1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as...
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1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan Janice P 62,000 P8,000 200,000 120,000 650,000 Cash Receivables 600,000 200,000 535,000 3,000 Inventories Land, Building and Equipment Other Assets 2,000 Accounts payable (180,000) (250,000) Nathan and Janice agreed to form a partnership by contributing their net assets, subject to the following adjustments: • Receivables of P 20,000 in Nathan's books and P 40,000 in Janice's books are uncollectible. • Inventories ofP 6,000 and P 7,000 in the respective books of Nathan and Janice are worthless • Other assets in both books are written off Upon the Partnership's formation: The respective capital of partners Nathan and Janice would be The total assets of the partnership would be: 1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan Janice P 62,000 P8,000 200,000 120,000 650,000 Cash Receivables 600,000 200,000 535,000 3,000 Inventories Land, Building and Equipment Other Assets 2,000 Accounts payable (180,000) (250,000) Nathan and Janice agreed to form a partnership by contributing their net assets, subject to the following adjustments: • Receivables of P 20,000 in Nathan's books and P 40,000 in Janice's books are uncollectible. • Inventories ofP 6,000 and P 7,000 in the respective books of Nathan and Janice are worthless • Other assets in both books are written off Upon the Partnership's formation: The respective capital of partners Nathan and Janice would be The total assets of the partnership would be:
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Step 1 a Partnership formation A partnership is a business arrangement between two or more people wh... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
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