statement of financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is
shown below:
Leopoldo Medina
Statement of Financial Position
October 1, 2019
ASSETS LIABILITIES AND EQUITY
Cash P60,000 Notes Payable P40,000
Notes Receivable 30,000 Accounts Payable 100,000
Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
Allowance for uncollected (10,000)
accounts
Merchandise inventory 80,000
Furniture and fixtures 60,000
Acc. Depreciation (6,000)
TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
EQUITY
Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
after giving effect to the adjustment below. Medina accepted the offer.
1. Merchandise inventory is to be valued at 74,000
2. The account receivable is 95% collectible.
Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000, statement of
financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is shown below:
Leopoldo Medina
Statement of Financial Position
October 1, 2019
ASSETS LIABILITIES AND EQUITY
Cash P60,000 Notes Payable P40,000
Notes Receivable 30,000 Accounts Payable 100,000
Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
Allowance for uncollected (10,000)
accounts
Merchandise inventory 80,000
Furniture and fixtures 60,000
Acc. Depreciation (6,000)
TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
EQUITY
Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
after giving effect to the adjustment below. Medina accepted the offer.
1. Merchandise inventory is to be valued at 74,000
2. The account receivable is 95% collectible.
Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000, statement of
financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is shown below:
Leopoldo Medina
Statement of Financial Position
October 1, 2019
ASSETS LIABILITIES AND EQUITY
Cash P60,000 Notes Payable P40,000
Notes Receivable 30,000 Accounts Payable 100,000
Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
Allowance for uncollected (10,000)
accounts
Merchandise inventory 80,000
Furniture and fixtures 60,000
Acc. Depreciation (6,000)
TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
EQUITY
Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
after giving effect to the adjustment below. Medina accepted the offer.
1. Merchandise inventory is to be valued at 74,000
2. The account receivable is 95% collectible.
Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000, statement of
financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is shown below:
Leopoldo Medina
Statement of Financial Position
October 1, 2019
ASSETS LIABILITIES AND EQUITY
Cash P60,000 Notes Payable P40,000
Notes Receivable 30,000 Accounts Payable 100,000
Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
Allowance for uncollected (10,000)
accounts
Merchandise inventory 80,000
Furniture and fixtures 60,000
Acc. Depreciation (6,000)
TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
EQUITY
Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
after giving effect to the adjustment below. Medina accepted the offer.
1. Merchandise inventory is to be valued at 74,000
2. The account receivable is 95% collectible.
Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000, statement of
financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero as partners is shown below:
Leopoldo Medina
Statement of Financial Position
October 1, 2019
ASSETS LIABILITIES AND EQUITY
Cash P60,000 Notes Payable P40,000
Notes Receivable 30,000 Accounts Payable 100,000
Accounts receivable 240,000 Leopoldo Medina, Capital 314,000
Allowance for uncollected (10,000)
accounts
Merchandise inventory 80,000
Furniture and fixtures 60,000
Acc. Depreciation (6,000)
TOTAL ASSETS P454,000 TOTAL LIABILITIES AND P454,000
EQUITY
Challoner Matero offered to invest cash to get a capital credit equal to one-half of the Leopoldo Medina’s capital
after giving effect to the adjustment below. Medina accepted the offer.
1. Merchandise inventory is to be valued at 74,000
2. The account receivable is 95% collectible.
Interest accrued on the note receivable will be recognized 10,000, 12% dated July 1 2019 and 20,000,
