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Give the opening entry in the books of the partnership

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Reference no: EM133151643

Problem 1 - Partner's Original Investment - P Lacson and T. Sotto formed a partnership for the first time on January 15, 2022. Lacson contributed P500,000 and Sotto contributed the following:

Land (fair market value, P600,000.)

Building (fair market value, P500,000)

Required - Give the opening entry in the books of the partnership.

Problem 2 - On June 1, 20 S. Roces, A. Fuentes and C. Solis agreed to organize partnership known as RFS Partnership. S. Roces and A. Fuentes contributed P150,000.00 each. C. Solis will act as industrial part with a 30% share in the net income.

Required - Prepare entries to record the formation of RFS Partnership.

Problem 3 - A, B and C decided to establish a store. A agreed to give P 100,000 and merchandise worth P50,000; B will contribute the store equipment which cost him P 75,000 and merchandise worth P100,000 and C will managed the store for a 20% share in profit.

Reference no: EM133151643

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