Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required: 1. Prepare the journal entries for the formation of the Partnership at at July 1. 2. Prepare the Statement of Financial Position for the new Partnership.

Required: 1. Prepare the journal entries for the formation of the Partnership at at July 1. 2. Prepare the Statement of Financial Position for the new Partnership.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 3PEA
See similar textbooks
icon
Related questions
Question
ACC 2000 Partnership & Corporation Assignment: Problem #8 Two Sole Proprietors Form a Partnership The business assets of Geron and Yumol appear below: Geron Yumol Cash 11,000 22,354 Accounts Receivable 234,536 567,890 Inventories 120,035 260,102 Land 603,000 Building 428,267 Furnitures and fixtures 50,345 34,789 Other Assets 2,000 3,600 Total 1,020,916 1,317,002 Accounts Payable Notes Payable 178,940 243,650 200,000 345,000 Geron, Capital Yumol, Capital 641,976 728,352 1,020,916 1,317,002 Geron and Yumol agreed to form a partnership contributing their assets and equities subject to the following adjustments: a. Accounts receivable of P20,000 in Geron's books and P35,000 in Yumol's are uncollectible. b. Inventories of P5,500 and P6,700 are worthless in Geron's and Yumol's respective books. C. Other assets of P2,000 for Geron and P3,000 for Yumol are tob e written off. Required: 1. Prepare the journal entries for the formation of the Partnership at at July 1. 2. Prepare the Statement of Financial Position for the new Partnership.
Transcribed Image Text:ACC 2000 Partnership & Corporation Assignment: Problem #8 Two Sole Proprietors Form a Partnership The business assets of Geron and Yumol appear below: Geron Yumol Cash 11,000 22,354 Accounts Receivable 234,536 567,890 Inventories 120,035 260,102 Land 603,000 Building 428,267 Furnitures and fixtures 50,345 34,789 Other Assets 2,000 3,600 Total 1,020,916 1,317,002 Accounts Payable Notes Payable 178,940 243,650 200,000 345,000 Geron, Capital Yumol, Capital 641,976 728,352 1,020,916 1,317,002 Geron and Yumol agreed to form a partnership contributing their assets and equities subject to the following adjustments: a. Accounts receivable of P20,000 in Geron's books and P35,000 in Yumol's are uncollectible. b. Inventories of P5,500 and P6,700 are worthless in Geron's and Yumol's respective books. C. Other assets of P2,000 for Geron and P3,000 for Yumol are tob e written off. Required: 1. Prepare the journal entries for the formation of the Partnership at at July 1. 2. Prepare the Statement of Financial Position for the new Partnership.
ACC 2000 Partnership & Corporation Assignment: Problem #8 Two Sole Proprietors Form a Partnership The business assets of Geron and Yumol appear below: Geron Yumol Cash 11,000 22,354 Accounts Receivable 234,536 567,890 Inventories 120,035 260,102 Land 603,000 Building 428,267 Furnitures and fixtures 50,345 34,789 Other Assets 2,000 3,600 Total 1,020,916 1,317,002 Accounts Payable Notes Payable 178,940 243,650 200,000 345,000 Geron, Capital Yumol, Capital 641,976 728,352 1,020,916 1,317,002 Geron and Yumol agreed to form a partnership contributing their assets and equities subject to the following adjustments: a. Accounts receivable of P20,000 in Geron's books and P35,000 in Yumol's are uncollectible. b. Inventories of P5,500 and P6,700 are worthless in Geron's and Yumol's respective books. C. Other assets of P2,000 for Geron and P3,000 for Yumol are tob e written off. Required: 1. Prepare the journal entries for the formation of the Partnership at at July 1. 2. Prepare the Statement of Financial Position for the new Partnership.
Transcribed Image Text:ACC 2000 Partnership & Corporation Assignment: Problem #8 Two Sole Proprietors Form a Partnership The business assets of Geron and Yumol appear below: Geron Yumol Cash 11,000 22,354 Accounts Receivable 234,536 567,890 Inventories 120,035 260,102 Land 603,000 Building 428,267 Furnitures and fixtures 50,345 34,789 Other Assets 2,000 3,600 Total 1,020,916 1,317,002 Accounts Payable Notes Payable 178,940 243,650 200,000 345,000 Geron, Capital Yumol, Capital 641,976 728,352 1,020,916 1,317,002 Geron and Yumol agreed to form a partnership contributing their assets and equities subject to the following adjustments: a. Accounts receivable of P20,000 in Geron's books and P35,000 in Yumol's are uncollectible. b. Inventories of P5,500 and P6,700 are worthless in Geron's and Yumol's respective books. C. Other assets of P2,000 for Geron and P3,000 for Yumol are tob e written off. Required: 1. Prepare the journal entries for the formation of the Partnership at at July 1. 2. Prepare the Statement of Financial Position for the new Partnership.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Partners and Partnerships
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.
Similar questions
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SEE MORE TEXTBOOKS