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What amount of capital should be reported

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Reference no: EM133182317

Question - On September 1, 2021, Mop Company began a service proprietorship with an initial investment of P400,000. Mop rendered P800,000 worth of services during September. Collections were made except for P200,000 which were collected the following month. Expenses were incurred in the amount of P400,000, including P100,000 which are to be paid next month. The owner withdrew P60,000 for personal use. In September 30, 2021 financial statement, what amount of capital should be reported under the cash basis accounting?

a. P640,000

b. P740,000

c. P800,000

d. P840,000

Reference no: EM133182317

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