(Cash and Net-Asset Contributions) Bakal and Bote have decided to form a partnership. and transfers his liabilities to the new firm. Pakal Cash Accounts Receivable Allowance for Uncollectible Accounts Merchandise Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable invests the assets presented below at their agreed valuation Ledger Balances P 450,000 180,000 15,000 300,000 180,000 30,000 105,000 90,000 Agreed Value P 450,000 180,000 10,000 270,000 125,000 105,000 90,000 Bote agrees to invest cash for a one-third interest in the firm. a) * Prepare the entries to adjust and close the balances in the books of Bakal and Bote. b) Prepare the entries to record the investments of Bakal and Bote in the partnership's new set of books. c) Prepare the statement of financial position of the newly formed partnership.
(Cash and Net-Asset Contributions) Bakal and Bote have decided to form a partnership. and transfers his liabilities to the new firm. Pakal Cash Accounts Receivable Allowance for Uncollectible Accounts Merchandise Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable invests the assets presented below at their agreed valuation Ledger Balances P 450,000 180,000 15,000 300,000 180,000 30,000 105,000 90,000 Agreed Value P 450,000 180,000 10,000 270,000 125,000 105,000 90,000 Bote agrees to invest cash for a one-third interest in the firm. a) * Prepare the entries to adjust and close the balances in the books of Bakal and Bote. b) Prepare the entries to record the investments of Bakal and Bote in the partnership's new set of books. c) Prepare the statement of financial position of the newly formed partnership.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare:
![(Cash and Net-Asset Contributions)
Bakal and Bote have decided to form a partnership.
and transfers his liabilities to the new firm.
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Merchandise Inventory
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable
invests the assets presented below at their agreed valuation
Ledger Balances
P 450,000
180,000
15,000
300,000
180,000
30,000
105,000
90,000
Agreed Value
P 450,000
180,000
10,000
270,000
125,000
105,000
90,000
Bote agrees to invest cash for a one-third interest in the firm.
a) * Prepare the entries to adjust and close the balances in the books of Bakal and Bote.
b) Prepare the entries to record the investments of Bakal and Bote in the partnership's new set of books.
c) Prepare the statement of financial position of the newly formed partnership.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F946e2aa2-bcc9-4cec-b2e2-e85bd3aa7227%2F7ee37044-967a-4aee-9bae-d9df9b52cc47%2Fdsfcqjs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(Cash and Net-Asset Contributions)
Bakal and Bote have decided to form a partnership.
and transfers his liabilities to the new firm.
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Merchandise Inventory
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable
invests the assets presented below at their agreed valuation
Ledger Balances
P 450,000
180,000
15,000
300,000
180,000
30,000
105,000
90,000
Agreed Value
P 450,000
180,000
10,000
270,000
125,000
105,000
90,000
Bote agrees to invest cash for a one-third interest in the firm.
a) * Prepare the entries to adjust and close the balances in the books of Bakal and Bote.
b) Prepare the entries to record the investments of Bakal and Bote in the partnership's new set of books.
c) Prepare the statement of financial position of the newly formed partnership.
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