On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a 3 partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вook Current Book Current Assets Value Market Value Value Market Value P 80,000 63,000 351,000 P 37,000 P 80,000 P 37,000 220,000 Cash 202,000 460,000 1,235,000 P1,934,000 P1,035,000 80,000 340,000 535,000 Accounts Receivable (net) Inventory Property and Equipment (net) 510,000 1,218,000 574,000 P1,068,000 Total Assets P1,985,000 Liabilities and Capital P 236,000 P 91,000 P 236,000 22,000 750,000 P 91,000 14,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital 14,000 22,000 750,000 977,000 930,000 P1,934,000 P1,035,000 P1,068,000 P1,985,000 Required: 1, Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.
On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a 3 partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вook Current Book Current Assets Value Market Value Value Market Value P 80,000 63,000 351,000 P 37,000 P 80,000 P 37,000 220,000 Cash 202,000 460,000 1,235,000 P1,934,000 P1,035,000 80,000 340,000 535,000 Accounts Receivable (net) Inventory Property and Equipment (net) 510,000 1,218,000 574,000 P1,068,000 Total Assets P1,985,000 Liabilities and Capital P 236,000 P 91,000 P 236,000 22,000 750,000 P 91,000 14,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital 14,000 22,000 750,000 977,000 930,000 P1,934,000 P1,035,000 P1,068,000 P1,985,000 Required: 1, Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a
3
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
P 37,000
P 37,000
P 80,000
P 80,000
80,000
340,000
535,000
Cash
Accounts Receivable (net)
Inventory
Property and Equipment (net)
220,000
510,000
202,000
460,000
1,235,000
63,000
351,000
1,218,000
574,000
P1,985,000
P1,934,000 P1,035,000
P1,068,000
Total Assets
Liabilities and Capital
P 236,000
P 91,000
P 236,000
22,000
P
91,000
Accounts Payable
Accrued Expenses
Notes Payable
Apalisoc, Capital
Tuddao, Capital
Total Liabilities & Capital
22,000
750,000
14,000
14,000
750,000
977,000
930,000
P1,985,000
P1,934,000 P1,035,000
P1,068,000
Required:
1. Record the partnership formation.
2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F449edfc3-6e93-40ac-96eb-bfa3e24cc0a4%2F5d43b35a-79cd-4da2-92ef-ffed9b8037f1%2Fakfhoij_processed.png&w=3840&q=75)
Transcribed Image Text:On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a
3
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
P 37,000
P 37,000
P 80,000
P 80,000
80,000
340,000
535,000
Cash
Accounts Receivable (net)
Inventory
Property and Equipment (net)
220,000
510,000
202,000
460,000
1,235,000
63,000
351,000
1,218,000
574,000
P1,985,000
P1,934,000 P1,035,000
P1,068,000
Total Assets
Liabilities and Capital
P 236,000
P 91,000
P 236,000
22,000
P
91,000
Accounts Payable
Accrued Expenses
Notes Payable
Apalisoc, Capital
Tuddao, Capital
Total Liabilities & Capital
22,000
750,000
14,000
14,000
750,000
977,000
930,000
P1,985,000
P1,934,000 P1,035,000
P1,068,000
Required:
1. Record the partnership formation.
2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.
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