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4. As of January 1, 2008, Nottseong Co., Ltd. has a balance of 10,000,000 won (1,000...

4. As of January 1, 2008, Nottseong Co., Ltd. has a balance of 10,000,000 won (1,000 shares issued, par value of 10,000 won per share), a share issuance surcharge of 5,000,000 won and the corresponding loss is -8,000,000 won. On January 2, 2008, Myungsung Co., Ltd. issued an additional 500 shares (face value of 10,000 won per share) based on share issues. On January 3, 2008, Myungsung Co., Ltd. decided to reduce 800 shares (par value of 10,000 won per share) to preserve the transfer loss of -8,000,000 won. Please provide accounting (journal) for capital transactions made on January 2 and January 3, 2008
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Answer #1
Journal Amount in Won
Date Account Titles Debit Credit
January 2,20X8 Stock Issue Surcharge             5,000,000
Share Capital at Face Value             5,000,000
(500 x 10,000 )
January 3,20X8 Share Capital at Face Value             8,000,000
Carry over loss             8,000,000
(800 x 10,000 )
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