Reference no: EM132764851
Questions -
Q1. On January 1, 20x1, Mr. A and Ms. B formed a partnership. Mr. A contributed cash of 500,000 while Ms. B contributed a building with carrying amount of ?400,000 and fair value of 800,000. The building has an unpaid mortgage of ?200,000 which is not assumed by the partnership.
Requirement - Provide the journal entry to record the contributions of the partners.
Q2. A and B formed a partnership. The following are their contributions:
A B
Cash 500,000 -
Accounts receivable 100,000 -
Building 700,000
Total 600,000 700,000
A, capital 600,000
B, capital
700,000
Total 600,000 700,000
Additional information:
1. The accounts receivable includes a 20,000 account that is deemed uncollectible.
2. The building is over-depreciated by 50,000.
The building has an unpaid mortgage 100,000, which is assumed by the partnership.
Requirement - Provide the journal entry to record the contributions of the partners in the partnership books.
Q3. A and B agreed to form a partnership. A contributed 40,000 cash while B contributed equipment with fair value of 100,000. However due to the expertise that A will be bringing to the partnership, the partners agreed that they should initially have an equal interest in the partnership capital.
Requirement - Provide the journal entry to record the initial investments of the partners.
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