Instructions: 1) Determine X and Y capital. 2) Prepare the journal entries to establish the
Instructions: 1) Determine X and Y capital. 2) Prepare the journal entries to establish the
Chapter21: Partnerships
Section: Chapter Questions
Problem 28P
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Question
Xand Y agree to establish a new
Land 8,000 Account payable 4,000
Inventory 4,000
Total 36,000 36,000
The fair value of land 10% more than book value ,the fair value of Accounts receivable is 20.000$, the fair value of inventory is 5% less than book value, accounts payable fair value 600$ more than book value ,Mohammed paid cash have of Ali net assets fair value
Instructions:
1) Determine X and Y capital.
2) Prepare the
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