Jack and Jill dedded to combinetheir business and forma partnership. Beloware their statements offinal position before the formation:JackJillCashP2,048,4001,031,960528,160613,3808,800P4,230,7001,098,3602,498,7161,144,448852,22415,840P5,609.588Accounts receivableInventoriesProperty and equipment-netOther assetsTotal assetsP 787,3361,000,000P1,072,060 |Accounts PayableNotes payableMortgage payableJack, CapitalJill, CapitalTotal liabilities and equity1,440,0002,443,3643,097,528P5,609.588P4,230,700The partners agreed that the property andequipment of Jack is under depreciated by P80,000and that of Jillis over depreciated by P200,000. Accounts receivable of P108,000 inJack's bookand P140,000 inJill's book are uncollectible. The partnership's agreement provides for a profitand loss ratio and capital interest of 60% to Jack and 40% to Jill. Jill is willing to invest orwithdraw cash from the partnership to comply with the agreement.What are the capital balances of Jack and Jill after the formation, respectively?

Given : Jack Jill Capital 24,43,364 30,97,528

Jack andJill deaded to conmbinetheir business andforma partnership. Beloware their statements of final position before the formation: Jack Jill Cash P2,048,400 1,031,960 1,098,360 2,498,716 1,144,448 852,224 15,840 E5.609.588 Accounts receivable Inventories 528,160 613,380 8,800 P4,230,700 Property and equipment-net Other assets Total assets P 787,336 1,000,000 P1,072,060 | Accounts Payable Notes payable Mortgage payable Jack, Capital Jill, Capital Total liabilities and equity 1,440,000 2,443,364 3,097,528 E5.609.588 P4,230,700 The partners agreed that the property and equipment of Jack is under depreciated by P80,000 and that of Jillis over depreciated by P200,000. Accounts receivable of P108,000 inJack's book and P140,000 inJill's book are uncollectible. The partnership's agreement provides for a profit and loss ratio and capital interest of 60 % to Jack and 40% to Jill. Jill is willing to invest or withdraw cash from the partnership to comply with the agreement. What are the capital balances of Jack and Jill after the formation, respectively?

Jack andJill deaded to conmbinetheir business andforma partnership. Beloware their statements of final position before the formation: Jack Jill Cash P2,048,400 1,031,960 1,098,360 2,498,716 1,144,448 852,224 15,840 E5.609.588 Accounts receivable Inventories 528,160 613,380 8,800 P4,230,700 Property and equipment-net Other assets Total assets P 787,336 1,000,000 P1,072,060 | Accounts Payable Notes payable Mortgage payable Jack, Capital Jill, Capital Total liabilities and equity 1,440,000 2,443,364 3,097,528 E5.609.588 P4,230,700 The partners agreed that the property and equipment of Jack is under depreciated by P80,000 and that of Jillis over depreciated by P200,000. Accounts receivable of P108,000 inJack's book and P140,000 inJill's book are uncollectible. The partnership's agreement provides for a profit and loss ratio and capital interest of 60 % to Jack and 40% to Jill. Jill is willing to invest or withdraw cash from the partnership to comply with the agreement. What are the capital balances of Jack and Jill after the formation, respectively?

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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