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Prepare the beginning balance sheet of the partnership

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Reference no: EM132773143

The Partnership between Amaan and Ansa established in August, 2015, when they  agreed to invest $80,000 and $150,000 consecutively and to share profit and losses equally. The investments by Amaan consists of capital amount 20,000 dollars, inventory of $10,000 and equipment of $35,000. Ansa also agreed to contribute $50,000 cash, $20,000 value of inventory, $60,000 fair value of machinery and remaining $20,000 in Accounts Payable. (10)

Problem a. Draft entries (in general journal form) to record the investments of Amaan and Ansa in the new partnership.

Problem b. Prepare the beginning balance sheet of the partnership (in report form) at the close of business July 1, reflecting the above transfers to the firm.

Problem c. On the following June 30 after one year of operation, the Income Summary account showed a credit balance of $74,000, and the Drawing account for each partner showed a debit balance of $31,000. Prepare journal entries to close the Income Summary account and the Drawing accounts at June 30.

Reference no: EM132773143

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