A and B formed a partnership. The following are their contributions: Partners A B Cash 500,000 - Accounts receivable 100,000 - Building 700,000 Total 600,000 700,000 A, capital 600,000 B, capital 700,000 Total 600,000 700,000 Additional information: • The accounts receivable includes a ₱20,000 account that is deemed uncollectible. • The building is over-depreciated by ₱50,000. • The building has an unpaid mortgage ₱100,000, which is assumed by the partnership. The journal entry to record the contributions of the partners in the partnership books will have a DEBIT to
A and B formed a partnership. The following are their contributions: Partners A B Cash 500,000 - Accounts receivable 100,000 - Building 700,000 Total 600,000 700,000 A, capital 600,000 B, capital 700,000 Total 600,000 700,000 Additional information: • The accounts receivable includes a ₱20,000 account that is deemed uncollectible. • The building is over-depreciated by ₱50,000. • The building has an unpaid mortgage ₱100,000, which is assumed by the partnership. The journal entry to record the contributions of the partners in the partnership books will have a DEBIT to
Chapter1: Financial Statements And Business Decisions
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A and B formed a partnership. The following are their contributions: Partners A B Cash 500,000 -
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