ABC Company started its business operations on November 2, 2021. The following were the transactions during the month: Nov. 2, The owner made a cash investment to 2021 the business amounting to P2,000,000. Nov. 5, Obtained a P500,000 loan and issues a 2021 promissory note to Citibank. Nov. 8, Acquired land costing P1,000,000 on 2021 cash basis. Nov.16, Rendered services worth P1,200,000 2021 on account. Nov.30, Paid salaries of the workers amounting 2021 to P280,000. How much is the owner's capital balance at the end of its fırst month of operation?

ABC Company started its business operations on November 2, 2021. The following were the transactions during the month: Nov. 2, The owner made a cash investment to 2021 the business amounting to P2,000,000. Nov. 5, Obtained a P500,000 loan and issues a 2021 promissory note to Citibank. Nov. 8, Acquired land costing P1,000,000 on 2021 cash basis. Nov.16, Rendered services worth P1,200,000 2021 on account. Nov.30, Paid salaries of the workers amounting 2021 to P280,000. How much is the owner's capital balance at the end of its fırst month of operation?

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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