When shares are forfeited, the share capital account is debited with the A) Nominal value of shares B) Paid-up value of shares C) called-up value of shares D) Maximum value of shares
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- By default, issuance costs of shares is debited to Share Capital Retained Earnings Issuance Cost Share PremiumShare Premium account is recorded as a credit when- a) Shares are sold higher than par value b) Shares are sold less than the par value c) Shares are sold at par value d) All of theseWhen a company buys shares of its own stock to be held in treasury, it records a reduction in: B . both assets and shareholders’ equity.
- Under IFRS, a purchase by a company of its own shares results in: a. an increase in treasury shares. b. a decrease in assets. c. a decrease in equity. d. All of the above.The Share Premium in excess of par account normally arises in the accounting records when? the fair value of the shares rises above par value. the number of shares issued equals the number authorized. share capital is issued at an amount greater than par value. the stated value of share capital is greater than the par value.Which of the following affects the total Shareholders’ Equity? a. Declaration of a scrip dividend b. Declaration of share split c. Appropriation of retained earnings d. Retirement of treasury shares
- 1. What is the accounting for treasury share transactions? a. Treasury shares are accounted for as financial assets. b. On repurchase or re-issuance of previously purchased own shares, no gain or loss is recognized. c. On re-issuance of treasury shares, a gain or loss is recognized equal to the difference between the previous repurchase price and the re-issuance price. d. On repurchase of treasury shares, a gain or loss is recognized equal to the difference between the amount at which the shares were issued and the repurchase price for the shares.Gain on sale of treasury shares should be credited to: * A. Share Premium from treasury shares B. Accumulated profits C. Share capital D. None of the aboveWhen a company buys shares of its own stock to be held in treasury, it records a reduction in: C . assets and an increase in shareholders’ equity.
- 1. What is the accounting for treasury share transactions? a. On repurchase or re-issuance of previously purchased own shares, no gain or loss is recognized. b. Treasury shares are accounted for as financial assets. c. On re-issuance of treasury shares, a gain or loss is recognized equal to the difference between the previous repurchase price and the re-issuance price. d. On repurchase of treasury shares, a gain or loss is recognized equal to the difference between the amount at which the shares were issued and the repurchase price for the shares. . 2. If a no-par value share is issued... a. The value of each share is automatically ₱5. b. The corporation is automatically in violation of its state charter. c. There is no legal capital. d. The entire proceeds is considered as legal capital. . 3 Which of the following statements relating to bonds is incorrect? a. None of the choices b. A bond’s face value is the amount the issuer must pay…Which of the following affects the total Shareholders’ Equity? Appropriation of retained earnings Declaration of a scrip dividend Declaration of share split Retirement of treasury sharesWhen non-par value shares are reacquired at a cost greater than their average issue price and cancelled, what account(s) should be debited? Select one: a. The share account for the total cost. b. The share account for the average issue price, contributed surplus-repurchases up to its account balance, other contributed surplus relating to this class of shares in proportion to the number of shares repurchased versus outstanding and lastly retained earnings for any remaining amount. c. The share account for the average per share amount, retained earnings for the additional amount, and lastly contributed surplus for any remaining amount. d. The share account for the average per share amount and a loss account for the additional amount. e. none of the above answers are correct.
