Sabio, as her original investment in the firm of sabio and mariano, contributed equipment that had been recorded in the books of her own business as costing Php 900,000, with accumulated depreciation of Php 620,000. The partners agreed on a valuation of Php 400,000. They also agreed to accept sabio's accounts receivable of Php 360,000, realizable to the extent of 85%. prepare the journal entry to record sabio's investment in the partnership on june 13.

Sabio, as her original investment in the firm of sabio and mariano, contributed equipment that had been recorded in the books of her own business as costing Php 900,000, with accumulated depreciation of Php 620,000. The partners agreed on a valuation of Php 400,000. They also agreed to accept sabio's accounts receivable of Php 360,000, realizable to the extent of 85%. prepare the journal entry to record sabio's investment in the partnership on june 13.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 3BCRQ

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