1. 2. wing independent assumptions: Each partner is credited for the full amount of net assets invested. Each partner initially is to have equal interest in partnership capital. Cash Notes Receivable Problem 2-1 (Cash and Net Assets Contributions) The statement of financial position of Acosta as of December 1, 2014 is as follows: Merchandise Inventory Furniture and Equipment PROBLEMS Acosta Company Statement of Financial Position December 1, 2014 Accounts Receivable Less Allowance for Uncollectible Accounts Total Assets Assets Less Accumulated Depreciation Notes Payable Accounts Payable Acosta, Capital Total Liabilities and Capital P 2,250,000 150,000 P 1,800,000 450,000 ship under Liabilities and Capital P 600,000 375,000 2,100,000 600,000 1,350,000 P 5,025,000 P 750,000 1,575,000 2,700,000 P 5,025,000 Aguas offers to invest cash to give him an equity credit equal to one-half of the equity of Acosta after adjustments for the items below. Acosta cepted the offer. The merchandise is to be valued at P650,000. The Allowance for uncollectible accounts is P225,000. Interest accrued on notes receivable should be reflected. September 30, 2014 and bears interest at 6%. The note is dated
1. 2. wing independent assumptions: Each partner is credited for the full amount of net assets invested. Each partner initially is to have equal interest in partnership capital. Cash Notes Receivable Problem 2-1 (Cash and Net Assets Contributions) The statement of financial position of Acosta as of December 1, 2014 is as follows: Merchandise Inventory Furniture and Equipment PROBLEMS Acosta Company Statement of Financial Position December 1, 2014 Accounts Receivable Less Allowance for Uncollectible Accounts Total Assets Assets Less Accumulated Depreciation Notes Payable Accounts Payable Acosta, Capital Total Liabilities and Capital P 2,250,000 150,000 P 1,800,000 450,000 ship under Liabilities and Capital P 600,000 375,000 2,100,000 600,000 1,350,000 P 5,025,000 P 750,000 1,575,000 2,700,000 P 5,025,000 Aguas offers to invest cash to give him an equity credit equal to one-half of the equity of Acosta after adjustments for the items below. Acosta cepted the offer. The merchandise is to be valued at P650,000. The Allowance for uncollectible accounts is P225,000. Interest accrued on notes receivable should be reflected. September 30, 2014 and bears interest at 6%. The note is dated
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:1.
d.
Instructions:
2.
Interest accrued on notes payable for the period September 1 to December 1, 201
should be recognized. The interest rate on the note is 10%.
The furniture and equipment are one-third depreciated.
Office supplies on hand, which have been charged to expense, amounted to P15,00
These supplies will be used by the new partnership.
Instructi
1.
Prepare journal entries on the books of Acosta to give effect to the partnership
formation.
Prepare the statement of financial position for the new partnership.
Pro
for
tore Forma Partnership; Books of one of the Sole
Pa
Transcribed Image Text:a.
1.
b.
2
of the following independent assumptions:
Each partner is credited for the full amount of net assets invested.
Each partner initially is to have equal interest in partnership capital.
Cash
Notes Receivable
Problem 2-1 (Cash and Net Assets Contributions)
The statement of financial position of Acosta as of December 1, 2014 is as follows:
Merchandise Inventory
Furniture and Equipment
PROBLEMS
Accounts Receivable
Less Allowance for Uncollectible Accounts
Total Assets
the formation of the partnership under
Acosta Company
Statement of Financial Position
December 1, 2014
Assets
Less Accumulated Depreciation
Notes Payable
Accounts Payable
Acosta, Capital
Total Liabilities and Capital
P 2,250,000
150,000
P 1,800,000
450,000
Liabilities and Capital
P
600,000
375,000
2,100,000
600,000
1,350,000
P 5,025,000
P
750,000
1,575,000
2,700,000
P 5,025,000
Aguas offers to invest cash to give him an equity credit equal to one-half of the equity of
Acosta after adjustments for the items below. Acosta accepted the offer
The merchandise is to be valued at P650,000.
The Allowance for uncollectible accounts is P225,000.
Interest accrued on notes receivable should be reflected.
September 30, 2014 and bears interest at 6%.
The note is dated
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