Liu Jiqin has owned and operated a proprietorship for several years. On January 1, he decides to

Question:

Liu Jiqin has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Feng and Jiqin. Jiqin's investment in the consists of HK$140,000 in cash, and the following assets of the proprietorship: HK$130,000 less allowance for doubtful accounts of HK$20,000, and equipment HK$200,000 less accumulated depreciation of HK$45,000. It is agreed that the allowance for doubtful accounts should be HK$28,000 for the The fair value of the equipment is HK$175,500.
Instructions
Journalize Jiqin's admission to the firm of Feng and Jiqin.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...