Please take note that this write-up is for general information purposes only and should not be used as a substitute for professional advice.
– Explains the accounting for admission of new partners or change in ownership. Please take note that this write-up is for
A corporation is a business organization that is separate from its owners, who are called shareholders. The accounting for corporation is more complex than that of a partnership or sole proprietorship. The accounting for corporation is more complex than
🔹 Partnership Formation & Dissolution 🔹 Corporate Formation & Operation :::::: Retained Earnings & Treasury Stocks who are called shareholders.
| Account | Debit | Credit | | --- | --- | --- | | Profit and Loss | PHP 200,000 | | | Retained Earnings | | PHP 200,000 |
| Account | Debit | Credit | | --- | --- | --- | | Cash | PHP 750,000 | | | Share Capital | | PHP 500,000 | | Share Premium | | PHP 250,000 |