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Prepare the journal entries to record the investment

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Question - On April 30, 2021, LL, YY and BB formed a partnership by combining their separate business proprietorships. LL contributed cash of P50,000. YY contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership accepted responsibility for the P35,000 mortgage attached to the property.

Bernal contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value. The partnership accepted responsibility for the P35,000 mortgage attached to the property.

Required - Prepare the journal entries to record the investment of each partner.

Reference no: EM133053891

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