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  • QUIZ in AUDIT OF SHAREHOLDERS EQUITY

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    Lugh Tuatha De
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    The document provides the post-closing trial balance of Haymadi Corporation as of December 31, 2021. It also provides additional information on the number of ordinary and preference shares. The requirements are to calculate: 1) Share premium/Additional paid-in capital of P3,258,000 2) Total contributed capital of P4,428,000 3) Unappropriated retained earnings of P91,800 4) Total equity of P4,474,800

    Original Description:

    Auditing Problems (Audit of SHE)

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    The document provides the post-closing trial balance of Haymadi Corporation as of December 31, 2021. It also provides additional information on the number of ordinary and preference shares. The requirements are to calculate: 1) Share premium/Additional paid-in capital of P3,258,000 2) Total contributed capital of P4,428,000 3) Unappropriated retained earnings of P91,800 4) Total equity of P4,474,800

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    276 views2 pages

    QUIZ in AUDIT OF SHAREHOLDERS EQUITY

    Uploaded by

    Lugh Tuatha De
    The document provides the post-closing trial balance of Haymadi Corporation as of December 31, 2021. It also provides additional information on the number of ordinary and preference shares. The requirements are to calculate: 1) Share premium/Additional paid-in capital of P3,258,000 2) Total contributed capital of P4,428,000 3) Unappropriated retained earnings of P91,800 4) Total equity of P4,474,800

    Copyright:

    © All Rights Reserved
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    QUIZ | AUDIT OF SHAREHOLDER’S EQUITY (ISCP-College of Accountancy)

    P1. HAYMADI CORPORATION’s post closing trial balance at December 31, 2021 was as follows:

    BANKAIS Corporation
    Post-Closing Trial Balance
    December 31, 2021
    Debit Credit
    Accounts payable P495,000
    Accounts receivable P963,000
    Reserve for depreciation 360,000
    Reserve for doubtful accounts 54,000
    Premium on ordinary shares 1,800,000
    Gain on sale of treasury shares 450,000
    Bonds payable 720,000
    Building and equipment 1,980,000
    Cash 396,000
    Dividends payable or preference shares 7,200
    Share capital-ordinary (P1 par value) 270,000
    Inventories 1,116,000
    Land 684,000
    Financial assets at FVOCI 513,000
    Trading securities at fair value 387,000
    Net unrealized loss on financial assets at FVOCI 45,000
    Share capital – preference (P50 par value) 900,000
    Prepaid expenses 72,000
    Donated capital 800,000
    Share warrants outstanding 208,000
    Retained earnings 415,800
    Treasury shares – ordinary, at cost 324,000
    Totals P6,480,000 P6,480,000

    At December 31, 2021, HAYMADI had the following number of ordinary and preference shares:

    Ordinary Preference
    Authorized 900,000 90,000
    Issued 270,000 18,000
    Outstanding 252,000 18,000
    The dividends on preference shares are P0.40 cumulative. In addition, the preference share has a preference in
    liquidation of P50 per share.

    Requirements:
    1. Share premium/Additional paid-in capital
    2. Total contributed capital
    3. Unappropriated retained earnings
    4. Total equity

    May suggested solution sa baba. U want? SOLVE IT MUNA INDEPENDENTLY!!! Okay?


    SUGGESTED SOLUTION:

    1. P3,258,000

    Premium on ordinary shares P1,800,000


    Gain on sale of treasury shares 450,000
    Donated capital 800,000
    Share warrants outstanding 208,000
    Total share premium/additional paid-in capital P3,258,000

    2. P4,428,000

    Share capital – preference (P50 par value) P900,000


    Share capital – ordinary (P1 par value) 270,000
    Share premium (refer to no. 1) 3,258,000
    Total contributed capital P4,428,000

    3. P91,800

    Total retained earnings P415,800


    Less: appropriation for treasury shares 324,000
    Unappropriated retained earnings P91,800

    4. 4,474,800

    Total contributed capital (ref. to no.2) P4,428,000


    Retained earnings:
    Unappropriated (ref. to no. 3) P91,800
    Appropriated for treasury shares 324,000 __415,800
    Total 4,843,000
    Less: Treasury shares 324,000
    Net unrealized loss on FAFVOCI _45,000 __369,000
    Total Equity P4,474,800

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