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Books of the Partnership 1. Record the investment of the proprietor (Emi) 60,000 30,000 240,000 700 Cash Note Receivable Account Receivable Interest Receivable Inventory Office Supplies 74,000 4,000 46,000* Furniture and Fixtures Notes Payable Accounts Payable Interest Payable Allowance for uncollectible accounts Emi, Capital 40,000 100,000 2,800 12,000 299,900 *14,000 writedown of furniture and fixtures 2. Record the investment of the other partner (Andi) Unadjusted Capital of Emi Net Adjustments to Capital Decrease in Inventory Agreed Capital of Emma Cash Investment of Emma 314,000 14,100 299,900 50% Cash 149,950 Emma, Capital 149,950 149,950 Now, you may check what happened to the accounts of business after partnership formation. After the formation of partnership, compute the following: 1. Total assets, 2. Total liabilities and 3. Total equity of the partnership

Books of the Partnership 1. Record the investment of the proprietor (Emi) 60,000 30,000 240,000 700 Cash Note Receivable Account Receivable Interest Receivable Inventory Office Supplies 74,000 4,000 46,000* Furniture and Fixtures Notes Payable Accounts Payable Interest Payable Allowance for uncollectible accounts Emi, Capital 40,000 100,000 2,800 12,000 299,900 *14,000 writedown of furniture and fixtures 2. Record the investment of the other partner (Andi) Unadjusted Capital of Emi Net Adjustments to Capital Decrease in Inventory Agreed Capital of Emma Cash Investment of Emma 314,000 14,100 299,900 50% Cash 149,950 Emma, Capital 149,950 149,950 Now, you may check what happened to the accounts of business after partnership formation. After the formation of partnership, compute the following: 1. Total assets, 2. Total liabilities and 3. Total equity of the partnership

FINANCIAL ACCOUNTING
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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Compute the total assets, total liabilities and total equity of the partnership.

Books of the Partnership 1. Record the investment of the proprietor (Emi) 60,000 30,000 240,000 700 Cash Note Receivable Account Receivable Interest Receivable Inventory Office Supplies 74,000 4,000 46,000* Furniture and Fixtures Notes Payable Accounts Payable Interest Payable 40,000 100,000 2,800 12,000 299,900 Allowance for uncollectible accounts Emi, Capital *14,000 writedown of furniture and fixtures 2. Record the investment of the other partner (Andi) Cash Unadjusted Capital of Emi Net Adjustments to Capital Decrease in Inventory 314,000 149,950 14,100 299,900 50% Emma, Capital 149,950 Agreed Capital of Emma Cash Investment of Emma 149,950 Now, you may check what happened to the accounts of business after partnership formation. After the formation of partnership, compute the following: 1. Total assets, 2. Total liabilities and 3. Total equity of the partnership
Transcribed Image Text:Books of the Partnership 1. Record the investment of the proprietor (Emi) 60,000 30,000 240,000 700 Cash Note Receivable Account Receivable Interest Receivable Inventory Office Supplies 74,000 4,000 46,000* Furniture and Fixtures Notes Payable Accounts Payable Interest Payable 40,000 100,000 2,800 12,000 299,900 Allowance for uncollectible accounts Emi, Capital *14,000 writedown of furniture and fixtures 2. Record the investment of the other partner (Andi) Cash Unadjusted Capital of Emi Net Adjustments to Capital Decrease in Inventory 314,000 149,950 14,100 299,900 50% Emma, Capital 149,950 Agreed Capital of Emma Cash Investment of Emma 149,950 Now, you may check what happened to the accounts of business after partnership formation. After the formation of partnership, compute the following: 1. Total assets, 2. Total liabilities and 3. Total equity of the partnership
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