Books of the Partnership 1. Record the investment of the proprietor (Emi) 60,000 30,000 240,000 700 Cash Note Receivable Account Receivable Interest Receivable Inventory Office Supplies 74,000 4,000 46,000* Furniture and Fixtures Notes Payable Accounts Payable Interest Payable Allowance for uncollectible accounts Emi, Capital 40,000 100,000 2,800 12,000 299,900 *14,000 writedown of furniture and fixtures 2. Record the investment of the other partner (Andi) Unadjusted Capital of Emi Net Adjustments to Capital Decrease in Inventory Agreed Capital of Emma Cash Investment of Emma 314,000 14,100 299,900 50% Cash 149,950 Emma, Capital 149,950 149,950 Now, you may check what happened to the accounts of business after partnership formation. After the formation of partnership, compute the following: 1. Total assets, 2. Total liabilities and 3. Total equity of the partnership
Books of the Partnership 1. Record the investment of the proprietor (Emi) 60,000 30,000 240,000 700 Cash Note Receivable Account Receivable Interest Receivable Inventory Office Supplies 74,000 4,000 46,000* Furniture and Fixtures Notes Payable Accounts Payable Interest Payable Allowance for uncollectible accounts Emi, Capital 40,000 100,000 2,800 12,000 299,900 *14,000 writedown of furniture and fixtures 2. Record the investment of the other partner (Andi) Unadjusted Capital of Emi Net Adjustments to Capital Decrease in Inventory Agreed Capital of Emma Cash Investment of Emma 314,000 14,100 299,900 50% Cash 149,950 Emma, Capital 149,950 149,950 Now, you may check what happened to the accounts of business after partnership formation. After the formation of partnership, compute the following: 1. Total assets, 2. Total liabilities and 3. Total equity of the partnership
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Compute the total assets, total liabilities and total equity of the
Transcribed Image Text:Books of the Partnership
1. Record the investment of the proprietor (Emi)
60,000
30,000
240,000
700
Cash
Note Receivable
Account Receivable
Interest Receivable
Inventory
Office Supplies
74,000
4,000
46,000*
Furniture and Fixtures
Notes Payable
Accounts Payable
Interest Payable
40,000
100,000
2,800
12,000
299,900
Allowance for uncollectible accounts
Emi, Capital
*14,000 writedown of furniture and fixtures
2. Record the investment of the other partner (Andi)
Cash
Unadjusted Capital of Emi
Net Adjustments to Capital
Decrease in Inventory
314,000
149,950
14,100
299,900
50%
Emma, Capital
149,950
Agreed Capital of Emma
Cash Investment of Emma
149,950
Now, you may check what happened to the accounts of business after partnership formation.
After the formation of partnership, compute the
following:
1. Total assets,
2. Total liabilities and
3. Total equity of the partnership
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