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?

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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