Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P900,000, with accumulated depreciation of P620,000. The partners agreed on a valuation of P400,000. They also agreed to accept Sabio’s accounts receivable of P360,000, with allowance of 15% to be established.
Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P900,000, with accumulated depreciation of P620,000. The partners agreed on a valuation of P400,000. They also agreed to accept Sabio’s accounts receivable of P360,000, with allowance of 15% to be established.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P900,000, with
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