86. On January 1, 2010, A and B agreed to form a partnership contributing their respective assets and equities subject to adjustments. On that date, the following were provided; * B P62,000 600,000 200,000 Cash P28,000 200,000 120,000 600,000 500,000 50,000 2,000 180,000 200,000 620,000 Accounts receivable Inventories Land Building Furniture & fixtures Intangible assets Accounts payable Other liabilities 35,000 3,000 250,000 350,000 800,000 Capital The following adjustments were agreed upon: a. Accounts receivable of P20.000 and P40,000 are uncollectible in A's and B's respective books. b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books. c. Intangible assets are to be written off in both books. In preparing statement of financial position, how much is the total assets of the partnership? O A. P2,311,000 B. P2,395,000 C. P2,400,00 D. P2,431,000
86. On January 1, 2010, A and B agreed to form a partnership contributing their respective assets and equities subject to adjustments. On that date, the following were provided; * B P62,000 600,000 200,000 Cash P28,000 200,000 120,000 600,000 500,000 50,000 2,000 180,000 200,000 620,000 Accounts receivable Inventories Land Building Furniture & fixtures Intangible assets Accounts payable Other liabilities 35,000 3,000 250,000 350,000 800,000 Capital The following adjustments were agreed upon: a. Accounts receivable of P20.000 and P40,000 are uncollectible in A's and B's respective books. b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books. c. Intangible assets are to be written off in both books. In preparing statement of financial position, how much is the total assets of the partnership? O A. P2,311,000 B. P2,395,000 C. P2,400,00 D. P2,431,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![86. On January 1, 2010, A and B
agreed to form a partnership
contributing their respective assets
and equities subject to adjustments.
On that date, the following were
provided;
A
P28,000
200,000
B
P62,000
600,000
200,000
Cash
Accounts receivable
Inventories
120,000
Land
600,000
Building
Furniture & fixtures
500,000
50,000
2,000
180,000
200,000
620,000
35,000
3,000
250,000
350,000
Intangible assets
Accounts payable
Other liabilities
Capital
800,000
The following adjustments were agreed upon:
a. Accounts receivable of P20.000 and P40,000 are uncollectible in A's and B's respective books.
b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books.
c. Intangible assets are to be written off in both books.
In preparing statement of financial position, how much is the total assets of the partnership?
A. P2,311,000
O B. P2,395,000
O C. P2,400,00
O D. P2,431,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F928a177f-d2b5-4abf-8904-7426d0ca7fc6%2Fb6c92101-1814-4cb6-afa7-6f38bc1f966d%2Fqoftbpb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:86. On January 1, 2010, A and B
agreed to form a partnership
contributing their respective assets
and equities subject to adjustments.
On that date, the following were
provided;
A
P28,000
200,000
B
P62,000
600,000
200,000
Cash
Accounts receivable
Inventories
120,000
Land
600,000
Building
Furniture & fixtures
500,000
50,000
2,000
180,000
200,000
620,000
35,000
3,000
250,000
350,000
Intangible assets
Accounts payable
Other liabilities
Capital
800,000
The following adjustments were agreed upon:
a. Accounts receivable of P20.000 and P40,000 are uncollectible in A's and B's respective books.
b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books.
c. Intangible assets are to be written off in both books.
In preparing statement of financial position, how much is the total assets of the partnership?
A. P2,311,000
O B. P2,395,000
O C. P2,400,00
O D. P2,431,000
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