Record the investment of Aclan into the partnership

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Question - Give the entry to record the investment of Aclan into the partnership under each of the following independent assumptions:

a. Cash of P500,000.

b. Account receivable of P600,000 with an allowance for uncollectible accounts of P50,000

c. Inventories that cost P400,000 using the moving average method accepted by the partnership at its FIFO value of 80% of average cost.

d. Land which he originally bought ten years ago at P1,000,000 but now has a fair market value of P2,000,000.

e. Equipment that cost P900,000 with a book value of P300,000 after four years of use without salvage value. The equipment should have been should have been depreciated over a 10-year life.

Reference no: EM133100554

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