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, realizable to the extent of 85%.

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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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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, realizable to the extent of 85%.

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