1. A and B formed a partnership. The following are their contributions: A B Cash 500,000 Accounts receivable100,000 Building 700,000 Total 600,000 700,000 A, capital 600,000 B, capital 700,000 Total 600,000 700,000 Additional information: The accounts receivable includes a ₱20,000 account that is deemed uncollectible. The building is over depreciated by ₱50,000 The building has an unpaid mortgage ₱100,000, which is assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.
1. A and B formed a partnership. The following are their contributions: A B Cash 500,000 Accounts receivable100,000 Building 700,000 Total 600,000 700,000 A, capital 600,000 B, capital 700,000 Total 600,000 700,000 Additional information: The accounts receivable includes a ₱20,000 account that is deemed uncollectible. The building is over depreciated by ₱50,000 The building has an unpaid mortgage ₱100,000, which is assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1.
A and B formed a partnership . The following are their contributions:
A B
Cash 500,000
Accounts receivable100,000
Building 700,000
Total 600,000 700,000
A, capital 600,000
B, capital 700,000
Total 600,000 700,000
Additional information:
The accounts receivable includes a ₱20,000 account that is deemed uncollectible.
The building is over depreciated by ₱50,000
The building has an unpaid mortgage ₱100,000, which is assumed by the partnership.
Requirement:
Provide the journal entry to
record the contributions of the partners in the
partnership books.
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