I3I Jerri and Joani formed the JJ Partnership on January 1, 2020, by combining the separate assets of their respective proprietorships. Information relating to their assets and liabilities are as follows: Jerri's assets Joani's assets Вook Market Book Market Value P100,000 P100,000 P95,000 P95,000 39,000 60,000 50,000 80,000 25,000 18,000 Value Value Value Cash Net accounts receivable Inventory Land 42,000 69,000 77,000 28,000 31,000 72,000 85,000 85,000 55,000 Buildings Accumulated depreciation Accounts payable 75,000 90,000 30,000 25,000 25,000 75,000 18,000 Prepare the Statement of Financial Position for JJ Partnership on January 4 2020, immediately after the partnership entries are prepared.
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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