Less accum. depr.Office equipmentLess accum. depr,64,000130,00040,000286,00090,000 Total liabilities andP745,900 owner's equityTotal assetsP745,900Udarbe and Trongco agree that the information provided on the balance sheetsrepresents market values, except for the assets listed below for whichappraisals of current market values were obtained.Fair market valuesOffice equipmentUdarbeTrongcoP398,000 P82,000420,000 278,000VehiclesRequirement:Prepare the opening journal entries for the formation of C&V Animal Kingdom. for each business serve as the basis for the partnership:Christine Udarbe and Vincent Trongco have been sole proprietors of separateanimal relocation businesses for several years. On January 1, 2020, they form apartnership called C&V Animal Kingdom. The following balance sheets providedotaltheChristine UdarbeStatement of Financial PositionDecember 31, 2020AssetsLiabilitiesP46,000 Accounts payableNotes payable30,000 Total liabilitiesCashP136,800Accounts receivable P38,80O8,800418,000290,000Less allow. for DAOffice equipmentLess: accum. dep.P426,800Owner's Equity398,000 C. Udarbe, capital20,000P485,200538,000100,000Vehicles438,000 Total liabilities andP912,000 owner's equityLess: accum. dep.P912,000Total assetsVincent TrongcoStatement of Financial PositionDecember 31, 2020LiabilitiesAssetsP50,900 Accounts payableNotes payableP120,000146,000P266,000CashAccounts receivable P45,4007,400327,00046,000Less allow. for DA38,000 Total liabilitiesOwner's EquityEquipmentLess accum. depr.Vehicles281,000 V. Trongco, capital P479,900350,000

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Less accum. depr. Office equipment Less accum. depr, 64,000 286,000 130,000 40,000 90,000 Total liabilities and P745,900 owner's equity Total assets P745,9 Udarbe and Trongco agree that the information provided on the balance sh represents market values, except for the assets listed below for w appraisals of current market values were obtained. Fair market values Udarbe Office equipment P398,000 P82,000 420,000 278,000; Trongco Vehicles Requirement: Prepare the opening journal entries for the formation of C&V AnimaL Kin

Less accum. depr. Office equipment Less accum. depr, 64,000 286,000 130,000 40,000 90,000 Total liabilities and P745,900 owner's equity Total assets P745,9 Udarbe and Trongco agree that the information provided on the balance sh represents market values, except for the assets listed below for w appraisals of current market values were obtained. Fair market values Udarbe Office equipment P398,000 P82,000 420,000 278,000; Trongco Vehicles Requirement: Prepare the opening journal entries for the formation of C&V AnimaL Kin

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PB

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