Prepare the journal entries in the books of the corporation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On this date, the
value of the assets was P24,000 more than the carrying value on the firm’s books. Each of the partners was issued
10,000 shares of the corporation’s P1 par ordinary share.
Prepare the

Transcribed Image Text:c. The condensed Statement of Financial Position of the partnership of Buenaflor and Gangoso as of December 31,
2018 showed the following:
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.
value of the assets was P24,000 more than the carrying value on the firm's books. Each of the partners was issued
10,000 shares of the corporation's P1 par ordinary share.
Prepare the journal entries in the books of the corporation.
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