Homework Answers
Problem -III
The solution calculated is erroneous, below is correct solution :
| Common stock issued | 120,000.00 |
| APIC Common Stock | 880,000.00 |
| Retained Earning | 465,000.00 |
| Total Shareholders' fund | 1,465,000.00 |
| Number of share | 120,000.00 |
| Value per share | 12.21 |
The Retained earning belongs to common stock holder, however it is after discharge of amount payable to preferred stock holder.
| Calculation of Retained Earning | ||
| Retained earning | 500,000 | |
| Less : Dividend in arrears | (20,000) | |
| Less : Liquidating value exceeding par value (3000*5) | (15,000) | |
| Total | 465,000 | |
Problem-IV : The solution calculated is correct, however journal entries are always with narration so please refer to below solution :
| Accounts | Debit | Credit | |
| Treasury Stock | 10,000 | ||
| Cash | 10,000 | ||
| (Being purchase of 200 capital stock @ 50 per treasury share) | |||
| Cash | 6,480 | ||
| Treasury Stock | 6,000 | ||
| Paid in capital in excess at par - Treasury Stock | 480 | ||
| (Being sale of 120 shares @ 54 which has cost of 50 per treasury share ) | |||
| Cash | 3,200 | ||
| Paid in capital in excess at par - Treasury Stock | 800 | ||
| Treasury Stock | 4,000 | ||
| (Being sale of 80 shares @ 40 which has cost of 50 per treasury share) | |||
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