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Question 4 of 6 Fill in the blanks: 6 Points Rodriguez and Ying started a partnership on July 1, 2019. Ying contributes P5,000 cash; accounts receivable recorded value of P50,000 with allowance for doubtful accounts at P5,000; and a piece of land purchased at P200,000 with attached mortgage to a bank for P100,000, but its current market value is at P400,000. The mortgage will be assumed by the partnership. a. In the Partnership books, Accounts Receivable will be debited at an amount of 45000 b. In the Partnership books, Land will be debited at an amount of 300000 c. In the Partnership books, Ying, Capital will be credited for 5000 < Previous Continue >

          Question 4 of 6
Fill in the blanks:
6 Points
Rodriguez and Ying started a partnership on July 1, 2019. Ying contributes P5,000 cash; accounts receivable recorded value of P50,000 with allowance for doubtful accounts at P5,000; and a piece of land purchased at P200,000 with attached mortgage to a bank for P100,000, but its current market value is at P400,000. The mortgage will be assumed by the partnership.
a. In the Partnership books, Accounts Receivable will be debited at an amount of
45000
b. In the Partnership books, Land will be debited at an amount of
300000
c. In the Partnership books, Ying, Capital will be credited for
5000
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Question 4 of 6
Fill in the blanks:
6 Points
Rodriguez and Ying started a partnership on July 1, 2019. Ying contributes P5,000 cash; accounts receivable recorded value of P50,000 with allowance for doubtful accounts at P5,000; and a piece of land purchased at P200,000 with attached mortgage to a bank for P100,000, but its current market value is at P400,000. The mortgage will be assumed by the partnership.
a. In the Partnership books, Accounts Receivable will be debited at an amount of
45000
b. In the Partnership books, Land will be debited at an amount of
300000
c. In the Partnership books, Ying, Capital will be credited for
5000
< Previous
Continue >

Added by David F.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Brooke Bussoletti

Step 1

First, let's determine the total value of Ying's contributions: - Cash: P5,000 - Accounts receivable: P50,000 - Less: Allowance for doubtful accounts: P5,000 - Net accounts receivable: P45,000 - Land: P200,000 - Less: Mortgage assumed by the partnership: P100,000 - Show more…

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Good day, can someone check my answer in the fill in the blanks? I only got one correct..thank you so much Question 4 of 6 6 Points Fill in the blanks. Rodriguez and Ying started a partnership on July 1, 2019. Ying contributes P5,000 cash; accounts receivable recorded value of P50,000 with allowance for doubtful accounts at P5,000; and a piece of land purchased at P200,000 with attached mortgage to a bank for P100,000, but its current market value is at P400,000. The mortgage will be assumed by the partnership 45000 b. In the Partnership books, Land will be debited at an amount of 300000 c. In the Partnership books, Ying, Capital will be credited for 5000 Previous Continue

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