Mr. and Mrs. Mapagbigay made the following donations during 2021: • Jan 25 To Jon, their legitimate son, on account of marriage last Jan. 20, 2021, car worth 600,000 with P200,00 unpaid mortgage. % was assumed by the Jon. • April 30 To Jun Jun, brother of Mr. Mapagbigay, his capital property inherited from their parents, worth P300,000 on account of marriage six months ago with a condition that Jun Jun will pay the donors tax thereon. July 5 To Serendipity, daughter of Mrs. Mapagbigay by former marriage, on account of her marriage. Mrs. Mapagbigay's paraphernal property worth P200,000.

Mr. and Mrs. Mapagbigay made the following donations during 2021: • Jan 25 To Jon, their legitimate son, on account of marriage last Jan. 20, 2021, car worth 600,000 with P200,00 unpaid mortgage. % was assumed by the Jon. • April 30 To Jun Jun, brother of Mr. Mapagbigay, his capital property inherited from their parents, worth P300,000 on account of marriage six months ago with a condition that Jun Jun will pay the donors tax thereon. July 5 To Serendipity, daughter of Mrs. Mapagbigay by former marriage, on account of her marriage. Mrs. Mapagbigay's paraphernal property worth P200,000.

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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