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The ready action lets you prepare to take an action later, after your turn is over but before your next one has begun. Readying is a standard action. It does not provoke an attack of opportunity (though the action that you ready might do so).

Readying is a standard action; you only get a single standard action in a round. The attack action is also a standard action so you cannot ready an action and attack. You can ready a standard action, a move action or a free action, but to ready the action in the first place is a standard action.

So, on 12 PC C can ready an action, when he does so he declares what action and the trigger. Since he is last the turn ends after he completes his turn. On the new turn if any character performs the triggering action, he can take his readied action. When he does so his initiative is adjusted to just before the character that triggered the ready action. That is his new initiative from that point on. He does not get an action that round nor can he do anything else in the first round. He could have done something in the first round before he readied the action as long as it was a move action, free action, swift action or an immediate action. But once he readied the action, he can no longer act in that turn except to use the readied action if the appropriate trigger occurs. If the trigger does not come up before his original initiative he can take his normal actions, including readying another action.

This is specifically directed in what happens to his turn in the second round, if he uses ready to ready an attack, and the trigger occurs in the second round.

Sorry if my phrasing made it seems as though i was asking whether or not he can attack and ready on the same round/turn

For years I've ran this scenario similiar to as such.
Initiative order
PCA: 20
Enemy A: 20
PCB: 14
Enemy B: 14
PCC: 12

PCC could ready their action (in this case we'll say they readied attack), enemy A would trigger the readied action on the new round.

New Initiative order
PCA: 20
PCB: 20
Enemy A: 20
Enemy B: 14
PCC: 12

Now the way i've read the initiative consequences section, his initiative for this round moves to 20, but does this mean that now that his turn has came up this round (as opposed to haven already taken his turn for the round, like if he had used his readied action on EB).
Does he get to take his entire turn now on the new round's initiative 20, except for the standard action he used on the readied attack this round? Or does he do the readied attack action, and end his turn for the entire round?

I've typically ran the former option.

Quote, emphasis mine

PRD Initiative Consequences of Ready:

Initiative Consequences of Readying: Your initiative result becomes the count on which you took the readied action. If you come to your next action and have not yet performed your readied action, you don't get to take the readied action (though you can ready the same action again). If you take your readied action in the next round, before your regular turn comes up, your initiative count rises to that new point in the order of battle, and you do not get your regular action that round.