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Journal entries for transaction in the books of partnership

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Reference no: EM132765072

Alice, Bryce and Clarice decided to form the partnership firm. They contributed as follows:

Alice- Computers $500,000 and Cash $300,000

Bryce - Cash $700,000 and Stock $100,000

Clarice - Plant $280,000 and Cash $520,000

Needed:

Problem 1. Initial capital of each partner

Problem 2. Journal entries for the above transaction in the books of partnership firm

Problem 3. Statement of financial position/ balance sheet on the formation of the partnership.

Reference no: EM132765072

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