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Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventory 216,000 74,400 Accounts Payable Adee, Capital In order to establish Das Interest, the partners agreed on the following 316,800 An allowance of doubtful accounts of 2% is to be established Merchandise Inventory is to be valued at P242,400 Prepaid Expenses of P4,200 and accrued expenses of P4,800 are to be recognized

Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventory 216,000 74,400 Accounts Payable Adee, Capital In order to establish Das Interest, the partners agreed on the following 316,800 An allowance of doubtful accounts of 2% is to be established Merchandise Inventory is to be valued at P242,400 Prepaid Expenses of P4,200 and accrued expenses of P4,800 are to be recognized

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 is the capital of Adee upon partnership formation?
Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventory Accounts Payable Adee, Capital In order to establish Das Interest, the partners agreed on the following: - An allowance of doubtful accounts of 2% is to be established Merchandise Inventory is to be valued at P242,400 216,000 74,400 316,800 Prepaid Expenses of P4,200 and accrued expenses of P4,800 are to be recognized
Transcribed Image Text:Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventory Accounts Payable Adee, Capital In order to establish Das Interest, the partners agreed on the following: - An allowance of doubtful accounts of 2% is to be established Merchandise Inventory is to be valued at P242,400 216,000 74,400 316,800 Prepaid Expenses of P4,200 and accrued expenses of P4,800 are to be recognized
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