Willy Company's equity balances on December 31, 2020 are:10% noncumulative preference share capital, P100 par,100,000 sharesOrdinary share capital, P100 par value, 500,000 sharesRetained earningsDividends in arrears on the preference shares are for 5 years. If the colpany were tobe liquidated, the preference shareholders would receive par plus a premium ofP1,000,000. The book value per share of ordinary shares isP10,000,00050,000,00015,000,000 The shareholders' equity for the Mekeni Foods, Inc. on December 31, 2013 follows:12% Preference share capital, P100 par, 20,000 sharesOrdinary share capital, P25 par, 200,000 sharesShare premiumRetained earningsTotal shareholders' equityP2,000,0005,000,000500,000750,000P8,250,000Preference shares have a liquidation value of P110; shares are cumulative, withdividends in arrears for 3 years including the current year and fully payable in the eventof liquidation. The book value of an ordinary share is

Total shareholders fund. XXX Less : preference share capital. (XXX) Book value of…

Willy Company's equity balances on December 31, 2020 are: 10% noncumulative preference share capital, P100 par, 100,000 shares Ordinary share capital, P100 par value, 500,000 shares Retained earnings Dividends in arrears on the preference shares are for 5 years. If the colpany were to be liquidated, the preference shareholders would receive par plus a premium of P1,000,000. The book value per share of ordinary shares is P10,000,000 50,000,000 15,000,000

Willy Company's equity balances on December 31, 2020 are: 10% noncumulative preference share capital, P100 par, 100,000 shares Ordinary share capital, P100 par value, 500,000 shares Retained earnings Dividends in arrears on the preference shares are for 5 years. If the colpany were to be liquidated, the preference shareholders would receive par plus a premium of P1,000,000. The book value per share of ordinary shares is P10,000,000 50,000,000 15,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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