5. Maria brought in her business to the partnership, the accounts receivable has a P 100,000 balance, it was agreed that the net realizable value of the receivable should be adjusted to P 75,000. What should be the amount of allowance for bad debts? a. 65,000 b. 15,000 c. 25,000 d. 55,000

5. Maria brought in her business to the partnership, the accounts receivable has a P 100,000 balance, it was agreed that the net realizable value of the receivable should be adjusted to P 75,000. What should be the amount of allowance for bad debts? a. 65,000 b. 15,000 c. 25,000 d. 55,000

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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Question

a. 65,000

b. 15,000

c. 25,000

d. 55,000

Definition Definition Receivable amount that a company is owed, but did not receive, and which may not be receivable in future.

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ILLUSTRATION 37 (Adjustment of capitals) Carter, Jones and Jennifer are partner sharing profits and losses in the ratio 3: 3:1. On Carter's retirement, capital of Jones and Jennifer were $ 8,000 and $ 82,000 respectively. They decided that their Capitals should be in the new profit sharing ratio. Calculate the adjustment of capital if new profit sharing ratio is 1:1. Adjustments to be made through cash. Any excess or deficit to paid off or brought in by the partners.
Subject: accounting
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