Juan is a proprietor owning the following assets as of June 1, 2022: Cash – P 3,000 Trade Receivables – P 15,000 Inventory – P 20,000 Office equipment P 30,000 Accounts payable – P 10,000 Pedro would like to form a partnership with Juan by investing Cash and Inventory amounting to P 20,000 and P 50,000, respectively. Juan agrees and on June 1, 2022, they formed the partnership. During formation, it was assessed that 5% may be uncollectible. Items in inventory destroyed by rust amounted to P 1,000. The office equipment, meanwhile, was not depreciated for two years. The office equipment has an estimated useful life of six years. After adjusting the books, how much is the total assets of the partnership?
Juan is a proprietor owning the following assets as of June 1, 2022: Cash – P 3,000 Trade Receivables – P 15,000 Inventory – P 20,000 Office equipment P 30,000 Accounts payable – P 10,000 Pedro would like to form a partnership with Juan by investing Cash and Inventory amounting to P 20,000 and P 50,000, respectively. Juan agrees and on June 1, 2022, they formed the partnership. During formation, it was assessed that 5% may be uncollectible. Items in inventory destroyed by rust amounted to P 1,000. The office equipment, meanwhile, was not depreciated for two years. The office equipment has an estimated useful life of six years. After adjusting the books, how much is the total assets of the partnership?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Juan is a proprietor owning the following assets as of June 1, 2022:
Cash – P 3,000
Trade Receivables – P 15,000
Inventory – P 20,000
Office equipment P 30,000
Accounts payable – P 10,000
Pedro would like to form a partnership with Juan by investing Cash and Inventory amounting to P 20,000 and P 50,000, respectively. Juan agrees and on June 1, 2022, they formed the partnership. During formation, it was assessed that 5% may be uncollectible. Items in inventory destroyed by rust amounted to P 1,000. The office equipment, meanwhile, was not
After adjusting the books, how much is the total assets of the partnership?
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