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Case #1. Limbaco Law Firm Limbaco Law

Firm is owned by Atty. Allan Limbaco. The balance of his capital as of January 1, 2019, is P 1,800,000.00 During the year, he invested additional cash of P 450,000.00 in the business. Also, Limbaco Law Firm earned P 168,750 00 of net income Finally, he withdraws P 112,500.00

1. How much is the balance of Atty Limbaco's capital as of December 31, 2019?

2. Prepare a Statement of Changes in Owner's Equity for Limbaco Law Firm​


Sagot :

Answer:

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