Partnership Formation

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PROBLEM 3: EXERCISES 1. Day and Night contributed the following in forming a partnership business: Day Night Cash 280,000 Accounts receivable 100,000 Inventory 160,000 Building (at carrying amount) 760,000 Total 540,000 760,000 Additional information: Only 60% of the accounts receivable is recoverable. The net realizable value of the inventory is P120,000. Day acquired the inventory on account; the partnership will assume the unpaid balance of P60,000. The building has a fair value of P900,000. Use the information in problem 1. Day and Night agreed to share in fits and losses based on a 30:70 ratio. A partner with deficient contribution shall provide additional cash in order for his capital balance to reflect his profit and loss sharing ratio. Requirement: Provide the entry to record the additional investment of the partner with deficient contribution