Prepare the journal entries in the books of the corporation.
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 53P
Related questions
Question
100%
See the problem in the photo below.
On this date, the
value of the assets was P24,000 more than the carrying value on the firm’s books. Each of the partners was issued
10,000 shares of the corporation’s P1 par ordinary share.
Prepare the
Transcribed Image Text:c. The condensed Statement of Financial Position of the partnership of Buenaflor and Gangoso as of December 31,
2018 showed the following:
Total Assets
P
200,000
Total Liabilities
40,000
Buenaflor, Capital
80,000
Gangoso, Capital
80,000
On this date, the partnership was dissolved and its net assets transferred to a newly-formed corporation.
value of the assets was P24,000 more than the carrying value on the firm's books. Each of the partners was issued
10,000 shares of the corporation's P1 par ordinary share.
Prepare the journal entries in the books of the corporation.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College