(fair market value of P80,000) under the following conditions: The post-closing trial balance of Paul Warren Sanico is presented below: Jay Raymond Delfin offers to invest cash of P200,000 and an equipment costing P70,000 Cash P 80,000 Accounts Receivable Allow. for Doubtful Accounts 100,000 Merchandise Accounts Payable P. Sanico, Capital. P 15,000 175,000 60,000 280,000 P355,000 P355,000 The Accounts Receivable shall be the burden of Sanico for collection and shall not form part of his investment in the partnership. h The Accounts Payable shall not be carried in the book of the partnership and will be treated as personal liability of Sanico. c. Sanico may withdraw or contribute cash to make his capital balance equal to three fourth (3/4) of Delfin's offered investment. 0-1 How much is the adjusted capital balance of Sanico after the writing-off from the records the Accounts Receivable and Accounts Payable Accounts? b. P260,000 cC. P275,000 d. none of these a. P255,000 Q-2 How much cash should Sanico withdraw to meet one of the proposed conditions? d. none of these b. P 50,000 c. P 70,000 a. P 45,000
(fair market value of P80,000) under the following conditions: The post-closing trial balance of Paul Warren Sanico is presented below: Jay Raymond Delfin offers to invest cash of P200,000 and an equipment costing P70,000 Cash P 80,000 Accounts Receivable Allow. for Doubtful Accounts 100,000 Merchandise Accounts Payable P. Sanico, Capital. P 15,000 175,000 60,000 280,000 P355,000 P355,000 The Accounts Receivable shall be the burden of Sanico for collection and shall not form part of his investment in the partnership. h The Accounts Payable shall not be carried in the book of the partnership and will be treated as personal liability of Sanico. c. Sanico may withdraw or contribute cash to make his capital balance equal to three fourth (3/4) of Delfin's offered investment. 0-1 How much is the adjusted capital balance of Sanico after the writing-off from the records the Accounts Receivable and Accounts Payable Accounts? b. P260,000 cC. P275,000 d. none of these a. P255,000 Q-2 How much cash should Sanico withdraw to meet one of the proposed conditions? d. none of these b. P 50,000 c. P 70,000 a. P 45,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I need the solutions and answer for Q-1 to Q-3
Transcribed Image Text:Chapter 16
Q-3 How much is the new capitalization of the partnership?
a. P490,000
b. P510,000
C. P520,000
d. none of these
Transcribed Image Text:(fair market value of P80,000) under the following conditions:
The post-closing trial balance of Paul Warren Sanico is presented below:
Jay Raymond Delfin offers to invest cash of P200,000 and an equipment costing P70,000
16-1
Cash
Accounts Receivable
Allow. for Doubtful Accounts
P 80,000
100,000
Merchandise
Accounts Payable
P. Sanico, Capital.
P 15,000
175,000
60,000
280,000
P355,000
P355,000
The Accounts Receivable shall be the burden of Sanico for collection and shall not
form part of his investment in the partnership.
h. The Accounts Payable shall not be carried in the book of the partnership and will
be treated as personal liability of Sanico.
c. Sanico may withdraw or contribute cash to make his capital balance equal to
three fourth (3/4) of Delfin's offered investment.
0-1 How much is the adjusted capital balance of Sanico after the writing-off from
the records the Accounts Receivable and Accounts Payable Accounts?
b. P260,000
C. P275,000
d. none of these
a. P255,000
Q-2 How much cash should Sanico withdraw to meet one, of the proposed
conditions?
d. none of these
b. P 50,000
c. P 70,000
a. P 45,000
415
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