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    Memorandum Entry Ex.

    Uploaded by

    Hanie Iguid

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Memorandum Entry Ex.

    Uploaded by

    Hanie Iguid
    4 views2 pages

    Original Title

    memorandum entry ex.

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    4 views2 pages

    Memorandum Entry Ex.

    Uploaded by

    Hanie Iguid

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    A.

    Fast Corporation

    Date Particulars Debit Credit


    2023
    Mar. 5 Subscription receivables - ordinary 600,000
    Subscribed ordinary shares 400,000
    Share premium - ordinary 200,000
    Subscribed 20,000 ordinary shares at 30

    Cash 360,000
    Subscription receivables - ordinary 360,000
    Collected 60% of the subscribed shares

    18 Cash 1,760,000
    Preference shares 1,600,000
    Share premium - preference 160,000
    Issued 16,000 preference shares

    April 10 Organization expense 135,000


    Preference shares 100,000
    Share premium - preference 35,000
    Issued 1,000 preference shares as payment to a
    lawyer

    May 10 Treasury shares - ordinary 500,000


    Cash 500,000
    Reacquired shares

    July 15 No entry

    Aug. 20 Advances on delinquency sale 30,000


    Cash 30,000
    Corporation expense on auction

    Sept. 5 Cash 240,000


    Retained earnings 10,000
    Treasury shares - ordinary 250,000
    Sold one half of treasury shares at 24

    20 Cash 273,000
    Interest revenue 3,000
    Advances on delinquency sale 30,000
    Subscription receivable - ordinary 240,000
    Collected from the highest bidder

    Subscribed ordinary shares 400,000


    Ordinary shares 400,000
    Issuance or ordinary shares

    Oct. 10 Subscription receivables - preference 62,500


    Subscribed preference shares 50,000
    Share premium - preference 12,500
    Subscribed 500 preference shares at 125

    Cash 31,250
    Subscription receivables - preference 31,250
    Paid one-half of the account

    Nov. 15 Cash 150,000


    Treasury shares - ordinary 125,000
    Share premium - treasury 25,000
    Sold 5,000 treasury shares at 30

    20 Treasury shares - preference 420,000


    Cash 420,000
    Reacquired preference shares at 140

    Preference shares 300,000


    Share premium – preference (160,000/16,000 x 30,000
    3,000)
    Retained earnings 90,000
    Treasury shares - preference 420,000
    Retirement of treasury preference shares

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