As of May 31, 2020, Mr. Michael Kors has a capital balance of P 235,000. During the month of June, he withdrew P15,000 to be used for his annual medical checkup. His company’s Statement of Comprehensive Income reveals various expenses totaling P 89,000 thereby a Net Loss of P 7,150. During the same period, he was unable to pay a note amounting to P 50,000. How much would be the capital balance of Mr. Michael Kors at the end of June, 2020?

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
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As of May 31, 2020, Mr. Michael Kors has a capital balance of P 235,000. During the month of June, he withdrew P15,000 to be used for his annual medical checkup. His company’s Statement of Comprehensive Income reveals various expenses totaling P 89,000 thereby a Net Loss of P 7,150. During the same period, he was unable to pay a note amounting to P 50,000. How much would be the capital balance of Mr. Michael Kors at the end of June, 2020?
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