The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accouns Receivable 244,536 Inventories 130,035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 Notes Payable 210,000 X, capital 681,976 And the following accounts and balances were taken from the records of Y: Cash P 32,354 Accounts Receivable 577,890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438,267 Other Assets 13,600 Accounts Payable 253,650 Notes Payable 355,000 Y, capital 768,352 X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless in X & Y respective books. b) Accounts Receivable of P25,000 X's book and P30.000 in Ys book are uncollectible c) Other assets of P4,000 and P6.000 in X and Ys respective books are to be written off. How much is the capital adjustment of partner Y?*
The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accouns Receivable 244,536 Inventories 130,035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 Notes Payable 210,000 X, capital 681,976 And the following accounts and balances were taken from the records of Y: Cash P 32,354 Accounts Receivable 577,890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438,267 Other Assets 13,600 Accounts Payable 253,650 Notes Payable 355,000 Y, capital 768,352 X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless in X & Y respective books. b) Accounts Receivable of P25,000 X's book and P30.000 in Ys book are uncollectible c) Other assets of P4,000 and P6.000 in X and Ys respective books are to be written off. How much is the capital adjustment of partner Y?*
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![- The following data as of June 1, 2020 were taken from the records of X:
Cash 21,000
Accouns Receivable 244,536
Inverntories 130,035
Furniture & Fixtures 60,345
Land 613,000
Other assets 12,000
Accounts Payable 188,940
Notes Payable 210,000
X capital 681,976
And the following accounts and balances were taken from the records of Y:
Cash P 32,354
Accounts Receivable 577,890
Inventories 270,102
Furniture and Fixtures 44,789
Building 438,267
Other Assets 13,600
Accounts Payable 253,650
Notes Payable 355,000
Y, capital 768,352
X & Y agreed to form a partnership by contributing their respective assets and equities subject to
the following adjustments:
a) Inventories of P6,500 and P6,700 are worthless inX& Y respective books.
b) Accounts Receivable of P25 000 X's book and P30.000 in Ys book are uncollectible
c) Other assets of P4,000 and P6,000 in X and Ys resbective books are to be written off.
How much is the capital adjustment of partner Y?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffeb65f5e-faf9-498d-a748-71ccbcc2b203%2Ff8139617-dcb1-49ee-b6ba-ccd5a4106fc6%2F2n7fac_processed.jpeg&w=3840&q=75)
Transcribed Image Text:- The following data as of June 1, 2020 were taken from the records of X:
Cash 21,000
Accouns Receivable 244,536
Inverntories 130,035
Furniture & Fixtures 60,345
Land 613,000
Other assets 12,000
Accounts Payable 188,940
Notes Payable 210,000
X capital 681,976
And the following accounts and balances were taken from the records of Y:
Cash P 32,354
Accounts Receivable 577,890
Inventories 270,102
Furniture and Fixtures 44,789
Building 438,267
Other Assets 13,600
Accounts Payable 253,650
Notes Payable 355,000
Y, capital 768,352
X & Y agreed to form a partnership by contributing their respective assets and equities subject to
the following adjustments:
a) Inventories of P6,500 and P6,700 are worthless inX& Y respective books.
b) Accounts Receivable of P25 000 X's book and P30.000 in Ys book are uncollectible
c) Other assets of P4,000 and P6,000 in X and Ys resbective books are to be written off.
How much is the capital adjustment of partner Y?
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