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 additional cash of P 450,000.00 in the business. Also, Limbaco Law Firm earned P 168,750 00 of net income Finally, he withdraws P 112,500.00
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
