2. A and B formed a partnership. The following are their contributions: (in the picture below) Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.
2. A and B formed a partnership. The following are their contributions: (in the picture below) Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![2. A and B formed a partnership. The
following are their contributions: (in the
picture below) Requirement: Provide
the journal entry to record the
contributions of the partners in the
partnership books.
A
B
Cash
500,000
Accounts receivable
100,000
Building
Total
600,000
700,000
700,000
A, capital
B, capital
Total
600,000
700,000
600,000
700,000
Additional information:
• The accounts receivable includes a P20,000 account that is deemed uncollectible.
• The building is over-depreciated by P50,000.
• The building has an unpaid mortgage P100,000, which is assumed by the partnership.
Option 1
Clear selection](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7fddc47d-31e0-48f8-be2d-daf7b5a064ed%2F51b66ed6-a5d2-4526-a28f-d8e01b91e981%2Fs3fipif_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. A and B formed a partnership. The
following are their contributions: (in the
picture below) Requirement: Provide
the journal entry to record the
contributions of the partners in the
partnership books.
A
B
Cash
500,000
Accounts receivable
100,000
Building
Total
600,000
700,000
700,000
A, capital
B, capital
Total
600,000
700,000
600,000
700,000
Additional information:
• The accounts receivable includes a P20,000 account that is deemed uncollectible.
• The building is over-depreciated by P50,000.
• The building has an unpaid mortgage P100,000, which is assumed by the partnership.
Option 1
Clear selection
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