The statement of financial position of ABC Partnership on May 31,2022 is given below: Cash P25,000 Accounts Payable P70,000 Receivable 25,000 30,000 Inventories 180,000 Plant& Equipment 120,000 Carlo, Capital 100,000 P350,000 P350,000 A new partner, Dan, was admitted as a partner on June 1, 2022 who bought 1/2 of Carlo's share for P60,000. Before his admission, the partners agreed to write down inventories to P150,00. How much is Carlo, capital after the admission of Dan? Loan Payable to Allan Allan Capital Bobby, Capital 75,000 75,000

The statement of financial position of ABC Partnership on May 31,2022 is given below: Cash P25,000 Accounts Payable P70,000 Receivable 25,000 30,000 Inventories 180,000 Plant& Equipment 120,000 Carlo, Capital 100,000 P350,000 P350,000 A new partner, Dan, was admitted as a partner on June 1, 2022 who bought 1/2 of Carlo's share for P60,000. Before his admission, the partners agreed to write down inventories to P150,00. How much is Carlo, capital after the admission of Dan? Loan Payable to Allan Allan Capital Bobby, Capital 75,000 75,000

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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