Calaguas and Dela Cruz formed a partnership and invested the following assets andTwo Sole Proprietors Form a Partnershipliabilities:Fair Market ValueCarrying ValueCalaguas:CashP300,000P300,000Land- 450,000280,000Dela Cruz:Cash100,000BuildingMortgage Payable100,000520,000(400,000)600,000(400,000)The partners will share profits and losses equally.Required:Prepare the opening journal entry in the books of the partnership.

Partnership is one of the agreement or arrangement between two or more than two persons in which…

Calaguas and Dela Cruz formed a partnership and invested the following assets ane Two Sole Proprietors Form a Partnership liabilities: Fair Market Value Carrying Value Calaguas: Cash P300,000 450,000 P300,000 280,000 Land Dela Cruz: Cash 100,000 600,000 (400,000) 100,000 Building Mortgage Payable 520,000 (400,000) The partners will share profits and losses equally. Required: Prepare the opening journal entry in the books of the partnership.

Calaguas and Dela Cruz formed a partnership and invested the following assets ane Two Sole Proprietors Form a Partnership liabilities: Fair Market Value Carrying Value Calaguas: Cash P300,000 450,000 P300,000 280,000 Land Dela Cruz: Cash 100,000 600,000 (400,000) 100,000 Building Mortgage Payable 520,000 (400,000) The partners will share profits and losses equally. Required: Prepare the opening journal entry in the books of the partnership.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BD

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