1. Show solution in good accounting form BIS.the following from each of their existingABC, DEF and GHI decided to form a partnership contribuVERSEbusinesses:CashABC50,000GHI55,000Receivables100,000 50,000 60,000Allowance for overvaluationInventories2,500 5,000 3,000100,00055,000PPE350,000Goodwill50,000Liabilities45,000The partners agree on the following:a.The receivables of each partner is to have a 95% net realizable value.Inventories of ABC costing P10,000 are deemed to be worthless.C.The PPE has a current value of P400,000 and is subject to a P200,000 mortgage (the liabilityof DEF). The partners agree to shoulder % of the loan plus accrued interest on the loan atCheating during examinations, quizzes or plagiarism in connection10% for one year.the same: 1st violation-Liabilities of GHI are understated by P5,000.d.e.DEF is to be given a goodwill equal to 5% his adjusted capitalf.The partners are to share in the ratio of 4:5:1 to ABC, DEF and GHI, respectively.g.The partners are to invest or withdraw additional cash to make their capital balances equalto their profit and loss ratios with DEF's capital to be used as the basis.Determine: The amount of additional cash investment or withdrawal of ABC.ܘ ܩ ܗSABIE herOFCOULDT INT& 10) 1.100

Name: 1. Show solution in good accounting form BIS.the following from each o
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Description: 1. Show solution in good accounting form BIS.the following from each of their existingABC, DEF and GHI decided to form a partnership contribuVERSEbusinesses:CashABC50,000GHI55,000Receivables100,000 50,000 60,000Allowance for overvaluationInventories2

Partnership: It is the agreement between the two or more person to carry the business with profit…

Business

Accounting

BUOT INIVS ABC, DEF and GHI decided to form a partnership contributing the following from each of their existing usinesses: ABC GHI Cash 55,000 50,000 75,000 100,000 50,000 Receivables 60,000 Allowance for overvaluation 2,500 5,000 3,000 Inventories 100,000 55,000 PPE A 350,000 Goodwill 50.000

BUOT INIVS ABC, DEF and GHI decided to form a partnership contributing the following from each of their existing usinesses: ABC GHI Cash 55,000 50,000 75,000 100,000 50,000 Receivables 60,000 Allowance for overvaluation 2,500 5,000 3,000 Inventories 100,000 55,000 PPE A 350,000 Goodwill 50.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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