Write your answer in your notebook. The business was put up from a cash of ₱200,000, the initial capital of the owner. Then, ₱40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of ₱20,000. How much are the total assets of the business?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Write your answer in your notebook.

The business was put up from a cash of ₱200,000, the initial capital of the owner. Then, ₱40,000 of the cash was used to purchase an equipment to be used in business. The purchase of equipment resulted in a liability of ₱20,000. How much are the total assets of the business? 

 

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