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In year 2020, after the declaration of the entire country into a total lockdown due to pandemic, Faith D. Nakpil, a certified online gamer,
In year 2020, after the declaration of the entire country into a total lockdown due to pandemic, Faith D. Nakpil, a certified online gamer, put up an online game consultancy business using her savings as a former employee of another company, amounting to P1,000,000, as initial capital. During the year, P600,000 cash was used to purchase sets of gaming equipment to be used in the business. The purchase of the gaming equipment resulted in a liability of P200,000. Profit for the year is P280,000. How much is the capital of FDNACCT as at the end of 2020?
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Accounting Information Systems basic concepts and current issues
Authors: Robert Hurt
3rd edition
130855849X, 978-1308558493, 78025338, 978-0078025334
