Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The statement of realization and liquidation of ABC Corp are as follows: Assets to be realized P1,800,000 Assets acquired 300,000 Assets realized 1,100,000 Assets not

The statement of realization and liquidation of ABC Corp are as follows:

Assets to be realized P1,800,000

Assets acquired 300,000

Assets realized 1,100,000

Assets not realized 1,200,000

Liabilities liquidated 1,600,000

Liabilities not liquidated P1,400,000

Liabilities assumed 1,500,000

Liabilities to be liquidated 2,000,000

Supplementary credits 1,950,000

Supplementary charges 2,500,000

Additional ordinary shares issued for cash during the year totaled P500,000. What is the ending balance of cash account assuming that Ordinary Share, beginning is P1,500,000 and deficit, ending is P400,000?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Irregularities Frauds And The Necessity Of Technical Auditing In Construction Industry

Authors: A. L. M. Ameer

1st Edition

1481799754, 978-1481799751

More Books

Students also viewed these Accounting questions