The statement of financial position May Partnership on December 31, 2020 is given below: Cash P45,000 Accounts payable P70,000 Receivable 25,000 Loan payable to Mateo 30,000 Inventories 180,000 Mateo, capital 75,000 Plant and equipment 100,000 Vicente, capital 75,000 Ibe, capital 100,000 Total P350,000 Total P350,000 A new partner, Ong, was admitted as a partner on January 1, 2021, who bough ½ of Ibe’s share for P60,000. Before her admission, the partners agreed to write down inventories to P150,000. Ibe’s capital after the admission will decrease by______. Answer without peso signs but with commas.
The statement of financial position May Partnership on December 31, 2020 is given below: Cash P45,000 Accounts payable P70,000 Receivable 25,000 Loan payable to Mateo 30,000 Inventories 180,000 Mateo, capital 75,000 Plant and equipment 100,000 Vicente, capital 75,000 Ibe, capital 100,000 Total P350,000 Total P350,000 A new partner, Ong, was admitted as a partner on January 1, 2021, who bough ½ of Ibe’s share for P60,000. Before her admission, the partners agreed to write down inventories to P150,000. Ibe’s capital after the admission will decrease by______. Answer without peso signs but with commas.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The statement of financial position May Partnership on December 31, 2020 is given below:
Cash
P45,000
Accounts payable
P70,000
Receivable
25,000
Loan payable to Mateo
30,000
Inventories
180,000
Mateo, capital
75,000
Plant and equipment
100,000
Vicente, capital
75,000
Ibe, capital
100,000
Total
P350,000
Total
P350,000
A new partner, Ong, was admitted as a partner on January 1, 2021, who bough ½ of Ibe’s share for P60,000. Before her admission, the partners agreed to write down inventories to P150,000. Ibe’s capital after the admission will decrease by______. Answer without peso signs but with commas.
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