On January 1, 2022, A and B decided to form a partnership by contributing their respective assets and equities subject to adjustments.CashAccounts ReceivableBuildingA50,00020,000520,000B40,00010,00030,000Computer EquipmentAn Allowance for Doubtful Accounts of 3% of accounts receivable is set up for each partner, and a mortgage of P30,000 is assumedfrom building contribution.Compute the adjusted capital account of A after the formation.

On January 1, 2022, A and B decided to form a partnership by contributing their respective assets and equities subject to adjustments. Cash Accounts Receivable Building Computer Equipment A 50,000 20,000 520,000 B 40,000 10,000 30,000 An Allowance for Doubtful Accounts of 3% of accounts receivable is set up for each partner, and a mortgage of P30,000 is assumed from building contribution. Compute the adjusted capital account of A after the formation.

On January 1, 2022, A and B decided to form a partnership by contributing their respective assets and equities subject to adjustments. Cash Accounts Receivable Building Computer Equipment A 50,000 20,000 520,000 B 40,000 10,000 30,000 An Allowance for Doubtful Accounts of 3% of accounts receivable is set up for each partner, and a mortgage of P30,000 is assumed from building contribution. Compute the adjusted capital account of A after the formation.

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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