Assignment no. 2
The shareholders equity account of Algeria Corporation, after its initial year of operation in 2016 dhows the following:
Date Particulars Debit Credit
Jan. 1 Issued 6,000 shares at par P100 in
Exchange for real property with a
Market value of P800,000; authorized
20,000 shares 600,000
Jan. 15 Sold 8,000 shares at P120 960,000
Mar. 10 Purchase 800 Algeria shares at P150 120,000
May 15 Loss on sale of machinery 40,000
June 10 Sold 400 treasury shares 68,000
Dec. 31 Cash dividends declared payable
January 15, 2017 80,000
Dec. 31 Profit for the year 316,000
Questions:
Based on the information presented above and the result of your audit, answer the following.
1. The adjusted share capital as of December 31, 2016 is
2. The total share premium as of December 31, 2016 is
3. The unapproriated retained earnings as of December 31, 2016 is
4. The adjusted total equity on December 31, 2016 is