1-1 Determination of Unknown Accounting Values The following relates to the financial position of an enterprise: Assets Liabilities CASE 1 P 150,000 ? Owner's Equity P 60,000 CASE 2 P250,000 100,000 2 CASE 3 P ? 120,000 P300,000 CASE 4 P 380,000 2 P 380,000 CASE 5 P 520,000 260,000 2 1-2 Basic Accounting Equation CASE 1 CASE 2 CASE 3 CASE 4 CASE 5 ASSETS P 450,000 P ? P 680,000 ? P 275,000 LIABILITIES P 195,000 P 150,000 P ? P 650,000 P ? CAPITAL P ? P 350,000 450,000 320,000 P 275,000 1-3 Determination of Profit and Loss The following relates to the operating results (performance) of the business: CASE 1 Total Income P 95,000 60,000 2 Total Expense Profit (Loss) P CASE 2 P90,000 ? P60,000 CASE 3 P ? 40,000 ( P10,000) CASE 4 P 60,000 ? P10,000 CASE 5 P75,000 ? -0