Mr. H retired from his job after 20 years of service. He joined the company at the age of 21 and was promoted from an accounting clerk to VP Finance. He was paid P3,500,000 total retirement pay from the employer's contributory pension plan which was duly registered with the BIR. Out of the total proceeds, Mr. H contributed P900,000. This was Mr. H's first retirement from employment How much is excluded from gross income?

Mr. H retired from his job after 20 years of service. He joined the company at the age of 21 and was promoted from an accounting clerk to VP Finance. He was paid P3,500,000 total retirement pay from the employer's contributory pension plan which was duly registered with the BIR. Out of the total proceeds, Mr. H contributed P900,000. This was Mr. H's first retirement from employment How much is excluded from gross income?

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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