On August 1, 2017, prior to the admission of Grant, E and F Enterprises have thefollowing account balances:P 30,000400,00036,000110,000134,00038,000300,000300,000CashAccounts ReceivableAllowance for Bad DebtsMerchandise InventoryEquipment - netAccounts PayableErving, CapitalFisher, CapitalErving and Fisher share profit and loss on 1:1 ratio. Before the admission of Grant, thepartners agree on the following adjustments to bring the assets and liabilities to theirfair values:The allowance for Bad Debts should be brought to 10% of the outstandingaccounts receivable.a.b.The current market value of the merchandise inventory is P 140,000.C.Accrued expenses of P 4,000 should be recognized in the accounting records.If Grant purchases 50% of Erving's capital at its adjusted carrying valur 12/15much is the total assets of the partnership just after the admission of1.If Grant is admitted into the partnership upon his investment of P 400,000 for2/5 interest in capital and profit, what is the total capital of the partnership just2.after the admission of Grant?

Name: On August 1, 2017, prior to the admission of Grant, E and F Enterpris
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Description: On August 1, 2017, prior to the admission of Grant, E and F Enterprises have thefollowing account balances:P 30,000400,00036,000110,000134,00038,000300,000300,000CashAccounts ReceivableAllowance for Bad DebtsMerchandise InventoryEquipment - netAccou

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On August 1, 2017, prior to the admission of Grant, E and F Enterprises have the following account balances: P 30,000 400,000 36,000 110,000 134,000 38,000 300,000 300,000 Cash Accounts Receivable Allowance for Bad Debts Merchandise Inventory Equipment - net Accounts Payable Erving, Capital Fisher, Capital

On August 1, 2017, prior to the admission of Grant, E and F Enterprises have the following account balances: P 30,000 400,000 36,000 110,000 134,000 38,000 300,000 300,000 Cash Accounts Receivable Allowance for Bad Debts Merchandise Inventory Equipment - net Accounts Payable Erving, Capital Fisher, Capital

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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