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What total amount should be reported as shareholders equity

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Reference no: EM133185047

Question - Following are the data available before liquidating the partnership:

a. Prepaid expenses amounted to P8,400 were refunded to the partnership with the exception of P1,440 that was forfeited.

b. R agreed to personally take certain equipment having a P6,000 book value. (The partners estimated its current value at P7,200)

c. S agreed to personally take certain furniture having a P3,600 book value. ((The partners estimated its current value at P3,000)

d. The remaining noncash assets were realized at P32,400.

How much is the final settlement to the partners?

Glenn Company provided the following information at year-end:

Preference share capital, P100 par 2,310,000

Share premium - preference share 805,000

Ordinary share capital, P10 par 5,255,000

Share premium - ordinary share 2,750,000

Subscribed ordinary share capital 500,000

Retained earnings 1,900,000

Notes payable 4,000,000

Subscription receivable - ordinary share 400,000

Revaluation surplus 100,000

1. What total amount should be reported as shareholders' equity?

2. What is the amount of legal capital?

Reference no: EM133185047

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