For Das to obtain a 1/3 interest in the partnership, how much must his cash investment be? How much is the capital of Adee upon partnership formation? Adee admitted Das as a particular in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventories 216,000 Accounts Payable 74,400 Adee, Capital 316,800 In order to establish Da’s Interest, the partners agreed on the following: An allowance of doubtful accounts of 2% s to be established Merchandise Inventory is to be valued at P242,400 Prepaid expenses of p4,200 and accrued expenses of P4,800 are to be recognize. Note: Please answer each number thank you.
For Das to obtain a 1/3 interest in the partnership, how much must his cash investment be? How much is the capital of Adee upon partnership formation? Adee admitted Das as a particular in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventories 216,000 Accounts Payable 74,400 Adee, Capital 316,800 In order to establish Da’s Interest, the partners agreed on the following: An allowance of doubtful accounts of 2% s to be established Merchandise Inventory is to be valued at P242,400 Prepaid expenses of p4,200 and accrued expenses of P4,800 are to be recognize. Note: Please answer each number thank you.
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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Question
- For Das to obtain a 1/3 interest in the
partnership , how much must his cash investment be? - How much is the capital of Adee upon partnership formation?
Adee admitted Das as a particular in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows:
|
Cash |
31,200 |
|
Receivables |
144,000 |
|
Inventories |
216,000 |
|
Accounts Payable |
74,400 |
|
Adee, Capital |
316,800 |
In order to establish Da’s Interest, the partners agreed on the following:
- An allowance of doubtful accounts of 2% s to be established
- Merchandise Inventory is to be valued at P242,400
- Prepaid expenses of p4,200 and accrued expenses of P4,800 are to be recognize.
Note: Please answer each number thank you.
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