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  • #4 Partnership and Corporation Accounting by Win Ballada 2019 CHAPTER 1 PROBLEM #4 SOLUTION Page 38 Solved

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    Jernee Flores
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    #4 Partnership And Corporation Accounting by Win Ballada 2019 CHAPTER 1 PROBLEM #4 SOLUTION Page 38 Solved.docx

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    #4 Partnership and Corporation Accounting by Win Ballada 2019 CHAPTER 1 PROBLEM #4 SOLUTION Page 38 Solved

    Uploaded by

    Jernee Flores

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Problem #4

    Two Sole Proprietorship Form a Partnership

    Calaguas and Dela Cruz formed a partnership and invested the following assets and liabilities:

    Fair Market Value Carrying Value

    Calaguas:
    Cash P300000 P300000
    Land 450000 280000
    Dela Cruz:
    Cash 100000 100000
    Building 600000 520000
    Mortgage Payable (400000) (400000)
    The partners will share profits and losses equally.
    Required:
    Prepare the opening journal entry in the books of the partnership.

    *Calaguas
    Cash 300000
    Land 450000
    Calaguas, Capital 750000
    *Dela Cruz
    Cash 100000
    Building 600000
    Mortgage Payable 400000
    Dela Cruz, Capital 300000

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