Kk162. The ST Partnership was formed by Saling and Taling, who contributedtangible assets with the following fair values:CashFurnitureComputerSalingP50,00012,000TalingP20,000Goodwill method.Bonus method.Agreed valueP70,00010,00080,000100,000The amount of P5,000 is owed for the furniture and the amount of P50,000 isowed for the computer. The partnership assumes both liabilities.Required:Prepare the partnership formation entry assuming that thepartners' capital balances are to be equal using

Partnership - A partnership may be formed with different types i.e, General partnership, limited…

The ST Partnership was formed by Saling and Taling, who contributed tangible assets with the following fair values: Taling P20,000 100,000 The amount of P5,000 is owed for the furniture and the amount of P50,000 is owed for the computer. The partnership assumes both liabilities. Cash Furniture Computer Saling P50,000 12,000 a. Goodwill method. b. Bonus method. Agreed value P70,000 10,000 80,000 Required: Prepare the partnership formation entry assuming that the partners' capital balances are to be equal using

The ST Partnership was formed by Saling and Taling, who contributed tangible assets with the following fair values: Taling P20,000 100,000 The amount of P5,000 is owed for the furniture and the amount of P50,000 is owed for the computer. The partnership assumes both liabilities. Cash Furniture Computer Saling P50,000 12,000 a. Goodwill method. b. Bonus method. Agreed value P70,000 10,000 80,000 Required: Prepare the partnership formation entry assuming that the partners' capital balances are to be equal using

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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