Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing Php900,000, with accumulated depreciation of Php620,000. The partners agreed on a valuation of P400,000. They also agreed to accept Sabio's accounts receivable of Php360,000, realizable to the extent of 85%. What is the journal entry to record Sabio's investment in the partnership on June 13?
Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing Php900,000, with accumulated depreciation of Php620,000. The partners agreed on a valuation of P400,000. They also agreed to accept Sabio's accounts receivable of Php360,000, realizable to the extent of 85%. What is the journal entry to record Sabio's investment in the partnership on June 13?
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 80DC
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Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing Php900,000, with
What is the
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ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning