An individual donated preferred stock valued at $75,000 to finance auxiliary enterprises activities. She had acquired...
An individual donated preferred stock valued at $75,000 to finance auxiliary enterprises activities. She had acquired the investments for $59,000. Add journal entry.
Homework Answers
Journal Entry in the books of M/s Finance auxiliary enterprises activities
|
Particular |
Dr. |
Cr. |
|
Treasury Stock A/c |
$75000 |
|
|
To Donated Capital |
$75000 |
|
|
( Being donated shares recorded in the books) |
For Knowledge purpose.
1.When the shareholders donate shares to the Company than the Company has Choice that its either retire the share or reissue in the near future.
2. We use the Cost method in this case in which a debit is made to Treasury Stock, while a credit is made to Donated Capital using the current market value of the shares received.
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