And the following accounts and balances weretaken from the records of Caloy:Cash P 32,354Accounts Receivable 577,890Other Assets 13,600Inventories 270,102Accounts Payable 253,650Building 438,267Notes Payable 355,000Furniture and Fixtures 44,789Caloy, capital 738,352Bonbon and Caloy agreed to form a partnership bycontributing their respective assets and equitiessubject to the following adjustments:a) Inventories of P6,500 and P6,700 are worthlessin Bonbon's and Caloy's respective books.b) Accounts Receivable of P25,000 Bonbon's bookand P30,000 in Caloy's book are uncollectible.c) Other assets of P4,000 and P6,000 in Bonbonand Caloy's respective books are to be written off.d. The partnership assumes the unrecordedmortgage on the building, P45, 500How much is the total liabilities to be assumed bythe partnership?

Total Liabilities = Account payable + Notes Payable

Answered: And the following accounts and balances…

And the following accounts and balances we taken from the records of Caloy: Cash P 32,354 Accounts Receivable 577,890 Other Assets 13,600 Inventories 270,102 Accounts Payable 253,650 Building 438,267

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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mn.3
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