Old MathJax webview

1 Alfredo and Beloe decide to form a partnership. From their own businesses of personal assets they contribute the following assets which are shown at book value: >>>>>>> A contribute BALANCE SHEET A Mr. A balora formins Partnership Cash 413,000 A-Pay $20.000 A-Rec 17,500 N-Pay 20,000 Allow-Doubtful Accounts -3,000 14,500 Inv 26,500 Equipment 45,000 Acc Depr -24,000 21,000 A, Capital 35,000 Total Assets $75,000 Total Liab + Equity 35,000 contributes: BALANCE SHEET of Mr. L before forming Partnership $16,000 A-Pay $2,000 Cash OFFICE SUPPLIES 5,000 B, Capital Total Liab + Equity 19,000 229,000 Total Assets $21,000 2. A's and B's agree that the FMV of the store equipment is $25,000, inventory is $28,000, net receivables is $13,000, and B's office supalles is $3,000. (1) Record separate entries for each partner using the above data. Start a new set of boala. (2) Prepare a balance sheat for the partnership after the above entries are made. (3) ** What would A's entry be if they agreed $10,000 goodwill related to A's business. b. Re-do (1) but use Abe's smitted trug books for the partnership