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On Oct. 31, 2016, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вok Current Вook Current Assets Value Market Value Value Market Value Cash Accounts Receivable (net) Inventory Property and Equipment (net) Total Assets P 37,000 220,000 510,000 1,218,000 P1,985,000 P. 37,000 P 80,000 202,000 "460,000 P 80,000 63,000 80,000 340,000 535,000 351,000 574,000 1,235,000 P1,934,000 P1,035,000 P1,068,000 Liabilities and Capital P 236,000 P 91,000 14,000 P 91,000 14,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capita! P 236,000 22,000 750,000 977,000. 22,000 750,000 930,000 P1,934,000 P1,035,000 P1,068,000 P1,985,000 inhilities & Canital

On Oct. 31, 2016, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вok Current Вook Current Assets Value Market Value Value Market Value Cash Accounts Receivable (net) Inventory Property and Equipment (net) Total Assets P 37,000 220,000 510,000 1,218,000 P1,985,000 P. 37,000 P 80,000 202,000 "460,000 P 80,000 63,000 80,000 340,000 535,000 351,000 574,000 1,235,000 P1,934,000 P1,035,000 P1,068,000 Liabilities and Capital P 236,000 P 91,000 14,000 P 91,000 14,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capita! P 236,000 22,000 750,000 977,000. 22,000 750,000 930,000 P1,934,000 P1,035,000 P1,068,000 P1,985,000 inhilities & Canital

FINANCIAL ACCOUNTING
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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Two Sole Proprietors Form a Partnership

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Question: Prepare the partnership's statement of financial position as at October 31, 2016

On Oct. 31, 2016, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вook Current Вook Current Assets Value Market Value Value Market Value P 80,000 P 80,000 ' 63,000 P 37,000 202,000 "460,000 1,235,000 P1,934,000 P1,035,000 Cash P 37,000 80,000 Accounts Receivable (net) Inventory Property and Equipment (net) 220,000 351,000 574,000 340,000 510,000 1,218,000 P1,985,000 535,000 P1,068,000 Total Assets Liabilities and Capital P 91,000 14,000 P 91,000 14,000 P 236,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital P 236,000 22,000 750,000 977,000. 22,000 750,000 930,000 P1,035,000 P1,985,000 P1,934,000 P1,068,000
Transcribed Image Text:On Oct. 31, 2016, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вook Current Вook Current Assets Value Market Value Value Market Value P 80,000 P 80,000 ' 63,000 P 37,000 202,000 "460,000 1,235,000 P1,934,000 P1,035,000 Cash P 37,000 80,000 Accounts Receivable (net) Inventory Property and Equipment (net) 220,000 351,000 574,000 340,000 510,000 1,218,000 P1,985,000 535,000 P1,068,000 Total Assets Liabilities and Capital P 91,000 14,000 P 91,000 14,000 P 236,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital P 236,000 22,000 750,000 977,000. 22,000 750,000 930,000 P1,035,000 P1,985,000 P1,934,000 P1,068,000
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