After the formation of RGM Partnership on July 4, 2023, the balances in the general ledger accounts re the following balances: Debit Credit Cash P 205, 000 Accounts Receivable 95, 000 Allowance for Doubtf Accounts P 10,000 Office Supplies 12,000 Office Equipment 320,000 Furniture and Fixture 140,000 Rosario, Capital 320,000 Guadalupe, Capital 225,000 Maria, Capital 217,000 Total P 772,000 P 772,00 Rosario invested the office equipment, Guadalupe invested accounts receivable and Furniture and Fixtu and Maria invested cash and office supplies. Compute the total assets of the partnership upon formation

After the formation of RGM Partnership on July 4, 2023, the balances in the general ledger accounts re the following balances: Debit Credit Cash P 205, 000 Accounts Receivable 95, 000 Allowance for Doubtf Accounts P 10,000 Office Supplies 12,000 Office Equipment 320,000 Furniture and Fixture 140,000 Rosario, Capital 320,000 Guadalupe, Capital 225,000 Maria, Capital 217,000 Total P 772,000 P 772,00 Rosario invested the office equipment, Guadalupe invested accounts receivable and Furniture and Fixtu and Maria invested cash and office supplies. Compute the total assets of the partnership upon formation

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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Question

After the formation of RGM Partnership on July 4, 2023, the balances in the general ledger accounts reflect
the following balances: Debit Credit Cash P 205,000 Accounts Receivable 95, 000 Allowance for Doubtful
Accounts P 10,000 Office Supplies 12,000 Office Equipment 320,000 Furniture and Fixture 140,000
Rosario, Capital 320,000 Guadalupe, Capital 225, 000 Maria, Capital 217,000 Total P 772,000 P 772,000
Rosario invested the office equipment, Guadalupe invested accounts receivable and Furniture and Fixtures,
and Maria invested cash and office supplies. Compute the total assets of the partnership upon formation.

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