Problem 3 Formation of a Partnership Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P900,000, with accumulated depreciation of P620,000. The partners agreed on a saluation of P400,000. They also agreed to accept Sabio's accounts receivable oft P360,000, realizable to the extent of 85N Required Prepare the journal entry to record Sabio's investment in the partnership on June 13.

Problem 3 Formation of a Partnership Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P900,000, with accumulated depreciation of P620,000. The partners agreed on a saluation of P400,000. They also agreed to accept Sabio's accounts receivable oft P360,000, realizable to the extent of 85N Required Prepare the journal entry to record Sabio's investment in the partnership on June 13.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2 Espanol operated a specialty shop that sold fishing equipment and accessories. Her post-closing trial balance on Dec. 31, 2018 is as follows: Fish Post-Closing Trial Balance Dec. 31, 2018 Debit Credit Cash P 36,000 Accounts Receivable Allowance for Uncollectible Accounts 150,000 P 16,000 440,000 Inventory Equipment Accumulated Depreciation 135,000 75,000 30,000 Accounts Payable Espanol, Capital 640,000 P761,000 P761,000 Espanol plans to enter into a partnership with trusted associate, Quino, effective Jan. 1, 2019. Profits or losses will be shared equally. Espanol is to transfer all assets and liabilities of her shop to the partnership after revaluation. Quino will invest cash equal to Espanol's investment after revaluation. The agreed values are as follows: accounts receivable (net), P140,000; inventory, P460,000; and equipment (net), P124,000. The partnership will operate under the business name of Fish R' Us. Required: 1. Prepare the opening journal entries in the books of the…
Problem #2 Formation of Partnership Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P900,000 with accumulated depreciation of P620,000.The partners agreed on a valuation of P400,000.They also agreed to accept Sabio's accounts receivable of P360,000,realizable to the extent of 85%. Required: Prepare a joirnal entry to record Sabio's Investment in the partnership on June 13.
Formation of a Partnership Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing Php900,000, with accumulated depreciation of Php620,000. The partners agreed on a valuation of P400,000. They also agreed to accept Sabio's accounts receivable of Php360,000, realizable to the extent of 85%. What is the journal entry to record Sabio's investment in the partnership on June 13?
Formation of a Partnership. Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P900,000 with accumulated depreciation of P620,000. The partners agreed on a valuation of P400,000. They also agreed to accept Sabio's accounts receivable of P360,000 realizable to the extent of 85%. How much will be recorded as Sabio's net capital investment?
Sabio as her original investment the firm of sabio and mariano, contributed equipment that had been recorded in the book of her own business as costing P900.000, with accumulated deprestion of P620.000. the partners agreed an valuation of P400.000 they also agreed to accept sabio account receivable of P360.000 realizable to the extent of 85%. compute the journal entry to record Sabio's investment in the partnership on june13.
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