Bless Qulinto began operating the Quinto Modeling Agency with following: Invested cash of P500,000 and deposited this in the name of the agency A fifth of the cash invested was paid for the lease contract of the whole 2nd floor of Madrid Bldg. She also borrowed P500,000 from PNB and issued to PNB a 180 day promissory note. One half of the amount borrowed was used to buy furniture and fixtures and P100,000 She withdrew P50,000 cash from PNB for personal use. Bought a car worth P400,000 for the use of the agency paying World Motors 50% in cash, with the balance payable within a year. Paid cash P100,000 of the amount due to World Motors. 1 3 7

Bless Qulinto began operating the Quinto Modeling Agency with following: Invested cash of P500,000 and deposited this in the name of the agency A fifth of the cash invested was paid for the lease contract of the whole 2nd floor of Madrid Bldg. She also borrowed P500,000 from PNB and issued to PNB a 180 day promissory note. One half of the amount borrowed was used to buy furniture and fixtures and P100,000 She withdrew P50,000 cash from PNB for personal use. Bought a car worth P400,000 for the use of the agency paying World Motors 50% in cash, with the balance payable within a year. Paid cash P100,000 of the amount due to World Motors. 1 3 7

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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