5 Slim and Jim agreed to start a partnership business by bringing in required assets Their profit and loss sharing ratios were agreed at 4 3 3 Other provisions were as follows Slim was to contribute cash of $28,000 and furniture displays worth $37,000 which had a fair market value of $40,000 Jim was to invest $40,000 in cash and $30,000 worth of equipment Related to the equipment was a note payable of $10,000 which the partnership firm agreed to assume as a liability of the firm Required Show necessary journal entries to record the investment of the partners Provide answer in a table format

Question

5  Slim and Jim agreed to start a partnership business by bringing in required assets  Their profit and loss sharing ratios were agreed at 4 3 3  Other provisions were as follows  Slim was to contribute cash of $28,000 and furniture displays worth $37,000 which had a fair market value of $40,000  Jim was to invest $40,000 in cash and $30,000 worth of equipment  Related to the equipment was a note payable of $10,000 which the partnership firm agreed to assume as a liability of the firm  Required  Show necessary journal entries to record the investment of the partners  Provide answer in a table format

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Question

5. Slim and Jim agreed to start a partnership business by bringing in required assets. Their profit and loss sharing ratios were agreed at 4:3:3.

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