On June 1, 2021, Jungkook and Jimin formed a partnership. Jungkook is to invest assets at fair which are yet to be agreed upon. Jungkook is to transfer his liabilities and is to contribute sufficient cash to bring his total capital of P300,000 which is 60% of the total capital of the partnership. Details are regarding the books values of Jungkook's business assets and liabilities and their corresponding valuations are: Agreed Values 58,000 5,000 107,000 32,000 16,400 27,000 Book Values Accounts Receivable Allowance for doubtful accounts Merchandise Inventory Store Equipment Accumulated Depreciation Office Equipment Accumulated Depreciation Accounts Payable 58,000 4,200 98,400 32,000 19,000 27,000 14,200 8,600 56,000 56,000 Jimin agrees to invest cash of P70.000 and merchandise inventory valued at current market price.

On June 1, 2021, Jungkook and Jimin formed a partnership. Jungkook is to invest assets at fair which are yet to be agreed upon. Jungkook is to transfer his liabilities and is to contribute sufficient cash to bring his total capital of P300,000 which is 60% of the total capital of the partnership. Details are regarding the books values of Jungkook's business assets and liabilities and their corresponding valuations are: Agreed Values 58,000 5,000 107,000 32,000 16,400 27,000 Book Values Accounts Receivable Allowance for doubtful accounts Merchandise Inventory Store Equipment Accumulated Depreciation Office Equipment Accumulated Depreciation Accounts Payable 58,000 4,200 98,400 32,000 19,000 27,000 14,200 8,600 56,000 56,000 Jimin agrees to invest cash of P70.000 and merchandise inventory valued at current market price.

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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Similar questions

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