Question 2AQUIL and BADIR formed a partnership onJanuary 2, 2022 by contributing theirrespective assets and equities subject toadjustments. On that date, the followingwere provided:CashAccounts ReceivableInventoriesLandBuildingEquipmentIntangible assetsAccounts PayableOther LiabilitiesAQUIL BADIR28,000 62,000200,000 600,000120,000 200,000600,00050,000 35,0002,000500,000200,003,000180,000 250,000350,000 Intangible assetsAccounts PayableOther LiabilitiesCapitalAdditional information:2,0003,000180,000 250,000200,000 350,000620,000 800,0001. Accounts Receivable of P20,000 andP40,000 are uncollectible in AQUIL's andBADIR's respective books.2. Inventories of P6,000 and P7,000 areworthless in AQUIL's and BADIR'Srespective books.3. Intangible assets are to be worthless ineach books.Question 2 What will be the capital=balance of partner AQUIL after theadjustments?

The determination of Capital balance of partner AQUIL after the adjustments is shown hereunder :…

Answered: AQUIL and BADIR formed a partnership on…

AQUIL and BADIR formed a partnership on January 2, 2022 by contributing their respective assets and equities subject to adjustments. On that date, the following were provided:

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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