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Partners Francia, Glenda and Harold share profits and losses at 5:3:2, respectively, and their balance sheet on October 31, 2020 follows: Cash Other assets How much cash should Ivan contribute? O P370,000 O P460,000 O P415,000 OP380,000 P 160,000 1,440,000 P1,600,000 Accounts payable Francia, Capital Glenda, Capital Harold, Capital The assets and liabilities are recorded at their current fair value. Ivan is to be admitted as a new partner with a 25% interest in capital and earnings. Harold was credited a bonus of P9,000. P 400,000 296,000 520,000 384,000 P1,600,000

Partners Francia, Glenda and Harold share profits and losses at 5:3:2, respectively, and their balance sheet on October 31, 2020 follows: Cash Other assets How much cash should Ivan contribute? O P370,000 O P460,000 O P415,000 OP380,000 P 160,000 1,440,000 P1,600,000 Accounts payable Francia, Capital Glenda, Capital Harold, Capital The assets and liabilities are recorded at their current fair value. Ivan is to be admitted as a new partner with a 25% interest in capital and earnings. Harold was credited a bonus of P9,000. P 400,000 296,000 520,000 384,000 P1,600,000

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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How much cash should Ivan contribute?

Partners Francia, Glenda and Harold share profits and losses at 5:3:2, respectively, and their balance sheet on October 31, 2020 follows: Cash Other assets How much cash should Ivan contribute? O P370,000 O P460,000 O P415,000 OP380,000 P 160,000 1,440,000 P1,600,000 Accounts payable Francia, Capital Glenda, Capital Harold, Capital The assets and liabilities are recorded at their current fair value. Ivan is to be admitted as a new partner with a 25% interest in capital and earnings. Harold was credited a bonus of P9,000. P 400,000 296,000 520,000 384,000 P1,600,000
Transcribed Image Text:Partners Francia, Glenda and Harold share profits and losses at 5:3:2, respectively, and their balance sheet on October 31, 2020 follows: Cash Other assets How much cash should Ivan contribute? O P370,000 O P460,000 O P415,000 OP380,000 P 160,000 1,440,000 P1,600,000 Accounts payable Francia, Capital Glenda, Capital Harold, Capital The assets and liabilities are recorded at their current fair value. Ivan is to be admitted as a new partner with a 25% interest in capital and earnings. Harold was credited a bonus of P9,000. P 400,000 296,000 520,000 384,000 P1,600,000
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