Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless in Bonbon's and Caloy's respective books. b) Accounts Receivable of P25,000 Bonbon's book and P30.000 in Caloy s book are uncollectibl C) Other assets of P4.000 and P6,000 in Bonbon and Caloy's respective books are to be written off. d. The partnership assumes the unrecorded mortgage on the building, P45, 500 How much is the total liabilities to be assumed by the partnershin?
Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless in Bonbon's and Caloy's respective books. b) Accounts Receivable of P25,000 Bonbon's book and P30.000 in Caloy s book are uncollectibl C) Other assets of P4.000 and P6,000 in Bonbon and Caloy's respective books are to be written off. d. The partnership assumes the unrecorded mortgage on the building, P45, 500 How much is the total liabilities to be assumed by the partnershin?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 32BE
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