Bel and May have capital balances of P900,000, and P1,300,000 as of December 31, 2020. Bel and May share 40% and 60% in the profits and losses. The partners believe that the following assets should be adjusted Accounts receivable - (book value)- P240,000; (market value) P200,000 Inventory -(book value)- P400,000, (market value) P450,000 Len is interested in buying 40% interest from anyone of the partner. After recording the adjustments, the revised capital of Bel is Select the correct response: P904,000 P910,000 P900,000 P906,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bel and May have capital balances of P900,000, and P1,300,000 as of December 31, 2020. Bel and May share 40% and
60% in the profits and losses. The partners believe that the following assets should be adjusted:
Accounts receivable - (book value)- P240,000; (market value) P200,000
Inventory -(book value)- P400,000, (market value) P450,000
Len is interested in buying 40% interest from anyone of the partner.
After recording the adjustments, the revised capital of Bel is
Select the correct response:
P904,000
P910,000
P900,000
P906,000
Transcribed Image Text:Bel and May have capital balances of P900,000, and P1,300,000 as of December 31, 2020. Bel and May share 40% and 60% in the profits and losses. The partners believe that the following assets should be adjusted: Accounts receivable - (book value)- P240,000; (market value) P200,000 Inventory -(book value)- P400,000, (market value) P450,000 Len is interested in buying 40% interest from anyone of the partner. After recording the adjustments, the revised capital of Bel is Select the correct response: P904,000 P910,000 P900,000 P906,000
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