The following data as of June 1, 2020 were taken from the records of X:Cash 21,000Accounts Receivable 244,536Inventories 130,035Furniture & Fixtures 60,345Land 613,000Other assets 12,000Accounts Payable 188,940Notes Payable 210,000X, capital 681,.976And the following accounts and balances were taken from the records of Y:Cash P 32,354Accounts Receivable 577,890Inventories 270,102Furniture and Fixtures 44,789Building 438,267Other Assets 13.600Accounts Payable 253,650Notes Payable 355,000Y. capital 768,352X & Y agreed to form a partnership by contributing their respective assets and equities subject tothe 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 uncollectibleo Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off.How much capital does partner X have?

At the time of formation or investment in partnership firm, all non cash assets invested by the…

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 P3B0,000 in Y's book are uncollectible o Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off. How much capital does partner X have? *

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 P3B0,000 in Y's book are uncollectible o Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off. How much capital does partner X 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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