Prepare the journal entries in the books of the corporation with P 1 par ordinary share.
Prepare the journal entries in the books of the corporation with P 1 par ordinary share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The condensed
Total assets P 200, 000
Total liabilities 40, 000
Buenaflor, Capital 80, 000
Gangoso, Capital 80, 000
On this date, the partnership was dissolved and its net assets transferred to a newly formed corporation.
The fair value of the assets was P 24, 000 more than the carrying value on the firm’s books.
REQUIRED: Prepare the
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