Two Sole Proprietors Form a Partnership On Oct. 31, 2016, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вook Current Вook Current Assets Value Market Value Value Market Value 80,000 63,000 351,000 574,000 P1,068,000 Cash P 37,000 220,000 510,000 P 37,000 202,000 460,000 80,000 80,000 340,000 535,000 P1,035,000 Accounts Receivable (net) Inventory Property and Equipment (net) 1,218,000 P1,985,000 1,235,000 P1,934,000 Total Assets Liabilities and Capital P 91,000 14,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital . Tuddao, Capital Total Liabilities & Capital P 236,000 22,000 750,000 91,000 14,000 P 236,000 P 22,000 750,000 977,000 963,0N 930,000 P1,985,000 P1,934,000 P1,035,000 P1,068,000 Required: 1. Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2016.
Two Sole Proprietors Form a Partnership On Oct. 31, 2016, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вook Current Вook Current Assets Value Market Value Value Market Value 80,000 63,000 351,000 574,000 P1,068,000 Cash P 37,000 220,000 510,000 P 37,000 202,000 460,000 80,000 80,000 340,000 535,000 P1,035,000 Accounts Receivable (net) Inventory Property and Equipment (net) 1,218,000 P1,985,000 1,235,000 P1,934,000 Total Assets Liabilities and Capital P 91,000 14,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital . Tuddao, Capital Total Liabilities & Capital P 236,000 22,000 750,000 91,000 14,000 P 236,000 P 22,000 750,000 977,000 963,0N 930,000 P1,985,000 P1,934,000 P1,035,000 P1,068,000 Required: 1. Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2016.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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