Chapter 2 Nature and Formation of a Partnership Exercise 2 - 1 (Cash and Non-cash Contributions) a Partnership 63 EXERCISES bts. Ist Give the entry to record the investment of Alonzo into the partnership under each of the following independent assumptions: Cash of P400,000 a. ers in b. Accounts receivable of P500,000 with an allowance for uncollectible accounts of P50,000. ANA Alone, cap Inventories that cost P300,000 using the moving average method accepted by the partnership at its FIFO value of 80% of average cost. contes C Iowad. Des Equipment that cost P900,000 with a book value of P300,000 after four years of use without salvage value. The equipment should have been depreciated over a 10-year useful life. Exercise 2-2 (Cash and Net Asset Contributions)