Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up in the books of Pat Prepaid expenses of P 10,000 and accrued expenses of P6,000 are to be recognized. Allowance for doubtful accounts on Pat's accounts receivable shall be increased by P10,000. Pat's capital before adjustment for the above items was P405,000. Tin will invest enough cash to make her equal to 60%. How much is Pat's adjusted capital balance?
Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up in the books of Pat Prepaid expenses of P 10,000 and accrued expenses of P6,000 are to be recognized. Allowance for doubtful accounts on Pat's accounts receivable shall be increased by P10,000. Pat's capital before adjustment for the above items was P405,000. Tin will invest enough cash to make her equal to 60%. How much is Pat's adjusted capital balance?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up in
the books of Pat
Prepaid expenses of P 10,000 and accrued expenses of P6,000 are to be recognized. Allowance for doubtful accounts on Pat's accounts receivable shall be increased by P10,000. Pat's capital before adjustment for the above items was P405,000. Tin will invest enough cash to make her equal to 60%. How much is Pat's adjusted capital balance?
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