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  • Problem XI Page 1326 To 1327

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    Reginald Valencia
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    The balance sheet of AB Partnership shows adjustments made to accounts including an increase in inventories and equipment, addition of a goodwill account, increase in allowance for doubtful accounts, and adjustments to accumulated depreciation on equipment. Journal entries were made to record the adjustments including allocating capital between two partners based on an 80/20 percent capital ratio. Additional entries recorded the issuance of common stock and share premium totaling Rs. 99,000 to the two partners based on the capital ratio.

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    Problem XI page 1326 to 1327

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    The balance sheet of AB Partnership shows adjustments made to accounts including an increase in inventories and equipment, addition of a goodwill account, increase in allowance for doubtful accounts, and adjustments to accumulated depreciation on equipment. Journal entries were made to record the adjustments including allocating capital between two partners based on an 80/20 percent capital ratio. Additional entries recorded the issuance of common stock and share premium totaling Rs. 99,000 to the two partners based on the capital ratio.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    6 views1 page

    Problem XI Page 1326 To 1327

    Uploaded by

    Reginald Valencia
    The balance sheet of AB Partnership shows adjustments made to accounts including an increase in inventories and equipment, addition of a goodwill account, increase in allowance for doubtful accounts, and adjustments to accumulated depreciation on equipment. Journal entries were made to record the adjustments including allocating capital between two partners based on an 80/20 percent capital ratio. Additional entries recorded the issuance of common stock and share premium totaling Rs. 99,000 to the two partners based on the capital ratio.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 1

    AB Partnership

    Balance Sheet
    Jun-30
    Adjustments
    Cash 14400 14400
    Accounts Receivable - Trade 33720 33720
    Allowance for Doubtful Accounts -720 -1200
    Inventories 30600 36000
    Equipment 72000 84000
    Accumulated Depreciation-Equipment -31200 -36600
    Goodwill 12000
    118800

    Accounts Payable - Trade 42000 43320


    AA Capital 57588
    BB Capital 19212
    118800

    Journal entries

    Inventories 5400
    Equipment 12000
    Goodwill 12000
    Allowance for Doubtful Accounts 480
    Accrued Expenses 1320
    Accumulated Depreciation-Equipment 5400
    AA Capital (22,200*.8) 17760
    BB Capital (22,200*.2) 4440

    To check lang kung balance 29400 29400

    AA Capital (57588+17600) 75348


    BB Capital (19212+4400) 23652
    Common Stock 90000
    Share premium 9000

    To check lang kung balance 99000 99000

    AA Shares 6849.818
    BB Shares 2150.182
    Total Shares 9000

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