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1. How much is the adjusted capital of Ikaw? 2. How much is the adjusted capital of Ako?

1. How much is the adjusted capital of Ikaw? 2. How much is the adjusted capital of Ako?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 4.On February 1,2022, Ikaw and Ako decided to combine their businesses and form a partnership. Their statement of financial positions on February 1, before adjustments, showed the following: Ikaw 1. 2. Cash Accounts Receivable Inventories a. b. C. Furniture and Fixtures, net Office Equipment,net Accounts Payable They agreed to have the following items recorded in their books: Provide 10% allowance for doubtful accounts. 9,000 18,500 30,000 30,000 11,500 45,000 How much is the adjusted capital of Ikaw? How much is the adjusted capital of Ako? Ako 3,750 13,500 19,500 9,000 2,750 18,000 Ikaw's furniture and fixtures should be P31,000, while Ako's office equipment is under-depreciated by P250. The fair market values of inventory amounted to: Ikaw-P28,000; and Ako- P20,000
Transcribed Image Text:Problem 4.On February 1,2022, Ikaw and Ako decided to combine their businesses and form a partnership. Their statement of financial positions on February 1, before adjustments, showed the following: Ikaw 1. 2. Cash Accounts Receivable Inventories a. b. C. Furniture and Fixtures, net Office Equipment,net Accounts Payable They agreed to have the following items recorded in their books: Provide 10% allowance for doubtful accounts. 9,000 18,500 30,000 30,000 11,500 45,000 How much is the adjusted capital of Ikaw? How much is the adjusted capital of Ako? Ako 3,750 13,500 19,500 9,000 2,750 18,000 Ikaw's furniture and fixtures should be P31,000, while Ako's office equipment is under-depreciated by P250. The fair market values of inventory amounted to: Ikaw-P28,000; and Ako- P20,000
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