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How do provide journal entry to record contribution

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Reference no: EM132741920

A and B formed a partnership. The following are their contributions:

A Cash 500,000 - Accounts receivable 100,000 total 600,000

B - Building 700,000 Total B 700,000 A, capital 600,000 B, capital 700,000

Additional information: The accounts receivable includes a ?20,000 account that is deemed uncollectible. The building is over-depreciated by ?50,000. The building has an unpaid mortgage ?100,000, which is assumed by the partnership.

Requirement:

Problem 1: Provide the table and the journal entry to record the contributions of the partners in the partnership books.

Reference no: EM132741920

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