Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventory Accounts Payable Adee, Capital In order to establish Das' Interest, the partners agreed on the following. - An allowance of doubtful accounts of 2% is to be established 216,000 74,400 316,800 Merchandise Inventory is to be valued at P242,400 Prepaid Expenses of P4,200 and accrued expenses of P4,800 are to be recognized
Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 Inventory Accounts Payable Adee, Capital In order to establish Das' Interest, the partners agreed on the following. - An allowance of doubtful accounts of 2% is to be established 216,000 74,400 316,800 Merchandise Inventory is to be valued at P242,400 Prepaid Expenses of P4,200 and accrued expenses of P4,800 are to be recognized
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How much is the capital of Adee upon partnership formation?
Transcribed Image Text:Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the
admission of Das shows:
Cash
31,200
Receivables
144,000
Inventory
Accounts Payable
Adee, Capital
In order to establish Das' Interest, the partners agreed on the following:
216,000
74,400
316,800
An allowance of doubtful accounts of 2% is 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 recognized
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