On September 1, 2021, Keto and Kata agreed to form a partnership and all non-cash assets will
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Question:
Moreover, Kata agreed that the following adjustments to the accounts of Keto:
(a) 6% allowance for uncollectible accounts
(b) Furnitures' fair market value P150,000
(c) unrecorded supplies P5,000 and the payables will be assumed by the partnership.
Kata will additionally contributes cash to make the capital equal to P700,000. How much were the final capital balances credited to Keto and Kata?
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
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