1.2.EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepare andupload the journal entries to record contributions of Kim and Krislam into the partnershipunder the following independent assumptions:3.Page4.9Cash contribution amounting to P45,000 each.Kim contributed P35,000 cash and a store equipment with carrying value of $27,000.Krislam contributed P15,000 cash and a delivery vehicle with a fair market value of P195,000.Kim and Krislam agreed that each depreciable asset is overvalued by $4,000.Kim contributed P10,000 cash and furniture and fixtures with carrying value of P32,000.Krislam contributed P5,000 cash and a building with a fair market value of P295,000 and anunpaid mortgage of P27,500. Kim and Krislam agreed that building is undervalued byP9,000.Kim contributed P25,000 cash, a store equipment with fair market value of P47,000, anddelivery vehicle with a fair market value of P175,000. Krislam, an industrial partner, was tocontribute her expertise in marketing.EXERCISE 5. Journal Entries and Statement Preparation Two existing sole-O

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Description: 1.2.EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepare andupload the journal entries to record contributions of Kim and Krislam into the partnershipunder the following independent assumptions:3.Page4.9Cash contribution

Partnership - A partnership is a type of company where several people share ownership and some…

Business

Accounting

EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepar upload the journal entries to record contributions of Kim and Krislam into the partne under the following independent assumptions:

EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepar upload the journal entries to record contributions of Kim and Krislam into the partne under the following independent assumptions:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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