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Prepare statement of financial position and balance sheet

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Reference no: EM132784062

A, B and C decided to form the partnership firm. They contributed as follows:

A - computers P500,000 and cash P300,000

B - cash P700,000 and stock P100,000

C - plant P280,000 and cash P520,000

Required:

Question 1. Calculate the initial capital of each partner.

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

Question 3. Prepare the statement of financial position/ balance sheet on the formation of the partnership.

Reference no: EM132784062

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