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Prepare the journal entries to record the contribution

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Question - Cath, Bart and Art formed a partnership by contributing 40%, 30% and 30% of the total agreed capital. The total cash contribution amounted to Php 50,000, contributed by Cath and Bart. Noncash assets were contributed by Bart and Art, and the corresponding liability of Php 5,000 and Php 10,000 of Bart and Art were assumed by the partnership.

Right after the formation, the partnership's basic accounting equation is Php 115,000 assets, Php 15,000 liabilities and Php 100,000 capital.

Prepare the journal entries to record the contribution of

1a. Cath

1b. Bart

1c. Art

Reference no: EM133052147

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