ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the Philippine Deposit Insurance Corporation? Explain.

ANSWER: YES Mr.A one of its depositors of ABC Bank that was closed by fireplace accident filed an…

Answered: ABC Bank was forced to close because…

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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ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.
A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the Philippine Deposit Insurance Corporation? Explain.

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