A business owner by Chary was short of cash and she decided to form a partnership with Deli and Ellen. Deli was able to contribute cash thrice the interest of Chary in the partnership while Ellen was able to contribute cash twice the interest of Deli in the Partnership. Chary contributed the following: Cash P18,000 . • Accounts Receivable P378,000 w/ allowance for doubtful accounts of P12,000 Inventory P840,000 store equipment with accumulated depreciation of P30,000 but with a current worth of P250,000 and agreed value of P200,000 Chary, Deli and Ellen agreed that the allowance for doubtful accounts was inadequate and should be P20,000. They also agreed that the FV of the inventory is P920,000. How much is the total assets after formation? 7,092,000 14,960,000 15,460,000 7,880,000
A business owner by Chary was short of cash and she decided to form a partnership with Deli and Ellen. Deli was able to contribute cash thrice the interest of Chary in the partnership while Ellen was able to contribute cash twice the interest of Deli in the Partnership. Chary contributed the following: Cash P18,000 . • Accounts Receivable P378,000 w/ allowance for doubtful accounts of P12,000 Inventory P840,000 store equipment with accumulated depreciation of P30,000 but with a current worth of P250,000 and agreed value of P200,000 Chary, Deli and Ellen agreed that the allowance for doubtful accounts was inadequate and should be P20,000. They also agreed that the FV of the inventory is P920,000. How much is the total assets after formation? 7,092,000 14,960,000 15,460,000 7,880,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A business owner by Chary was short of cash and she decided to
form a partnership with Deli and Ellen. Deli was able to contribute
cash thrice the interest of Chary in the partnership while Ellen was
able to contribute cash twice the interest of Deli in the Partnership.
Chary contributed the following:
Cash P18,000
.
• Accounts Receivable P378,000 w/ allowance for doubtful
accounts of P12,000
Inventory P840,000
store equipment with accumulated depreciation of P30,000 but
with a current worth of P250,000 and agreed value of P200,000
Chary, Deli and Ellen agreed that the allowance for doubtful
accounts was inadequate and should be P20,000. They also agreed
that the FV of the inventory is P920,000.
How much is the total assets after formation?
7,092,000
14,960,000
15,460,000
7,880,000
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