Journal Entries in the books of Mendoza Corporation
Note: Par value of equity shares is $2 and all other entries has been passed considering it
Jan10. Bank. A/c. Dr. 300,000
To Equity Share Capital.(200,000×2) 200,000
To Securities Premium Reserve. 100,000
(Being 100,000 equity shares issued at $3 each )
March1. Bank A/c. Dr. 550,000
To 6% Preference share capital. 400,000
To Securities Premium Reserve. 150,000
(Being 10,000 6% preference shares issued)
April1. Land A/c. Dr. 75,000
To Equity Share capital. 50,000
To Securities premium reserve. 25000
(Being 25000 equity shares issued for purchase of land)
Note: Here we will record the land at the present fair value of land that has been estimated by the company and price of share will be also recorded at that value.
May1 Cash A/c. Dr. 300,000
To Equity share capital. 150,000
To Securities premium reserve. 150,000
(Being 75000 equity shares issued)
Aug1. Preliminary Expenses A/c. Dr. 50000
To Equity share capital A/c. 10000
To securities premium reserve. 40000
(Being shared issued to attorney for thier services)
Sept1. Cash. A/c. Dr. 30000
To Equity Share capital a/c 10000
To Securities premium reserve. 20000
(Being 5000 equity shares issued)
Nov1. Cash A/c. Dr. 120,000
To 6% Preference share capital. 80000
To Securities premium reserve. 40000
(Being 2000 6% preference shares issued)
CHAPTER 13 PROBLEMS: SET B Maddie mcheon P13-1B Mendoza Corporation was organized on January 1, 2017....
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