1. Total amount of the exclusive property of the decedent under Absolute Community of Property regime2. Total amount of the common properties of the spouses under the Conjugal Partnership of Gains regime Property acquired by decedent prior to marriageProperty acquired by surviving spouse prior to marriageProperty inherited by decedent during marriageProperty inherited by spouse during marriageIncome derived from property inherited by the surviving spouse duringmarriage including income tax of P50,000Property acquired through labor during marriageTime deposit (interest before death, P40,000 and interest afterdeath, P75,000, are excluded)700,000800,000500,000300,000450,0001,000,000325,000

Property acquired by the decedent prior to marriage is considered as the exclusive property of a…

Answered: spouse prior to marriage at during…

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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1. Total amount of the exclusive property of the decedent under Absolute Community of Property regime

2. Total amount of the common properties of the spouses under the Conjugal Partnership of Gains regime

Property acquired by decedent prior to marriage
Property acquired by surviving spouse prior to marriage
Property inherited by decedent during marriage
Property inherited by spouse during marriage
Income derived from property inherited by the surviving spouse during
marriage including income tax of P50,000
Property acquired through labor during marriage
Time deposit (interest before death, P40,000 and interest after
death, P75,000, are excluded)
700,000
800,000
500,000
300,000
450,000
1,000,000
325,000

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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