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Prepare a statement of Changes in owner Equity

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Case - 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 an additional cash of P 450,000.00 in the business. Also, Limbaco Law Firm eamed P 168,750.00 of net income. Finally, he withdraws P112,500.00

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,

Case - Jalagat Medical Clinic - Jalagat Medical Clinic is owned by Dr. Ana Jala gat. The balance of Dr. Jagalat's capital is P 400,000.00 as of January 1, 2019. During the year, she invested an additional P 100,000.00 in the business. Also, Jalagat Medical Clinic earned P 37,500.00 of net income. Finally, she withdraws P 25,000.00 for personal use.

1. How much is the balance of Dr. Jala gat's capital balance as of December 31, 2019?

2. Prepare a statement of Changes in owner's Equity for Jalagat Medical Clinic?

Reference no: EM132978024

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