e statement of realization and liquidation of ABC Corp are as follows: Assets to be realized P1,800,000 Assets acquired 300,000 Assets realized 1,100,000 Assets not realized 1,200,000 Liabilities liquidated 1,600,000 Liabilities not liquidated P1,400,000 Liabilities assumed 1,500,000 Liabilities to be liquidated 2,000,000
e statement of realization and liquidation of ABC Corp are as follows: Assets to be realized P1,800,000 Assets acquired 300,000 Assets realized 1,100,000 Assets not realized 1,200,000 Liabilities liquidated 1,600,000 Liabilities not liquidated P1,400,000 Liabilities assumed 1,500,000 Liabilities to be liquidated 2,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The statement of realization and liquidation of ABC Corp are as follows:
Assets to be realized P1,800,000
Assets acquired 300,000
Assets realized 1,100,000
Assets not realized 1,200,000
Liabilities liquidated 1,600,000
Liabilities not liquidated P1,400,000
Liabilities assumed 1,500,000
Liabilities to be liquidated 2,000,000
Supplementary credits 1,950,000
Supplementary charges 2,500,000
Additional ordinary shares issued for cash during the year totaled P500,000. What is the ending balance of cash account assuming that Ordinary Share, beginning is P1,500,000 and deficit, ending is P400,000?
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