Reference no: EM132821139
Question - The following transactions of Best Pizza owned by Reyes, Ortiz and Flores, took place from March 1 to May 31, 2019
March 1 Reyes who owns an ice cream parlor invested cash of P80,000 and merchandise costing P120,000 but with a fair value of P70,000.
Customers' accounts of P50,000 were also taken over by the partnership at its realizable value of 80%. (Recognize an allowance for doubtful accounts for 20% of cost)
Ortiz invested cash of 40,000 and pieces of furniture costing 150,000 which the partners agree to be 50% depreciated to arrive at its fair value.
May 1 Flores an expert in pizza making invested imported cooking equipment costing P350,000 but which fair value drop by 40% of its cost flores made a down payment of P200,000 when this was purchased and issued a note for the balance half of which is still unpaid. Partners agreed that the liability will be assumed by the partnership.
May 31 Partners agreed that additional cash investments be made so that all partners will have an equal sharing on the assets and profits of the business.
Required -
a) In parallel column list down the assets and liabilities at fair values contributed by each partner and determine each partner's contribution.
b) Who should make additional cash investment and at what amount?
c) Prepare three separate entries to record the contribution of each partner?
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