A. P32,950B. P55,300C. P82,950D. P35,000 On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital account shows a balance ofP 158,400. The following were agreed upon before the formation of the partnership:Prepaid expenses of P17,500 and accrued expenses of P5,000 are to be recognized.5% of the outstanding accounts receivable of AAA amounting to P100,000 is to be recognized as uncollectible.BBB is to be credited with a one-third interest in the partnership and is to invest cash. Determine the amount of cash tobe invested by BBB:

Name: A. P32,950B. P55,300C. P82,950D. P35,000 On April 30, 2021, AAA admits
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Description: A. P32,950B. P55,300C. P82,950D. P35,000 On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital account shows a balance ofP 158,400. The following were agreed upon before the formation of the partnership:Prepai

The question is based on the concept pf Financial Accounting.

Answered: 2,950 B. P55,300 C. P82,950

Business

Accounting

2,950 B. P55,300 C. P82,950

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

100%

A. P32,950

B. P55,300

C. P82,950

D. P35,000

On April 30, 2021, AAA admits BBB for an interest in his business. On this date, AAA's capital account shows a balance of
P 158,400. The following were agreed upon before the formation of the partnership:
Prepaid expenses of P17,500 and accrued expenses of P5,000 are to be recognized.
5% of the outstanding accounts receivable of AAA amounting to P100,000 is to be recognized as uncollectible.
BBB is to be credited with a one-third interest in the partnership and is to invest cash. Determine the amount of cash to
be invested by BBB:

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