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Calculate the number of shares issued and outstanding

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Reference no: EM132820278

Problem - Preparation of the Shareholders' Equity Section of a Statement of Financial Position

The accounts listed below were taken from the general ledger of the Liggayu Corporation on June 30, 2018. Each account has a normal balance.

Ordinary Shares P1,300,000 Share Premium- Preference P325,000

Subscribed Ordinary Shares Ordinary Shares Dividend 100,000 Share Premium-Treasury 17,500

Distributable 70,000

Treasury Stock-Ordinary (3,000 shares) 117,500 Retained Earnings:

Share Premium-Ordinary 2,075,000 Unappropriated 1,870,000

7% Preference Shares 250,000 Appropriated for Plant Expansion 125,000

7% Preference Shares- Subscribed 25,000

Additional Information:

a. Preference share has a par value of P50 per share. Liggayu was authorized to issue 10,000 shares. The preference share is cumulative and participating.

b. Ordinary share has a par value of P5 per share. Liggayu was authorized to issue 500,000 shares.

Required -

1. Prepare the shareholders' equity section of Liggayu Corporation's June 30, 2018 statement of financial position.

2. Use the par values of preference and ordinary shares to calculate the number of shares issued and outstanding.

Reference no: EM132820278

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