repare the opening journal entry in the books of the partnership.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Caluguas and Dela Cruz formed a
Fair Market Value Carrying Value
Calaguas:
Cash P300,000 P300,000
Land 450,000 280,000
Dela Cruz:
Cash 100,000 100,000
Building 600,000 520,000
Mortgage Payable (400,000) (400,000)
The partners will share
Required:
Prepare the opening
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