On June 1, Jungkook and Jimin decides to continue their businesses and form a partnership. Statement of financial position on June 1, before adjustments, showed the following Jungkook 10,000 18,500 30,000 30,000 11,500 6,375 Jimin Cash 3,750 Accounts receivable Inventories Furniture and Fixtures Office Equipment Prepaid Expenses 13,500 19,500 9,000 2,750 3,000 Accounts Payable 45,700 18,000 They agreed to provide 5% for doubtful accounts receivable, and also agree that Jungkook's furniture and fixtures are over depreciated by P1,500.

On June 1, Jungkook and Jimin decides to continue their businesses and form a partnership. Statement of financial position on June 1, before adjustments, showed the following Jungkook 10,000 18,500 30,000 30,000 11,500 6,375 Jimin Cash 3,750 Accounts receivable Inventories Furniture and Fixtures Office Equipment Prepaid Expenses 13,500 19,500 9,000 2,750 3,000 Accounts Payable 45,700 18,000 They agreed to provide 5% for doubtful accounts receivable, and also agree that Jungkook's furniture and fixtures are over depreciated by P1,500.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PB

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