The following capital accounts are shown in the statement of financial position of George Corporation: Ordinary shares, 10,000 shares, par value P100 - 1,000,000 Premium on ordinary shares 20,000 Share premium - treasury shares 30,000 Accumulated profits and losses 750,000 Treasury shares, 2,000 shares at cost 250,000 The entire 2,000 treasury shares were sold for P200,000. What would be the balance of the accumulated profits and losses account after this sale?
The following capital accounts are shown in the statement of financial position of George Corporation: Ordinary shares, 10,000 shares, par value P100 - 1,000,000 Premium on ordinary shares 20,000 Share premium - treasury shares 30,000 Accumulated profits and losses 750,000 Treasury shares, 2,000 shares at cost 250,000 The entire 2,000 treasury shares were sold for P200,000. What would be the balance of the accumulated profits and losses account after this sale?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following capital accounts are shown in the
Corporation:
Ordinary shares, 10,000 shares, par value P100 - 1,000,000
Premium on ordinary shares 20,000
Share premium - treasury shares 30,000
Treasury shares, 2,000 shares at cost 250,000
The entire 2,000 treasury shares were sold for P200,000. What would be the balance of the
accumulated profits and losses account after this sale?
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