Reference no: EM133126541
Question - Assume that Joshua, Gideon and Samuel decided to incorporate their JUDGES Partnership on October 1, 2020. The books have already been closed on this date, however, partners agree that there has to be adjustments on certain asset values. They have also decided to invite David and Solomon as incorporators. The statement of financial position of the partnership are as follows:
Assets
Cash P28,000
Accounts Receivable 42,000
Allowance for BD (5,000)
Merchandise Inventory 50,000
Furnitures & Fixtures 60,000
Accum Depreciation (5,000)
Total Assets P170,000
Liabilities and Capital
Liabilities P70,000
Joshua, Capital 46,000
Gideon, Capital 34,000
Samuel, Capital 20,000
Total Liabilities & Capital P170,000
Partners agreed that allowance for bad debts should be increased by P1,000; fair market value of merchandise inventory is P55,000 and accumulated depreciation rate is 10%.
KINGS CORP has been authorized to issue 100,000 ordinary shares with par value of P100 each. The partners are issued the number of shares commensurate to their capital balances.
David and Solomon will invest P50,000 each to the corporation.
Required - Record the incorporation of the partnership?
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