Exercise Drill No. 1: Return of capital and Return on capital Indicate the amount representing return of capital or return on capital: Return OF Capital Consideratio Return ON For the loss of Capital P 1,000,000 Health P 500,000 P 400,000 car P 300,000 P 350,000 building 600,000 Income P 1.200.000 Life 1. 2. 3. 4. 5.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Exercise Drill No. 1: Return of capital and Return on capital
Indicate the amount representing return of capital or return on capital:
Consideratio
Return OF
Return ON
For the loss of
Capital
Capital
n
P 1,000,000 Health
P 500,000 P 400,000 car
P 300,000 P 350,000 building
600,000 Income
P 1,200,000 Life
1.
2.
3.
4.
P
5.
Transcribed Image Text:Exercise Drill No. 1: Return of capital and Return on capital Indicate the amount representing return of capital or return on capital: Consideratio Return OF Return ON For the loss of Capital Capital n P 1,000,000 Health P 500,000 P 400,000 car P 300,000 P 350,000 building 600,000 Income P 1,200,000 Life 1. 2. 3. 4. P 5.
Exercise Drill No. 2: Income tax and transfer tax
Check the box where each of the following items is taxable:
Income
Transfer
Transaction
Таx
Тах
1. Barter of properties
2. Sale of goods
3. Rendering of services
4. Donation of properties
5. Transfer of properties from a decedent to
the heirs upon death
6. Transfer for less than full and adequate
consideration
Transcribed Image Text:Exercise Drill No. 2: Income tax and transfer tax Check the box where each of the following items is taxable: Income Transfer Transaction Таx Тах 1. Barter of properties 2. Sale of goods 3. Rendering of services 4. Donation of properties 5. Transfer of properties from a decedent to the heirs upon death 6. Transfer for less than full and adequate consideration
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