Problem 1. April invited May and June to join her in a partnership to be called Calendar Girls. The following were agre upon: a) May is to invest sports equipment costing P195,000 with accumulated depreciation of P25,000. The current marl value is P150,000. b) June is to invest land with an appraised value of P350,000. There is an attached mortgageto this which will be assum by the partnership amounting to P130,000. c) April is investing her Slim Saloon, except forthe cash, consisting of the following: Cash P10,000 Accounts receivable 30,000 Furniture and equipment 320,000 Accumulated depreciation 15,000 Accounts payable 15,000 10% of the accounts receivable is doubtful of collection. The furniture and equipment have a present market valu of P300,000. What are the partners' capital balances just after the formation? 28. April, capital 29. May, capital 30. June, capital 31. What is the amount of the total current assets of the partnership immediately after formation? 32. What is the amount of the total assets of the partnership immediately after formation? 33. What is the amount of the total liabilities of the partnership immediately after formation?
Problem 1. April invited May and June to join her in a partnership to be called Calendar Girls. The following were agre upon: a) May is to invest sports equipment costing P195,000 with accumulated depreciation of P25,000. The current marl value is P150,000. b) June is to invest land with an appraised value of P350,000. There is an attached mortgageto this which will be assum by the partnership amounting to P130,000. c) April is investing her Slim Saloon, except forthe cash, consisting of the following: Cash P10,000 Accounts receivable 30,000 Furniture and equipment 320,000 Accumulated depreciation 15,000 Accounts payable 15,000 10% of the accounts receivable is doubtful of collection. The furniture and equipment have a present market valu of P300,000. What are the partners' capital balances just after the formation? 28. April, capital 29. May, capital 30. June, capital 31. What is the amount of the total current assets of the partnership immediately after formation? 32. What is the amount of the total assets of the partnership immediately after formation? 33. What is the amount of the total liabilities of the partnership immediately after formation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 1. April invited May and June to join her in a partnership to be called Calendar Girls. The following were agreed
upon:
May is to invest sports equipment costing P195,000 with accumulated depreciation of P25,000. The current market
a)
value is P150,00.
b) June isto invest land with an appraised value of P350,000. There is an attached mortgageto this which will be assumed
by the partnership amounting to P130,000.
c) April is investing her Slim Saloon, except for the cash, consisting of the following:
Cash
P10,000
Accounts receivable
30,000
Furniture and equipment
320,000
Accumulated depreciation
15,000
Accounts payable
15,000
10% of the accounts receivable is doubtful of collection. The furniture and equipment have a present market value
of P300,000. What are the partners' capital balances just after the formation?
28. April, capital
29. Мay, capital
30. June, capital
31. What is the amount of the total current assets of the partnership immediately after formation?
32. What is the amount of the total assets of the partnership immediately after formation?
33. What is the amount of the total liabilities of the partnership immediately after formation?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb4f4fa6b-20c2-4fa4-9967-1a980bac2950%2F04cc2555-37a3-4791-8f76-2d3d4220f11f%2Flwjj5cm_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 1. April invited May and June to join her in a partnership to be called Calendar Girls. The following were agreed
upon:
May is to invest sports equipment costing P195,000 with accumulated depreciation of P25,000. The current market
a)
value is P150,00.
b) June isto invest land with an appraised value of P350,000. There is an attached mortgageto this which will be assumed
by the partnership amounting to P130,000.
c) April is investing her Slim Saloon, except for the cash, consisting of the following:
Cash
P10,000
Accounts receivable
30,000
Furniture and equipment
320,000
Accumulated depreciation
15,000
Accounts payable
15,000
10% of the accounts receivable is doubtful of collection. The furniture and equipment have a present market value
of P300,000. What are the partners' capital balances just after the formation?
28. April, capital
29. Мay, capital
30. June, capital
31. What is the amount of the total current assets of the partnership immediately after formation?
32. What is the amount of the total assets of the partnership immediately after formation?
33. What is the amount of the total liabilities of the partnership immediately after formation?
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