COMPREHENSIVE PROBLEM NO. 1: A decedent, married last April 7, 2015, died January 1, 2019. He left the following properties: ● ● Real properties inherited from his brother who died May 3, 2017: ● Riceland, P1,000,000 Residential land, P2,000,000 Coconut land inherited from his mother who died April 12, 2015, P420,000 Properties acquired through the wife's labor: • A golden necklace acquired by the husband during previous marriage which had a legitimate descendant, P80,000 The residential land inherited by the husband became their family home as certified by the Barangay Chairman. The riceland and the residential land were previously mortgaged for P350,000 when inherited where P200,000 was paid by the husband during his lifetime. The coconut land was mortgaged for P94,000 of which P14,000 was paid before his death. The husband, by Will, transferred to Mandaluyong City the sum of P200,000 for exclusively public purpose. ● ● The estate incurred the following expenditures: Funeral expenses, P140,000 Judicial expenses, P80,000 Medical expenses, P40,000 Portion of the family home destroyed by fire on January 5, 2019, P100,000 ● ● . .

COMPREHENSIVE PROBLEM NO. 1: A decedent, married last April 7, 2015, died January 1, 2019. He left the following properties: ● ● Real properties inherited from his brother who died May 3, 2017: ● Riceland, P1,000,000 Residential land, P2,000,000 Coconut land inherited from his mother who died April 12, 2015, P420,000 Properties acquired through the wife's labor: • A golden necklace acquired by the husband during previous marriage which had a legitimate descendant, P80,000 The residential land inherited by the husband became their family home as certified by the Barangay Chairman. The riceland and the residential land were previously mortgaged for P350,000 when inherited where P200,000 was paid by the husband during his lifetime. The coconut land was mortgaged for P94,000 of which P14,000 was paid before his death. The husband, by Will, transferred to Mandaluyong City the sum of P200,000 for exclusively public purpose. ● ● The estate incurred the following expenditures: Funeral expenses, P140,000 Judicial expenses, P80,000 Medical expenses, P40,000 Portion of the family home destroyed by fire on January 5, 2019, P100,000 ● ● . .

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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