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A Corporation was chartered on June 1, 2024, authorized to issue 100,000 ordinary shares and 40,000 preference shares. The incorporators initially subscribed and paid 25% of their shares, with various transactions occurring throughout June, including share sales and exchanges for assets. Notable events included the issuance of shares for land, payment of incorporation fees, and settlement of subscriptions with cash and assets.

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21 views2 pages

Final Activity

A Corporation was chartered on June 1, 2024, authorized to issue 100,000 ordinary shares and 40,000 preference shares. The incorporators initially subscribed and paid 25% of their shares, with various transactions occurring throughout June, including share sales and exchanges for assets. Notable events included the issuance of shares for land, payment of incorporation fees, and settlement of subscriptions with cash and assets.

Uploaded by

Cherry An Gacula
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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A Corporation received its corporate charter on June 1, 2024, It was

authorized to issue 100,000 ordinary shares at P50 par value per share
and 40,000 shares at P100 value per share. Before incorporation, the
incorporators subscribed and paid 25% of their respective share
subscriptions as follows:
Number of subscribed share
Incorporators capital
Ordinary Preference
Shares shares
Villanueva, 5,000 2,000
Eddie
Enrile, Jack 5,000 2,000
Gordon, Dick 5,000 2,000
Alcantara, 5,000 2,000
Samson
Seneres, 5,000 2,000
Christian
Other transactions during the month of June 2024 are as follows:
June Transactions
10 - Paid incorporation fees of P5,000 to the SEC; business registration
fees of P3,000 to the Manila City Hall and printing fees of P2,000
for stock certificates to Cacho Hermanos.
- Sold 3,000 ordinary shares at P60 per share to Lito David.
13 - Issued 4,000 preference shares in exchange for a parcel of land
Selling Price is P500,000
- Eddie Villanueva paid in full his share subscriptions and was issued
stock certificates of ordinary and preference shares.
18 - Jack Enrile transferred his delivery truck in favor of the corporation
plus cash as full payment of his subscription. The delivery truck
has a carrying value of P400,000 but its fair market value is
P300,000. The corporation issued stock certificates of ordinary and
preference shares.
22 - A bill of P30,000 was received from the corporation’s lawyer for
the preparation of incorporation papers and other legal services
rendered in connection with the organization of the corporation
- Issued 500 preference share capital to Teddy Casino for
promotional services during the incorporation period.
24 - Received subscription of 2,000 ordinary shares at 120% of par
value from Lito David.
- Dick Gordon paid the balance of his subscription with merchandise
worth, P200,000; the balance in cash. He was issued the stock
certificates.
26 - Collected 80% of the subscriptions of Lito David.
- Sold to various investors 5,000 ordinary shares at 130% and 3,000
preference shares at P130 per share.
27 - The lawyer agreed for the settlement of his bill with 250
preference shares
28 - Samson Alcantara paid the balance of his subscription and
received the stock certificates
- Lito David paid the balance of his subscriptions and received the
stock certificates.
- Christian Seneres settled his remaining subscription balances
giving office equipment worth P150,000 and the balance in cash.
He received the stock certificates.
30 - Issued 20,000 ordinary shares and 10,000 preference shares in
exchange for a piece of land with a fair market value of
P2,500,000. At date, the ordinary and preference shares are sold
at 120% and 130, respectively.

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