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  1. business
  2. accounting
  3. partnership a and b formed a partnership. the fol

PARTNERSHIP A and B formed a partnership. The following are their contributions: ...

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Question

Accounting

PARTNERSHIP

  1. A and B formed a partnership. The following are their contributions:

A

B

Cash

500,000

-

Accounts receivable

100,000

-

Building

700,000

Total

600,000

700,000

A, capital

600,000

B, capital

700,000

Total

600,000

700,000

Additional information:

  • The accounts receivable includes a 20,000 account that is deemed uncollectible.
  • The building is over-depreciated by 50,000.
  • The building has an unpaid mortgage 100,000, which is assumed by the partnership.

Requirement: Provide the journal entry to record the contributions of the partners in the partnership books.

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