Two Sole Proprietors, Form a PartnershipOn Oct. 31, 2016, Apalisoc and Tuddao agreed to combine their proprietorships as apartnership. Their statements of financial position are as follows:Tuddao's BusinessApalisoc's BusinessBookCurrentВookCurrentAssetsValueMarket ValueValueMarketValue80,00063,000351,000Cash80,00080,000340,000P37,000220,000510,0001,218,000P1,985,00037,000202,000460,000PAccounts Receivable (net)InventoryProperty and Equipment (net)1,235,000P1,934,000535,000P1,035,000574,000P1,068,000Total AssetsLiabilities and CapitalAccounts PayableAccrued ExpensesNotes PayableApalisoc, Capital ·Tuddao, CapitalTotal Liabilities & CapitalP 236,00022,00091,00014,000P 236,000P91,00014,00022,000750,000977,000750,000963,000930,000P1,035,000P1,985,000P1,934,000P1,068,000Required:1. Record the partnership formation.2. Prepare the partnership's statement of financial position as at Oct. 31, 2016.

Partnership is one of the agreement or arrangement between two or more than two persons in which…

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.

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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