity accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    80 views5 pages

    Date Particular DR CR: La Bambina Inc. Journal Entries

    Uploaded by

    Loida Ocasla
    - La Bambina Inc. was organized on January 15, 2020 and authorized the issuance of 20,000 8% cumulative preferred shares with P100 par value and 50,000 common shares with no par value. - Various transactions occurred from January to March involving the issuance of shares for cash and assets, as well as the collection of subscription receivables. - As of March 31, 2020, the trial balance showed total assets of P2,307,500 consisting mainly of cash, receivables, land, and investments in shares, with equal total credits to shareholders' equity accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Name College of St.

    Benilde
    BUSIACC

    La Bambina Incorporated was organized on January 15, 2020. The firm's charter authorized the
    issuance of the following:
    8% Cumulative Preferred Share, P100 par, 20,000 shares
    Common stock, no par, 50,000 shares
    The Board of Directors has established a P50 stated value on the common stock.

    The following transactions occurred during the first three month of the year:
    Jan. 20 Corporators subscribed for 13,000 shares of common stock for P60 per share with
    50% payment received and the balance is payable 45 days after.
    25 Subscription for 5,000 preferred shares at P120 per share with 40% payment
    received. The balance will be payable 60 days after.
    30 Sold 750 shares of preferred shares to Alicia Company for P125 per share for cash
    and the shares were issued.
    Feb. 20 Received land costing P125,000 for 1,000 preferred shares. Appraised value of
    the land is 240% of its cost. Shares were issued.
    27 Legal and promotional cost were paid P35,000.
    Mar. 3 Received subscription contract from various investors to purchase 2,500 shares
    of common stock at P65 per share with a 25% down payment, balance due on
    April 17, 2020.
    6 Collected the amount due from the corporators. Shares were issued.
    10 Received subscriptions from various investors for 4,500 common shares at P65 each.
    12 Issued 500 preferred shares for P130 per share.
    15 Received 30% payment from the March 10 subscribers.
    25 Issued 60 preferred shares to Atty. Luna for the P13,750 bill received for his services
    rendered during the incorporation.
    26 Payment receiived from Jan. 25 subscribers for 4,000 shares.

    Prepare the entries using the journal entry method for the transactions given.
    Then, prepare the trial balance as at March 31, 2020 using a T-account.

    La Bambina Inc.
    Journal Entries
    Date Particular DR CR
    20-Jan Cash ₱ 390,000.00
    Subscription receivable- ordinary share ₱ 390,000.00
    Subscribed share capital- ordinary ₱ 650,000.00
    Share premium- ordinary ₱ 130,000.00
    25-Jan Cash ₱ 240,000.00
    Subscription receivable- preference share ₱ 360,000.00
    Subscribed share capital- preference ₱ 500,000.00
    Share premium- preference ₱ 100,000.00
    30-Jan Cash ₱ 93,750.00
    Preferrence Share Capital ₱ 75,000.00
    Share Premium- preference ₱ 18,750.00
    20-Feb Land ₱ 300,000.00
    Preferrence Share Capital ₱ 100,000.00
    Share Premium- preference ₱ 200,000.00

    27-Feb Share issuance cost ₱ 35,000.00


    cash ₱ 35,000.00

    3-Mar Cash ₱ 40,625.00


    Subscription receivable- ordinary share ₱ 121,875.00
    Subscribed share capital- ordinary ₱ 125,000.00
    Share premium- ordinary ₱ 37,500.00
    6-Mar Cash ₱ 390,000.00
    Subscribed share capital- ordinary ₱ 650,000.00
    Subscription receivable - ordinary share ₱ 390,000.00
    Ordinary share capital ₱ 650,000.00
    12-Mar Cash ₱ 65,000.00
    Preferrence Share Capital ₱ 50,000.00
    share Premium- preference ₱ 15,000.00

    15-Mar Cash ₱ 87,750.00


    Subscription receivable- ordinary ₱ 87,750.00

    25-Mar Organization Expense ₱ 13,750.00


    Preferrence Share Capital ₱ 6,000.00
    Share Premium- preference ₱ 7,750.00

    26-Mar Cash ₱ 240,000.00


    Subscriptiom receivable - preference ₱ 240,000.00

    10-Mar Subscription receivable- ordinary share 292,500.00


    Subscribe share capital- ordinary 225,000
    Share premium- ordinary 67,500.00
    LA BAMBINA INC
    Trial Balance
    March 31,2020
    Dr Cr
    Cash 1,512,125
    Subscription Receivable- Ordinary 326,625
    Subscription Receivable- Preference 120,000
    Land 300,000
    Subscribed Share Capital- ordinary 350,000
    Subscribed Share Capital- preference 500,000
    Ordinary Share Capital 650,000
    Preference Share Capital 231,000
    Share Premium - Ordinary 235,000
    Share Premium- Preference 341,500
    Share issuance cost 35,000
    Organization Expense 13,750
    TOTALS 2,307,500 2,307,500

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