The statement of realization and liquidation of Honesty Co. are as follows:P1,700,000Liabilities not liquidatedLiabilities assumedAssets to be realizedAssets acquiredAssets realizedAssets not realizedLiabilities liquidated300,0001,100,0001,200,0001,600,000Liabilities to be liquidatedSupplementary chargesSupplementary creditsP1,400,0001,500,0002,000,0002,500,0001,950,000What is the beginning balance of cash account assuming that Ordinary Share Capital is P1,500,000 and deficit, endingis P400,000?

Realization and liquidation of a company are done at the time of insolvency of the company or at the…

Answered: What is the beginning balance of cash…

What is the beginning balance of cash account assuming that Ordinary ShareCapital is P1,500,000 and deficit, ending is P400,000?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

The statement of realization and liquidation of Honesty Co. are as follows:
P1,700,000
Liabilities not liquidated
Liabilities assumed
Assets to be realized
Assets acquired
Assets realized
Assets not realized
Liabilities liquidated
300,000
1,100,000
1,200,000
1,600,000
Liabilities to be liquidated
Supplementary charges
Supplementary credits
P1,400,000
1,500,000
2,000,000
2,500,000
1,950,000
What is the beginning balance of cash account assuming that Ordinary Share Capital is P1,500,000 and deficit, ending
is P400,000?

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