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ABC Co. has authorized share capital of 10,000 8% participating preference shares with P100 par value and 100,000 ordinary shares with P10 par value. ABC Co. reported this on December 31,2020: Preference share capital P500,000 Ordinary share capital 900.000

ABC Co. has authorized share capital of 10,000 8% participating preference shares with P100 par value and 100,000 ordinary shares with P10 par value. ABC Co. reported this on December 31,2020: Preference share capital P500,000 Ordinary share capital 900.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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ABC Co.

ABC Co. has authorized share capital of 10,000 8% participating preference shares with P100 par value and 100,000 ordinary shares with P10 par value. ABC Co. reported this on December 31,2020: Preference share capital Ordinary share capital Share premium Retained Earnings P500,000 900,000 90,000 138,000 Treasury ordinary shares - 1,000 at cost Shareholders' equity (20,000) P1,608,000 Dividends on preference shares are in arrears for the current year. If ABC Co. is liquidated, how much would be received by Mr. Chris Pin who holds 20,000 voting shares?
Transcribed Image Text:ABC Co. has authorized share capital of 10,000 8% participating preference shares with P100 par value and 100,000 ordinary shares with P10 par value. ABC Co. reported this on December 31,2020: Preference share capital Ordinary share capital Share premium Retained Earnings P500,000 900,000 90,000 138,000 Treasury ordinary shares - 1,000 at cost Shareholders' equity (20,000) P1,608,000 Dividends on preference shares are in arrears for the current year. If ABC Co. is liquidated, how much would be received by Mr. Chris Pin who holds 20,000 voting shares?
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