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Question - Ellice, Gabriel and Marissa are sole proprietors who decided to merge their businesses to form a partnership in the name of ELGAMA. Their respective books of accounts show the following unadjusted trial balances before partnership formation:
Ellice
Gabriel
Marissa
Cash
20,000
100,000
80,000
Accounts Receivable
150,000
70,000
120,000
Merchandise Inventory
200,000
50,000
160,000
Furniture & fixtures
30,000
90,000
Store Equipment
60,000
40,000
0
Prepaid Expenses
10,000
Accounts Payable
Notes Payable
Capital
?
The following adjustments were agreed upon by the partners:
a. Prepaid expenses and liabilities will not be assumed by the partnership.
b. Merchandise inventory will be valued at 90%.
c. Accounts Receivable are ascertained to be 5% uncollectible.
d. Fixed assets are to be valued at 75%.
e. Partners' capital would be equivalent to the net assets contributed.
Required -
3a. Journal entries to record the investments of the partners.
3b. Statement of Financial Position upon partnership formation.
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