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Chapter 1 S c r ENCINKT 900,000 90,000 Building Equipment Accounts payable Capital 90,000 450,000 336,000 2,100,000 1,460,000 The partners agreed to the following: The recoverable amounts of the partners' respective accounts receivable are P300,000 for Mr. Ann and P760,000 for Ms Buoy. а. b. The inventory contributed by Ms. Buoy includes obsolete items with a recorded cost of P20,000. The land has an attached mortgage of P180,000, which the partnership will assume. d. The equipment contributed by Ms. Buoy has a fair value of P130,000. с. Mr. Ann has an unrecorded accounts payable of P100,000. The partnership assumes the obligation of settling that account. е. How much is the initial capital of Ms. Bouy? а. 1,120,000 b. 1,800,000 c. 1,920,000 d. 2,920,000 20

Chapter 1 S c r ENCINKT 900,000 90,000 Building Equipment Accounts payable Capital 90,000 450,000 336,000 2,100,000 1,460,000 The partners agreed to the following: The recoverable amounts of the partners' respective accounts receivable are P300,000 for Mr. Ann and P760,000 for Ms Buoy. а. b. The inventory contributed by Ms. Buoy includes obsolete items with a recorded cost of P20,000. The land has an attached mortgage of P180,000, which the partnership will assume. d. The equipment contributed by Ms. Buoy has a fair value of P130,000. с. Mr. Ann has an unrecorded accounts payable of P100,000. The partnership assumes the obligation of settling that account. е. How much is the initial capital of Ms. Bouy? а. 1,120,000 b. 1,800,000 c. 1,920,000 d. 2,920,000 20

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chapter 1 900,000 90,000 Building Equipment Accounts payable Сapital 90,000 450,000 336,000 2,100,000 1,460,000 he partners agreed to the following: a. The recoverable amounts of the partners' respective accounts receivable are P300,000 for Mr. Ann and P760,000 for Ms Buoy. b. The inventory contributed by Ms. Buoy includes obsolete items with a recorded cost of P20,000. The land has an attached mortgage of P180,000, which the partnership will assume. d. The equipment contributed by Ms. Buoy has a fair value of P130,000. C. Mr. Ann has an unrecorded accounts payable of P100,000. The partnership assumes the obligation of settling that account. е. How much is the initial capital of Ms. Bouy? а. 1,120,000 b. 1,800,000 с. 1,920,000 d. 2,920,000 20
Transcribed Image Text:Chapter 1 900,000 90,000 Building Equipment Accounts payable Сapital 90,000 450,000 336,000 2,100,000 1,460,000 he partners agreed to the following: a. The recoverable amounts of the partners' respective accounts receivable are P300,000 for Mr. Ann and P760,000 for Ms Buoy. b. The inventory contributed by Ms. Buoy includes obsolete items with a recorded cost of P20,000. The land has an attached mortgage of P180,000, which the partnership will assume. d. The equipment contributed by Ms. Buoy has a fair value of P130,000. C. Mr. Ann has an unrecorded accounts payable of P100,000. The partnership assumes the obligation of settling that account. е. How much is the initial capital of Ms. Bouy? а. 1,120,000 b. 1,800,000 с. 1,920,000 d. 2,920,000 20
2. On January 1, 20x1, Mr. Ann and Ms. Buoy agreed to form a partnership. The partners' contributions are listed below: Ms. Виoy Mr. Ann Cash 50,000 120,000 Accounts receivable 360,000 1,080,000 Inventories 216,000 360,000 Land 1,080,000
Transcribed Image Text:2. On January 1, 20x1, Mr. Ann and Ms. Buoy agreed to form a partnership. The partners' contributions are listed below: Ms. Виoy Mr. Ann Cash 50,000 120,000 Accounts receivable 360,000 1,080,000 Inventories 216,000 360,000 Land 1,080,000
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