2. A and B formed a partnership. The following are their contributions: (in the picture below) Requirement: Provide the journal entry to record the contributions of the partners in the partnership...


2. A and B formed a partnership. The<br>following are their contributions: (in the<br>picture below) Requirement: Provide<br>the journal entry to record the<br>contributions of the partners in the<br>partnership books.<br>A<br>B<br>Cash<br>500,000<br>Accounts receivable<br>100,000<br>Building<br>Total<br>600,000<br>700,000<br>700,000<br>A, capital<br>B, capital<br>Total<br>600,000<br>700,000<br>600,000<br>700,000<br>Additional information:<br>• The accounts receivable includes a P20,000 account that is deemed uncollectible.<br>• The building is over-depreciated by P50,000.<br>• The building has an unpaid mortgage P100,000, which is assumed by the partnership.<br>Option 1<br>Clear selection<br>

Extracted text: 2. A and B formed a partnership. The following are their contributions: (in the picture below) Requirement: Provide the journal entry to record the contributions of the partners in the partnership books. A B Cash 500,000 Accounts receivable 100,000 Building Total 600,000 700,000 700,000 A, capital B, capital Total 600,000 700,000 600,000 700,000 Additional information: • The accounts receivable includes a P20,000 account that is deemed uncollectible. • The building is over-depreciated by P50,000. • The building has an unpaid mortgage P100,000, which is assumed by the partnership. Option 1 Clear selection

Jun 03, 2022
SOLUTION.PDF
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
Have files?