PRORIETOR AND AN INDIVIDUAL WITHOUT EXISTING BUSINESS FROM A PARTNESHIP

The statement of financial position of Leopoldo Medina on October 1, 2019, before accepting Challoner Matero
as partners is shown below:

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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
PRORIETOR AND AN INDIVIDUAL WITHOUT EXISTING BUSINESS FROM A PARTNESHIP

The 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
PRORIETOR AND AN INDIVIDUAL WITHOUT EXISTING BUSINESS FROM A PARTNESHIP

The 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