What is the capital of Jungkook after the adjustments? * |On August 1, Jungkook and Jimin pooled their assets to form a partnership, with the firm to take over their business assets and assume the liabilities. Partners capitals are to be based on the net assets transferred after the following adjustments. Jungkook's inventory is to be increased by P4,000; allowance for doubtful accounts are P1,000 and P1,500 are to be set up in the books of Jungkook and Jimin, respectively; and accounts payable of P4,000 is to be recognized in Jungkook's books. The individual trial balance on August 1, before adjustments, follow: Jungkook 85,000 5,000 Jimin 115,000 36,700 Assets Liabilities O 79,000 O 77,000 O 65,000 87,000
What is the capital of Jungkook after the adjustments? * |On August 1, Jungkook and Jimin pooled their assets to form a partnership, with the firm to take over their business assets and assume the liabilities. Partners capitals are to be based on the net assets transferred after the following adjustments. Jungkook's inventory is to be increased by P4,000; allowance for doubtful accounts are P1,000 and P1,500 are to be set up in the books of Jungkook and Jimin, respectively; and accounts payable of P4,000 is to be recognized in Jungkook's books. The individual trial balance on August 1, before adjustments, follow: Jungkook 85,000 5,000 Jimin 115,000 36,700 Assets Liabilities O 79,000 O 77,000 O 65,000 87,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:What is the capital of Jungkook after the adjustments? *
|On August 1, Jungkook and Jimin pooled their assets to form a partnership, with the firm to take
over their business assets and assume the liabilities. Partners capitals are to be based on the net
assets transferred after the following adjustments.
Jungkook's inventory is to be increased by P4,000; allowance for doubtful accounts are P1,000
and P1,500 are to be set up in the books of Jungkook and Jimin, respectively; and accounts payable
of P4,000 is to be recognized in Jungkook's books. The individual trial balance on August 1, before
adjustments, follow:
Jungkook
85,000
Jimin
115,000
36,700
Assets
Liabilities
5,000
O 79,000
O 77,000
O 65,000
O 87,000
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