1.A and B formed a partnership. The following are their contributions: A B 500,000 Cash Accounts receivable 100,000 Building Total 700,000 600,000 700,000 A, capital |В. саpital Total 600,000 700,000 600,000 700,000 Additional information: The accounts receivable includes a P20,000 account that is deemed uncollectible. The building is over-depreciated by P50,000. The building has an unpaid mortgage P100,000, which is assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.

1.A and B formed a partnership. The following are their contributions: A B 500,000 Cash Accounts receivable 100,000 Building Total 700,000 600,000 700,000 A, capital |В. саpital Total 600,000 700,000 600,000 700,000 Additional information: The accounts receivable includes a P20,000 account that is deemed uncollectible. The building is over-depreciated by P50,000. The building has an unpaid mortgage P100,000, which is assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 8DQ

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1. A and B formed a partnership. The following are their contributions: A B Cash 500,000 Accounts receivable 100,000 3 Building 700,000 Total 600,000 700,000 A, capital В, сарital 600,000 700,000 Total 600,000 700,000 Additional information: The accounts receivable includes a P20,000 account that is deemed uncollectible. The building is over-depreciated by P50,000. The building has an unpaid mortgage P100,000, which is assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.
A and B formed a partnership. The following are their contributions: Partners 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: • The accounts receivable includes a ₱20,000 account that is deemed uncollectible. • The building is over-depreciated by ₱50,000. • The building has an unpaid mortgage ₱100,000, which is assumed by the partnership. The journal entry to record the contributions of the partners in the partnership books will have a DEBIT to
1. A and B formed a partnership. The following are their contributions: A B Cash 500,000 Accounts receivable100,000 Building 700,000 Total 600,000 700,000 A, capital 600,000 B, capital 700,000 Total 600,000 700,000 Additional information: The accounts receivable includes a ₱20,000 account that is deemed uncollectible. 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.
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