Reference no: EM132987199
YOH and Ren are sole proprietors. They agreed to form a partnership engaged in selling jewelry. It will be named "RedWhite Partnership". Upon Inspection by the accountant, their old books revealed the following:
On Yoh's book. The following shoud be adjusted:
a) Prepaid expenses of P20,000 are to be recognized.
b) Accrued expenses of P30,000 are to be recognized.
c) Building is under depreciated by P15,000.
d) Salaries worth P100,000 should still be recorded in Yoh's books. This amount has not yet been paid to employees.
e) Allowance for Doubtful accounts worth P5,000 are to be recognized. The Building of Yoh is subject to a mortgage loan worth P100,000 that is to be assumed by the new partnership. On Ren's Book, the assets would be taken over at their FMVs. Liabilities will also be assumed by the new partnership
Problem 1. How much is the adjusted assets of Yoh?
Problem 2. How much is the adjusted assets of Ren?
Problem 3. How much is the total assets of the partnership?
Problem 4. How much is the adjusted capital of Yoh?
Problem 5. How much is the adjusted capital of Ren?
Problem 6. How much is the total capital of the partnership?
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