User Account

All Pages

Prepare journal entries to record formation of partnership

Assignment Help Accounting Basics
Reference no: EM133118895

Question - Answer the following - DBM, MGX and SPV decided to form a partnership. They are to engage in the business of selling computers and related gadgets. DBM contributed cash of 700,000. MGX contributed a house and lot which he inherited from his grandfather three years ago. At the time of inheritance, the property was valued at PHP 1,575,000 for transfer tax purposes. A week before the partnership was formed, several buyers indicated their intention to buy the property for PHP 2,187,500. SPV, being a computer science graduate, is to contribute his skills and knowledge to a partnership. They agreed that SPV is to be given 20% share in the partnership profits. Prepare journal entries to record the formation of the partnership.

Reference no: EM133118895

Questions Cloud

What type of agency costs might occur : Suppose your company raises funds from outside lenders. What type of agency costs might occur? How might lenders mitigate the agency costs
CEM5EPM Construction And Engineering Project Management : CEM5EPM Construction And Engineering Project Management Assignment Help and Solution, La Trobe University - Assessment Writing Service
Prepare a lease payment schedule for Amaton Ltd : Prepare a lease payment schedule for Amaton Ltd, showing the division of the lease payment into interest and principal components for the life of the lease
Determine the amount of cash receipts stolen by the sales : Cash in bank according to the general ledger 9000 Cash according to the April 30, 2012, Determine the amount of cash receipts stolen by the sales
Prepare journal entries to record formation of partnership : They agreed that SPV is to be given 20% share in the partnership profits. Prepare journal entries to record the formation of the partnership
What is the depreciation expense : Compatibility Services acquired an $80,000 machine on January 1, 20X3. What is the depreciation expense in 20X5
What is year zero rate : What is 1.5 year zero rate? Please enter your answer as a percent with two decimal places, e.g. six point five percent should be entered as 6.50.
Exchange rates in the long run : 1. How can an investor use future or options on foreign exchange to speculate or hedge portfolio risk? How can an operating company use either to manage financi
Position that the german company should take : Suppose we are in December 30, 2014, and a German company expects to make a payment of 1,700 million dollars to a US supplier one year from now.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd