-The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accounts 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 te 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 Y's book are uncollectible c) Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off. How much asset does the partnership have? *

-The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accounts 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 te 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 Y's book are uncollectible c) Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off. How much asset does the partnership have? *

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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- 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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