proprietorships into a partnership. They agreed that their respectiveAccounting for Partnership Formation4 Total liabilities of the partnership upon formation.3. The net assets of the partnership upon formation.5. Total cash of the partnership upon formation.Case 1: Amos and Anah agreed to convert their respective soleindividual assets and liabilities are to be recorded at their book value. TheyChapter 3:95Sole Proprietors Form a PartnershipProblem 3-11ll contribute additional cash to bring their capital balance to 40% for Amosnd % for Anah from the total agreed capitalization of P250,000. Their soleproprietorship's balance sheets before the partnership formation are asfollows:AmosP 5,00095,000180,000150,00050,000AnahP 10,000100,000200,000250,000CashAccounts receivableEquipmentAccounts payableNotes payableRequired:1. Prepare the journal entries for the following:a. To close the books of Amos' proprietorship.b. To record the investments of Amos in the partnership books.c. To close the books of Anah's sole proprietorship.d. To record the investments of Amos in the partnership books.2. Prepare the balance sheet of Amos and Anah partnership upon formation.

Partnership means a group of persons who come together with a purpose to control and manage the…

Required: 1. Prepare the journal entries for the following: a. To close the books of Amos' proprietorship. b. To record the investments of Amos in the partnership books. c. To close the books of Anah's sole proprietorship. d. To record the investments of Amos in the partnership books. 2. Prepare the balance sheet of Amos and Anah partnership upon formation.

Required: 1. Prepare the journal entries for the following: a. To close the books of Amos' proprietorship. b. To record the investments of Amos in the partnership books. c. To close the books of Anah's sole proprietorship. d. To record the investments of Amos in the partnership books. 2. Prepare the balance sheet of Amos and Anah partnership upon formation.

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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