How much assets does the partnership have

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Problem

LOU-GAW COMPANY a partnership. On February 1, 2025, the business assets of LOU and GAW were summarized below: LOU GAW Cash P 11,000 P 22,354 Accounts Receivable 234,536 567,890 Inventories 120,035 260,102 Land 603,000 - Building - 428,267 Furniture and fixtures 50,345 34,789 Other assets 2,000 3,600 Total P1,020,916 P1,317,002 Accounts payable P 178,940 P 243,650 Notes payable 200,000 345,000 LOU, capital 641,976 - GAW capital - 728,352 Total P1,020,916 P1,317,002 LOU and GAW agreed to form a partnership, contributing their respective assets and equities subject to the following adjustments: Accounts receivable of P20,000 in LOU's books and P35,000 in GAW's books are uncollectible. Inventories of P5,500 and P6,700 are worthless in LOU's and GAW's books, respectively. Other assets of P2,000 and P3,600 in the respective books of LOU and GAW are to be written off. The capital accounts of the partners after adjustment will be: How much assets does the partnership have? Get the instant assignment help. How much cash should he contribute?

Reference no: EM133901308

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