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Example (3-1) Sami and Ali are forming a partnership with a total capital of JD150,000 distributed equally between them. Sami is transferring personal cash
Example (3-1) Sami and Ali are forming a partnership with a total capital of JD150,000 distributed equally between them. Sami is transferring personal cash to the partnership. Ali owns the following book value of the assets. inventory JD12,000, Accounts Receivables JD8,000, allowance for doubtful accounts JD 250, fair value of assets as follows: Inventory JD14,000, Accounts receivables JD 7,550 (assuming the difference between book value and fair value of A/R are doubtful debts), and it was agreed that Ali would repay the remaining of net assets cash.
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