On January 1, 20x1, Mr. A and Ms. B agreed to form a partnership contributing their respective assets and equities subject to adjustments. On that date, the following were provided: Mr. A 28,000 200,000 120,000 600,000 Ms. B 62,000 600,000 200,000 Cash Accounts receivable Inventories Land Building Furniture & fixtures Intangible assets Accounts payable Other liabilities 50,000 2,000 180,000 200,000 620,000 500,000 35,000 3,000 250,000 350,000 800,000 Capital The following adjustments were agreed upon: a. Accounts receivable of P20,000 and P40,000 are uncollectible in A's and B's respective books. b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books. Intanoiblo ac cots aro to bo writte n off in both k eoks

On January 1, 20x1, Mr. A and Ms. B agreed to form a partnership contributing their respective assets and equities subject to adjustments. On that date, the following were provided: Mr. A 28,000 200,000 120,000 600,000 Ms. B 62,000 600,000 200,000 Cash Accounts receivable Inventories Land Building Furniture & fixtures Intangible assets Accounts payable Other liabilities 50,000 2,000 180,000 200,000 620,000 500,000 35,000 3,000 250,000 350,000 800,000 Capital The following adjustments were agreed upon: a. Accounts receivable of P20,000 and P40,000 are uncollectible in A's and B's respective books. b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books. Intanoiblo ac cots aro to bo writte n off in both k eoks

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 31P

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