A business owned by A1 was short of cash and she decided to form a partnership with A2, who was able to contribute cash 1.5 times the interest of A1 in the new partnership. The assets contributed by A1 appeared as follows in the statement of the financial position of her business: cash, P8,000; accounts receivable, P188,000, with allowance for uncollectible accounts of P5,000; merchandise inventory, P419,000 and store equipment, P149,000 with accumulated depreciation of P14,000. freshman freshma A1 and A2 agreed that the allowance for uncollectible accounts was inadequate and should be P10,000. They also agreed that the fair value for the inventory is P455.000 and the store equipment is P120.000. The cash contributed by A2 into the partnership is ______
A business owned by A1 was short of cash and she decided to form a partnership with A2, who was able to contribute cash 1.5 times the interest of A1 in the new partnership. The assets contributed by A1 appeared as follows in the statement of the financial position of her business: cash, P8,000; accounts receivable, P188,000, with allowance for uncollectible accounts of P5,000; merchandise inventory, P419,000 and store equipment, P149,000 with accumulated depreciation of P14,000. freshman freshma A1 and A2 agreed that the allowance for uncollectible accounts was inadequate and should be P10,000. They also agreed that the fair value for the inventory is P455.000 and the store equipment is P120.000. The cash contributed by A2 into the partnership is ______
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A business owned by A1 was short of cash and she decided to form a partnership with A2, who was able to contribute cash 1.5 times the interest of A1 in the new partnership.
The assets contributed by A1 appeared as follows in the statement of the financial position of her business: cash, P8,000; accounts receivable, P188,000, with allowance for uncollectible accounts of P5,000; merchandise inventory, P419,000 and store equipment, P149,000 with accumulated depreciation of P14,000.
freshman
freshma
A1 and A2 agreed that the allowance for uncollectible accounts was inadequate and should be P10,000. They also agreed that the fair value for the inventory is P455.000 and the store equipment is P120.000. The cash contributed by A2 into the partnership is ______
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