Homework Help is Here – Start Your Trial Now!
Business
Accounting
Partnership formation (2b) Two or more Sole Proprietor form a Partnership The business assets of Padilla and Bernado appear below: Padilla Вernardo Cash 11,000 22,000 Accounts Receivable 235,000 568,000 LInventories 120,000 260,000 Land 603,000 Building 428,000 Furniture and Fixture 51,000 35,000 Other Assets 2,000 5,000 Total 1,022,000 1,318,000 Accounts Payable 180,000 244,000 Notes Payable 200,000 345,000 Padilla, Capital 642,000 Bernardo, Capital 729,000 Total 1,022,000 1,318,000 Padilla ang Bernardo agreed to form a partnership contributing their assets and equitie and assuming their liabilites, subject to the following adjustments: a. Accounts Receivable of P20,000 in Padilla's books and P35,000 in Bernardo's are uncollectible. b. Inventories of P5,000 and P6,000 are worthless in Padilla's and Bernardo's respective books. c. Other Assets of P2,000 and P5,000 for Padilla and Bernardo are to be written off. Requried: Prepared journal entries for the formation of the Partnership as at July1, 2021. JOURNAL ENTRIES for the Partnership Date Particulars Debit Credit

Partnership formation (2b) Two or more Sole Proprietor form a Partnership The business assets of Padilla and Bernado appear below: Padilla Вernardo Cash 11,000 22,000 Accounts Receivable 235,000 568,000 LInventories 120,000 260,000 Land 603,000 Building 428,000 Furniture and Fixture 51,000 35,000 Other Assets 2,000 5,000 Total 1,022,000 1,318,000 Accounts Payable 180,000 244,000 Notes Payable 200,000 345,000 Padilla, Capital 642,000 Bernardo, Capital 729,000 Total 1,022,000 1,318,000 Padilla ang Bernardo agreed to form a partnership contributing their assets and equitie and assuming their liabilites, subject to the following adjustments: a. Accounts Receivable of P20,000 in Padilla's books and P35,000 in Bernardo's are uncollectible. b. Inventories of P5,000 and P6,000 are worthless in Padilla's and Bernardo's respective books. c. Other Assets of P2,000 and P5,000 for Padilla and Bernardo are to be written off. Requried: Prepared journal entries for the formation of the Partnership as at July1, 2021. JOURNAL ENTRIES for the Partnership Date Particulars Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please help me answer this. Thanks. 

Partnership formation (2b) Two or more Sole Proprietor form a Partnership The business assets of Padilla and Bernado appear below: Padilla Вernardo Cash 11,000 22,000 Accounts Receivable 235,000 568,000 Inventories 120,000 260,000 Land 603,000 Building 428,000 Furniture and Fixture 51,000 35,000 2,000 1,022,000 Other Assets 5,000 Total 1,318,000 Accounts Payable 180,000 244,000 Notes Payable 200,000 345,000 Padilla, Capital 642,000 Bernardo, Capital 729,000 Total 1,022,000 1,318,000 Padilla ang Bernardo agreed to form a partnership contributing their assets and equities and assuming their liabilites, subject to the following adjustments: a. Accounts Receivable of P20,000 in Padilla's books and P35,000 in Bernardo's are uncollectible. b. Inventories of P5,000 and P6,000 are worthless in Padilla's and Bernardo's respective books. c. Other Assets of P2,000 and PS,000 for Padilla and Bernardo are to be written off. Requried: Prepared journal entries for the formation of the Partnership as at July 1, 2021. JOURNAL ENTRIES for the Partnership Date Parti culars Debit Сredit
Transcribed Image Text:Partnership formation (2b) Two or more Sole Proprietor form a Partnership The business assets of Padilla and Bernado appear below: Padilla Вernardo Cash 11,000 22,000 Accounts Receivable 235,000 568,000 Inventories 120,000 260,000 Land 603,000 Building 428,000 Furniture and Fixture 51,000 35,000 2,000 1,022,000 Other Assets 5,000 Total 1,318,000 Accounts Payable 180,000 244,000 Notes Payable 200,000 345,000 Padilla, Capital 642,000 Bernardo, Capital 729,000 Total 1,022,000 1,318,000 Padilla ang Bernardo agreed to form a partnership contributing their assets and equities and assuming their liabilites, subject to the following adjustments: a. Accounts Receivable of P20,000 in Padilla's books and P35,000 in Bernardo's are uncollectible. b. Inventories of P5,000 and P6,000 are worthless in Padilla's and Bernardo's respective books. c. Other Assets of P2,000 and PS,000 for Padilla and Bernardo are to be written off. Requried: Prepared journal entries for the formation of the Partnership as at July 1, 2021. JOURNAL ENTRIES for the Partnership Date Parti culars Debit Сredit
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Money Management and Achieving Financial Goals
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS