1. Under Millan book. This is not a part of our exam but is included in the reference book and I want to review its answer. A P25,000 recovery of a previous write-down on the inventoryA&B Partnership admits C as a new partner. The statement offinancial position before the admission of C is shown below:Cash26,000 Accounts payable62,000Accounts receivable 120,000 A, Capital ( interest in PA) 170,000InventoryTotal assets180,000 B, Capital (40% interent in ) 94.000326,000Total liabilities and oquity326,000The following adjustments are determined:• The recoverable amount of the accounts receivable is P116,400should be recognized.• Prepaid assets of P3,600 and accrued liabilities of P4,000should be recognized.LAICPA - Adapted)1. Cacquires half of B's interest in the partnership for P100,000,How much is the çapital balance of B after the admission of Ca. 47,000b. 21,500c. 51,200d. 182,600

AB Partnership admits C as a new partner. The statement of financial position before the admission of C is shown below: Cash Accounts receivable 120,000 A, Capital ( interest in PA 170,000 Inventory Total assets 26,000 Accounts payable 62,000 180,000 B, Capital (% interest in PA) 326,000 Total liabilities and equity 94.000 326.000 The following adjustments are determined: • The recoverable amount of the accounts receivable is P116,4 • A P25,000 recovery of a previous write-down on the invent should be recognized. • Prepaid assets of P3,600 and acrued liabilities of P should be recognized. (AICPA Adapted) 1. Cacquires half of B's interest in the partnership for PI00,C How much is the çapital balance of Bafter the admission of a. 47,000 c. 51,200 d. 182,600

AB Partnership admits C as a new partner. The statement of financial position before the admission of C is shown below: Cash Accounts receivable 120,000 A, Capital ( interest in PA 170,000 Inventory Total assets 26,000 Accounts payable 62,000 180,000 B, Capital (% interest in PA) 326,000 Total liabilities and equity 94.000 326.000 The following adjustments are determined: • The recoverable amount of the accounts receivable is P116,4 • A P25,000 recovery of a previous write-down on the invent should be recognized. • Prepaid assets of P3,600 and acrued liabilities of P should be recognized. (AICPA Adapted) 1. Cacquires half of B's interest in the partnership for PI00,C How much is the çapital balance of Bafter the admission of a. 47,000 c. 51,200 d. 182,600

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 9BCRQ

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