Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 showsthe following:Accounts PayableBonds payableOrdinary Share Capitalpar)8% Preference Share Capital (P200 par)10% Preference Share Capital(P200 par)Р 56,000500,000550,000(P100300,000200,00025,00050,00070,000230,000(21,000)P 1,960,000Share Premium – ordinaryShare Premium – PreferenceAppropriations reserveAccumulated ProfitsTreasury shares - ordinary (P105/sh)Total EquitiesDividends are in arrears for two years. The 10% preference sharecapital is cumulative while the 8% preference share capital isparticipating up to 12%.If Candy Inc. is liquidated, how much would be received by Mr.Gwapo who holds 500 ordinary shares and 100 shares of 10%preference shares?

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Description: Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 showsthe following:Accounts PayableBonds payableOrdinary Share Capitalpar)8% Preference Share Capital (P200 par)10% Preference Share Capital(P200 par)Р 56,000500,000550,000(P100300,000

Liquidation of Company Liquidation of the company is the winding process of the company whether by…

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Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 shows the following:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Part of the Financial Position of Candy Inc. as of Dec. 31, 2019 shows
the following:
Accounts Payable
Bonds payable
Ordinary Share Capital
par)
8% Preference Share Capital (P200 par)
10% Preference Share Capital(P200 par)
Р 56,000
500,000
550,000
(P100
300,000
200,000
25,000
50,000
70,000
230,000
(21,000)
P 1,960,000
Share Premium – ordinary
Share Premium – Preference
Appropriations reserve
Accumulated Profits
Treasury shares - ordinary (P105/sh)
Total Equities
Dividends are in arrears for two years. The 10% preference share
capital is cumulative while the 8% preference share capital is
participating up to 12%.
If Candy Inc. is liquidated, how much would be received by Mr.
Gwapo who holds 500 ordinary shares and 100 shares of 10%
preference shares?

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