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What amount of capital should be reported

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Question - On September 1, 2020, Kayo Na Consulting, began a service proprietorship with an initial investment of P400000. Kayo Na provided P800000 of services during September. Collections were made except for P200000 which were paid the following month. Expenses were incurred in the amount of P400000, including P100000 which are to be paid next month. The owner withdrew P60000 against the capital account. In September 30 2020 financial statement, what amount of capital should be reported under cash basis accounting?

Reference no: EM133127996

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