1.A and B formed a partnership. The following are their contributions: A B 500,000 Cash Accounts receivable 100,000 Building Total 700,000 600,000 700,000 A, capital |В. саpital Total 600,000 700,000 600,000 700,000 Additional information: The accounts receivable includes a P20,000 account that is deemed uncollectible. The building is over-depreciated by P50,000. The building has an unpaid mortgage P100,000, 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 500,000 Cash Accounts receivable 100,000 Building Total 700,000 600,000 700,000 A, capital |В. саpital Total 600,000 700,000 600,000 700,000 Additional information: The accounts receivable includes a P20,000 account that is deemed uncollectible. The building is over-depreciated by P50,000. The building has an unpaid mortgage P100,000, which is assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 5BCRQ

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