A resident citizen died leaving a cash in bank in local domestic bank with face value of P1,000,000 and other properties. If the heirs will withdraw the said cash in bank, what is the final tax to be withheld by the local domestic bank if the heirs would like to withdraw the total amount of cash in bank? a. P60,000 b. P120,000 c. P100,000 d. P5,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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9. A resident citizen died leaving a cash in bank in local domestic bank with face value of
P1,000,000 and other properties. If the heirs will withdraw the said cash in bank, what is the
final tax to be withheld by the local domestic bank if the heirs would like to withdraw the
total amount of cash in bank?
a. P60,000
b. P120,000
c. P100,000
d. P5,000

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