How much will Timothy invest at the time of formation, if the capital of Paul is...
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How much will Timothy invest at the time of formation, if the capital of Paul is 50% more tha the agreed capital of Timothy?* (2 Points) Paul admits Timothy as a partner in business. Accounts in the ledger for Paul on November 30, 2019, just before the admission Timothy, shows the following balances: Cash Accounts receivable Allowance for Bad debts Merchandise inventory P52,000 140,000 10,000 360,000 a. b. C. Accounts payable Paul, capital P124,000 418,000 It is agreed that for the purposes of establishing Paul's ingrest the following adjustments should be made: An allowance for doubtful accounts of 10% of accounts receivable is estimated to be uncollectible. The merchandise inventory is to be valued at P404,000 Prepaid expenses of P13,000 and accrued liabilities of P8,000 are to be established. How much is the Carrying value of the equipment at the time of formation? * (2 Points) GD and CL decided to form a partnership on October 1, 2019. Their Statement of Financial Position on this date were: GD CL P 164,062.50 896,875 885,937.50 Cash Accounts Receivables Merchandise Inventory Equipment TOTAL Accounts Payable GD, Capital CL, Capital TOTAL P 65,625 1,487,500 875,000 656,250 P 3,084,375 P 459,375 2,625,000 P 3,084,375 1,268,750 P3,215,625 P 1,159,375 2,056,250 P3,215,625 They agreed to the following adjustments: Equipment of GD is under-depreciated by P87,500 and that CL is over-depreciated by P131,250. Allowance for doubtful accounts is to be set up amounting to P297,500 for GD and P196,875 for CL. Inventories of P21,875 and P15,312.50 are worthless in the books of GD and CL, respectively. The partnership agreement provides for a profit and loss ratio of 7:3 for GD and CL, respectively. How much will Timothy invest at the time of formation, if the capital of Paul is 50% more tha the agreed capital of Timothy?* (2 Points) Paul admits Timothy as a partner in business. Accounts in the ledger for Paul on November 30, 2019, just before the admission Timothy, shows the following balances: Cash Accounts receivable Allowance for Bad debts Merchandise inventory P52,000 140,000 10,000 360,000 a. b. C. Accounts payable Paul, capital P124,000 418,000 It is agreed that for the purposes of establishing Paul's ingrest the following adjustments should be made: An allowance for doubtful accounts of 10% of accounts receivable is estimated to be uncollectible. The merchandise inventory is to be valued at P404,000 Prepaid expenses of P13,000 and accrued liabilities of P8,000 are to be established. How much is the Carrying value of the equipment at the time of formation? * (2 Points) GD and CL decided to form a partnership on October 1, 2019. Their Statement of Financial Position on this date were: GD CL P 164,062.50 896,875 885,937.50 Cash Accounts Receivables Merchandise Inventory Equipment TOTAL Accounts Payable GD, Capital CL, Capital TOTAL P 65,625 1,487,500 875,000 656,250 P 3,084,375 P 459,375 2,625,000 P 3,084,375 1,268,750 P3,215,625 P 1,159,375 2,056,250 P3,215,625 They agreed to the following adjustments: Equipment of GD is under-depreciated by P87,500 and that CL is over-depreciated by P131,250. Allowance for doubtful accounts is to be set up amounting to P297,500 for GD and P196,875 for CL. Inventories of P21,875 and P15,312.50 are worthless in the books of GD and CL, respectively. The partnership agreement provides for a profit and loss ratio of 7:3 for GD and CL, respectively.
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Related Book For
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ISBN: 978-0324829556
10th Edition
Authors: Willian M Pride, Robert J. Hughes, Jack R Kapoor
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