The owners capital of FDNACCT was P100,000 on October 1, 2020, the beginning of its fiscal year. The owner invested an additional P17,000 in the business during the year and withdrew P12,000 for personal use. Net income for the year amounted to P33,800.

How much is the owners capital of the business on September 30, 2021?

At the end of the first month of operations for FDNACCT, the business had earned P140,500 of revenues and incurred P71,500 of expenses. It also showed the following:

Liabilities: P35,000

Assets: P120,000

How much is the owners initial investment?

The cash account balance of FDNACCT came from the following:

From clients for service rendered, P368,000,

From clients for services to be rendered, P34,000

From a bank loan, P119,000, and

From additional investment of the owner, P181,000.

How much is the income of the business?