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Prepare journal entry to record contribution of each partner

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Question - On March 1, 2019, Abbey and John Formed a partnership. The total partnership capital is $300,000 divided (2:1) respectively. John will make his contribution in the form of cash and A/R of 12,500. Abbey contributed $75,000 cash, land valued at $100,000, a building book value is $50,000, prepaid insurance $15,000. The partnership also assumed responsibility for John's $25,000 long- term notes payable, accrued expense $10,000 and unearned revenue of $15,000

The partners agreed that the market value for the building will be $60,000, and the A.D.A. 2,500

Required - Prepare the journal entry to record the contribution of each partner. Prepare the Balance Sheet.

Reference no: EM132536501

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