Reference no: EM133175853
Questions -
Q1. Architects Lyra, Jose, and Mark have decided to form a partnership to pursue their trade together. Lyra and Jose agreed to contribute a total of P200,000 in cash and P50,000 in drafting equipment. They accepted Mark's offer to turn over the ownership documents of a one-story building he built for the partnership seven years ago for a total cost of P2,500,000. The partners agreed to record the building at its current fair market value of P1,500,000 and assume the P750,000 Metrobank mortgage, as well as the accrued 2.666667 percent interest.
a) Prepare journal entries to record the partnership formation.
b) Prepare Statement of Financial position after partnership formation.
Q2. Wayne, Bruce, and Kevin partnered up and open an Internet café. Wayne invests P275,000 in cash, while Bruce provides ten computers and four printers at a cost of P250,000 and P25,000 per invoice, respectively. Kevin invests P100,000 in cash and spends it on improvements to the rented space's office and shop; materials and labor costs total P175,000. Because the partnership signed to a five-year lease, the partners agreed to depreciate the computers and amortize the leasehold improvement over five years, as well.
a) Prepare journal entries to record the partnership formation.
b) Prepare Statement of Financial position after partnership formation.
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