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    Venn Bacus Rabadon
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    30 Ansichten3 Seiten

    Take Home Xam

    Hochgeladen von

    Venn Bacus Rabadon
    ju

    Copyright:

    © All Rights Reserved
    Als PDF herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 3
    | Advanced Aetg 1 * lai [Zou Lausanne rigs ship op Aprit 30, withthe following assets, dnsepn, ie i fii uted oy ah measured at ther fa cet Joseph, John’ cash P 100,000, © . 120,000 390,01 Automobile 85,000 7 Delivery trucks 80,000 ‘Computer and printer : $1,000 Office furniture” ‘ - . 000 25,00 inWestrgat 4 2.496000 ‘A- 300,000; P400,009; and P500,000 * C.sgo,000; #400,000; and P500,000 ‘B- 40,000; P200,000; and P400,000", p 66,666;,2466,666; and P466,657, 4 G 92,000. 4,000 ve ctacanta rsoon © OEE an pt Paoan i Crown, co #23000 7 3 Cauh 000 0.R. Geow e000 . C. Cola, capital 46,000 €.Cola, capital P4,000 * R.ceow, capital 46000 G > The balance sheet as of luly 32, 2024, for the business owned by Sunshine, shows the following assets and ; \ tert of the fai value ofthe assets to the part ‘cash 30.000 rurniture and Fixtures Io #000 ‘marketing idea originated with Joe, t was agreed that he should receive credit for 50 pecountsrecewable 12f000 "eeounts payable 28 god 1 Fécorded capital. Recent seles of land simior to that contibuted By Rob Merchandise inventory ; 220 000 . ret value Of P40,000. Likewise, recent sales of delivery equipment similar to the assets and contributing oatribstion was equal percent of the pi Itis estimated that 5% of the receivables will prove uncollectible. The cashbalance includes 21,000 shares marketable equity securities recorded at its cost, 4,000. The stack fast sold ludes obsolete items costing however, they ‘over the long run and establish «permanent bisinss with ai atractive longterm rate of ~ return, Under the most appropriate method, given the circumstances, the entry to record the formation of partnership must be: | A Sash 90,000 © cosh” 9 | thes separste.husinessas to form a partnership. Property © elvety equipment 40,000 Delivery équioment at for Stoll api op 740,00 te properey to be “ond 40,000 ond 40 | to be assumed af. Con capita 60,000 Goodwill. 5 Sanders White, copital 110,000 Con, copital 140,000 Bookvalve Faicvalue \Gook value Fairvalue > et Wiite, capita 420,000 Accounts receivable 30,000 P 30,000 a B cash % o Inventories 30,000 45, 80,000 90,000 = Delivery equipment 40 000 cosh 8. Equipment 50,000 40,000 / $0,000 95,000 tond 4 Delivery equiioment BO ‘Accounts payable 95.090 18,000 { 10,000 10,000_” Con, c 85,000 tand 00 i white, 85,000 Con, capital 00 wal_afféi) all contributiéns and’‘assumptions of white, copitol 000 io is 45% Darwin and 55% Sanders. and Saridentfmuscontribute: £200,000; P200,000, respectively €. P5,000; P7 80,000; P45,000, respectively D P10, spectively 9; P25,000; respectively 5. Cola and R. cfoum formed 2 parnertip ané aged to divide inital partiersip copia A 3 rown is contributing an banking, connéctions | & Paul admits Timothy as a partner in business. Accounts in the ledger for Paull on November : 1 30, 2014, just before the admission of Timothy, show the following balances: ‘The unidentifiable asset is not recordeil on the partnership books, the journal entry necessary Cash “

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