Accounts Payable Notes Payable Dela Cruz, Capital Gascon, Capital Total P 223,675 250,000 802,470 P 304,562.50 431,250 910,440 P 1,276,145 P 1,646,252.50 Dela Cruz and Gascon agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: a. Accounts receivable of P25,000 in Dela Cruz's books and P43,750 in Gascon's are uncollectible. b. Inventories of P6,875 and P8,375 are worthless in Dela Cruz's and Gascon's respective books. C. Other assets of P2,500 and P4,500 in Dela Cruz's and Gascon's respective books are to be written off. The capital account of the partners after the adjustments will be: a. Dela Cruz, P769,927.50; Gascon, P897,367.50 b. Dela Cruz, P801,095; Gascon, P890,431.25 C. Dela Cruz,P801,095; Gascon, P853,812.50 d. Dela Cruz, P768,095; Gascon, P853,815

Accounts Payable Notes Payable Dela Cruz, Capital Gascon, Capital Total P 223,675 250,000 802,470 P 304,562.50 431,250 910,440 P 1,276,145 P 1,646,252.50 Dela Cruz and Gascon agreed to form a partnership contributing their respective assets and equities subject to the following adjustments: a. Accounts receivable of P25,000 in Dela Cruz's books and P43,750 in Gascon's are uncollectible. b. Inventories of P6,875 and P8,375 are worthless in Dela Cruz's and Gascon's respective books. C. Other assets of P2,500 and P4,500 in Dela Cruz's and Gascon's respective books are to be written off. The capital account of the partners after the adjustments will be: a. Dela Cruz, P769,927.50; Gascon, P897,367.50 b. Dela Cruz, P801,095; Gascon, P890,431.25 C. Dela Cruz,P801,095; Gascon, P853,812.50 d. Dela Cruz, P768,095; Gascon, P853,815

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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A4
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