1. 60751. Mr. XYZ is negotiating to buy a parcel of property for his business. The seller of the property is asking for P1,700,000 for the property. The assessed value of the property for tax purposes of P 1,250,000. The property is presently insured by the owner for P 1,350,000. Mr. XYZ, originally offered the seller P 1,300,000 for the property. Mr. XYZ and the seller have agreed on a purchase price of P 1,500,000. Shortly after the purchase is made by Mr. XYZ, he is offered P 1,750,000 for the same property. At what price would Mr. XYZ record the property on the books of his business?

2. Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000; Office Supplies, P 275,000; Office Equipment, P 700,000; Furniture and Fixtures, P 2,100,000.

*What is the total value of the assets that Ms. QWE contributed to the business?

*Determine the value of Ms. QWEs ownership of the business.

3. The New Wave Inn owned by Minty had the following assets, liabilities, and proprietors capital as of January 31, 2020: Cash, P 2,380; Accounts Receivable, P 1,400; Equipment, P 15,000; Minty, Capital, ?; Notes Payable, P 2,275; Supplies, P 800; Accounts Payable, P 300. Compute for Mintys, proprietor, Capital.

8. The New Wave Inn owned by Minty had the following assets, liabilities, and proprietors capital as of January 31, 2020: Cash, P 2,380; Accounts Receivable, P 1,400; Equipment, P 15,000; Minty, Capital, ?; Notes Payable, P 2,275; Supplies, P 800; Accounts Payable, P 300. Compute for Mintys, proprietor, Capital.

9. If total assets increased to P150,000 during the year and total liabilities decreased to P80,000, what is the amount of Owners equity at the end of the year?