- On October 1, 20xx Rose, Rosemarie and Rosalie pooled their resources for a grocery business. They contributed the following: Rose - P2,000,000 cash Rosemarie - Delivery Truck original cost- PI,500,000 accumulated depreciation - P300,000 current fair value - P1,000,000 Rosalie - Land with 1-story building fair value of the land- P1,500,000 fair value of the building - PI,500,000 Required: 1. Prepare the necessary journal entries to open the books of the partnership. 2. Prepare the statement of financial position after the formation of the partnership.

- On October 1, 20xx Rose, Rosemarie and Rosalie pooled their resources for a grocery business. They contributed the following: Rose - P2,000,000 cash Rosemarie - Delivery Truck original cost- PI,500,000 accumulated depreciation - P300,000 current fair value - P1,000,000 Rosalie - Land with 1-story building fair value of the land- P1,500,000 fair value of the building - PI,500,000 Required: 1. Prepare the necessary journal entries to open the books of the partnership. 2. Prepare the statement of financial position after the formation of the partnership.

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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What is the most likely consequence of unethical behaviours by management accountants? Satisfied suppliers Customers paying less for products Resource allocation from the budgeting process in organisations being done inequitably Employees experiencing higher job satisfaction