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JR and his very close friend AJ formed a partnership on January 1, 219 with JR contributing P16,000 cash and AJ contributing equipment with a book value of P6,400 and a fair value of P4,800 and inventory items with a book value of P2,400 and fair value of P3,200. During 2019, JR made additional investment of P1,600 on April 1 and P1,600 on June 1, and on September 1, he withdrew P4,000. AJ had no additional investments nor withdrawals during the year. The average capital balance at the end of 2019 for JR is * P18,400 O P18,200 O P16,800 O P17,800

JR and his very close friend AJ formed a partnership on January 1, 219 with JR contributing P16,000 cash and AJ contributing equipment with a book value of P6,400 and a fair value of P4,800 and inventory items with a book value of P2,400 and fair value of P3,200. During 2019, JR made additional investment of P1,600 on April 1 and P1,600 on June 1, and on September 1, he withdrew P4,000. AJ had no additional investments nor withdrawals during the year. The average capital balance at the end of 2019 for JR is * P18,400 O P18,200 O P16,800 O P17,800

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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TNT EO ON 68% O 11:15 JR and his very close friend AJ formed a partnership on January 1, 219 with JR contributing P16,000 cash and AJ contributing equipment with a book value of P6,400 and a fair value of P4,800 and inventory items with a book value of P2,400 and fair value of P3,200. During 2019, JR made additional investment of P1,600 on April 1 and P1,600 on June 1, and on September 1, he withdrew P4,000. AJ had no additional investments nor withdrawals during the year. The average capital balance at the end of 2019 for JR is * P18,400 P18,200 P16,800 O P17,800 Perez, Reyes, and Suarez were partners with capital balances on
Transcribed Image Text:TNT EO ON 68% O 11:15 JR and his very close friend AJ formed a partnership on January 1, 219 with JR contributing P16,000 cash and AJ contributing equipment with a book value of P6,400 and a fair value of P4,800 and inventory items with a book value of P2,400 and fair value of P3,200. During 2019, JR made additional investment of P1,600 on April 1 and P1,600 on June 1, and on September 1, he withdrew P4,000. AJ had no additional investments nor withdrawals during the year. The average capital balance at the end of 2019 for JR is * P18,400 P18,200 P16,800 O P17,800 Perez, Reyes, and Suarez were partners with capital balances on
TNT a O ON 68% 11:15 Perez, Reyes, and Suarez were partners with capital balances on January 2, 2019 of P100,000, P150,000 and P200,000, respectively. Their profit and loss ratio is 5:3:2. On July 1, 2011, Perez retires from the partnership. On the date of retirement the partnership net income is P140,000 and the partners agreed that the inventories are to be revalued at P70,000 from its original cost of P50,000. The partners agreed further to pay Perez P195,000 in settlement of his interest. What are the capital balances of the remaining partners after retirement of Perez? * Reyes P189,000; Suarez P226,000 O Reyes P198,000; Suarez P232,000 Reyes P207,000; Suarez P238,000 O Reyes P220,000; Suarez P226,000 In its first year of operations, the partnership of Reves Balino and
Transcribed Image Text:TNT a O ON 68% 11:15 Perez, Reyes, and Suarez were partners with capital balances on January 2, 2019 of P100,000, P150,000 and P200,000, respectively. Their profit and loss ratio is 5:3:2. On July 1, 2011, Perez retires from the partnership. On the date of retirement the partnership net income is P140,000 and the partners agreed that the inventories are to be revalued at P70,000 from its original cost of P50,000. The partners agreed further to pay Perez P195,000 in settlement of his interest. What are the capital balances of the remaining partners after retirement of Perez? * Reyes P189,000; Suarez P226,000 O Reyes P198,000; Suarez P232,000 Reyes P207,000; Suarez P238,000 O Reyes P220,000; Suarez P226,000 In its first year of operations, the partnership of Reves Balino and
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