The owner's capital of FDNACCT was P100,000 on October 1, 2020, the beginning of its fiscal year. The owner invested an additional P21,000 in the business during the year and withdrew P11,000 for personal use. Net income for the year amounted to P53,800. How much is the owner's capital of the business on September 30, 2021?
The owner's capital of FDNACCT was P100,000 on October 1, 2020, the beginning of its fiscal year. The owner invested an additional P21,000 in the business during the year and withdrew P11,000 for personal use. Net income for the year amounted to P53,800. How much is the owner's capital of the business on September 30, 2021?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 55P
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Transcribed Image Text:The owner's capital of FDNACCT was P100,000 on October 1, 2020, the beginning of
its fiscal year. The owner invested an additional P21,000 in the business during the
year and withdrew P11,000 for personal use. Net income for the year amounted to
P53,800.
How much is the owner's capital of the business on September 30, 2021?
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