Old MathJax webview

Chapter 1 20 Building Equipment Accounts payable Capital 90,000 336,000 1,460,000 900,000 90,000 450,000 2,100,000 The partners agreed to the following: a. The recoverable amounts of the partners' respective accounts receivable are P300,000 for Mr. Ann and P760,000 for Ms. Buoy. b. The inventory contributed by Ms. Buoy includes obsolete items with a recorded cost of P20,000. c. The land has an attached mortgage of P180,000, which the partnership will assume. d. The equipment contributed by Ms. Buoy has a fair value of P130,000 e. Mr. Ann has an unrecorded accounts payable of P100,000. The partnership assumes the obligation of settling that account. How much is the initial capital of Ms. Bouy? a. 1,120,000 c. 1,920,000 b. 1,800,000 d. 2,920,000 2. On January 1, 20x1, Mr. Ann and Ms. Buoy agreed to form a partnership. The partners' contributions are listed below: Mr. Ann Ms. Buoy Cash 50,000 120,000 Accounts receivable 360,000 1,080,000 Inventories 216,000 360,000 Land 1,080,000 Building Equipment Accounts payable Capital 90,000 336,000 1,460,000 900,000 90,000 450,000 2,100,000 The partners agreed to the following: a. The recoverable amounts of the partners' respective accounts receivable are P300,000 for Mr. Ann and P760,000 for Ms. Buoy. b. The inventory contributed by Ms. Buoy includes obsolete items with a recorded cost of P20,000. The land has an attached mortgage of P180,000, which the partnership will assume. d. The equipment contributed by Ms. Buoy has a fair value of P130,000 Mr. Ann has an unrecorded accounts payable of P100,000. The partnership assumes the obligation of settling that account. C. e. How much is the initial capital of Ms. Bouy? a. 1,120,000 c. 1,920,000 b. 1,800,000 d. 2,920,000