How much cash must be contributed by each of the partners after they contributed their...
50.1K
Verified Solution
Link Copied!
Question
Accounting
How much cash must be contributed by each of the partners after they contributed their properties?
Gerald and Julia are joining their separate businesses to form a partnershup and they agreed to share profits in the manner of 55% for Gerald and 45% for Julia Property is to be contributed for a total capital of P800,000. The partners agreed to make their capital accounts equal after formation Accounts Receivable Inventories Equipment Accounts Payable Gerald Book Value Fair Value 60,000 60.000 60,000 90,000 100,000 80,000 30,000 30,000 Julia Book Value Fair Value Accounts Receivable Inventoces Equipment Accounts Payable 160,000 180,000 20,000 130,000 190,000 20.000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
