Alvin and Aldrin are partners sharing profits 608 and 408 respectively. The average profits for the past two years are to be capitalized at 208 per year (for purposes of admitting a after adjusting the profits for the following items omitted from the books: new partner) in determining the aggregate capital of Alvin and Aldrin, 2018 Omissiona at year-end Prepaid expense Accrued expense 2019 P3,200 P2,400 P2,800 P2,000 Deferred income Accrued income Other pertinent information are as follows : 2018 2019 Net income of partnership Capital accounts, end of the P28,800 P27,200 year Alvin 90,800 108,000 Aldrin 90,000 110,000

Alvin and Aldrin are partners sharing profits 608 and 408 respectively. The average profits for the past two years are to be capitalized at 208 per year (for purposes of admitting a after adjusting the profits for the following items omitted from the books: new partner) in determining the aggregate capital of Alvin and Aldrin, 2018 Omissiona at year-end Prepaid expense Accrued expense 2019 P3,200 P2,400 P2,800 P2,000 Deferred income Accrued income Other pertinent information are as follows : 2018 2019 Net income of partnership Capital accounts, end of the P28,800 P27,200 year Alvin 90,800 108,000 Aldrin 90,000 110,000

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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