Prepare the journal entries in the books of the corporation Gangoso as of Dec. 31, 2019 showed the following:2o condensed statement of financial position of the partnership of Buenaflor andTotal AssetsP200,00040,00080,00080,000Total LiabilitiesBuenaflor, CapitalGangoso, CapitalOn this date, the partnership was dissolved and its net assets transferred to a newly-formed corporation. The fair value of the assets was P24,000 more than the carryingvalue on the firm's books. Each of the partners was issued 10,000 shares of thecorporation's P1 par ordinary share.

Partnership is a formal agreement between two or more persons to operate a single business and to…

The condensed statement of financial position of the partnership of Buenaflor and Gangoso as of Dec. 31, 2019 showed the following: Total Assets Total Liabilities Buenaflor, Capital Gangoso, Capital P200,000 40,000 80,000 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 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.

The condensed statement of financial position of the partnership of Buenaflor and Gangoso as of Dec. 31, 2019 showed the following: Total Assets Total Liabilities Buenaflor, Capital Gangoso, Capital P200,000 40,000 80,000 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 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.

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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