Laly contributed land, inventory and P350,000 cash to a partnership, The land has a book value of P750,000 and a market value of P1,400,000. The inventory has a book value of P700,000 and a market value of P600,000. The partnership assumed a P400,000 note payable owed by Laly that was used to purchase land. Lorie agreed to put up cash equivalent to Laly's net investment
Laly contributed land, inventory and P350,000 cash to a partnership, The land has a book value of P750,000 and a market value of P1,400,000. The inventory has a book value of P700,000 and a market value of P600,000. The partnership assumed a P400,000 note payable owed by Laly that was used to purchase land. Lorie agreed to put up cash equivalent to Laly's net investment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Laly contributed land, inventory and P350,000 cash to a partnership, The land has a book value of P750,000 and a market value of P1,400,000. The inventory has a book value of P700,000 and a market value of P600,000. The partnership assumed a P400,000 note payable owed by Laly that was used to purchase land. Lorie agreed to put up cash equivalent to Laly's net investment. The entry to record investment of Lorie in the partnership is?
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