1. Mrs. Reyes has Php100,000 cash invested in the business. She bought shop assets on account from Ace Furniture for Php 50,000.
Questions:
1. How much are the assets of the business?
2. What is the amount of liabilities?
3. How much is the owner’s equity?
4. What is the accounting equation applicable for this?
2. Kristan Repair Shop is owned by Cristina Tan. The business showed the following items:
Cash Php 30,000
Furniture and Equipment 10,000
Delivery Van 100,000
Accounts payable 40,000
Determine the following:
1. Total assets
2. Total liabilities
3. Owner’s equity
4. Give the accounting equation applicable for this.
3. Miss Adelaida Garcia invested asset amounting to Php160,000. She never bought anything on account.
Determine the following:
1. Assets
2. Liabilities
3. Owner’s equity
4. Accounting equation applicable for this