Question
Situation C Partnership Nick, Doll, and Peter combine their individual sole proprietorship to start the NDP Partnership. Nick, Doll, and Peter invest in the partnership
Situation C Partnership
Nick, Doll, and Peter combine their individual sole proprietorship to start the NDP Partnership. Nick, Doll, and Peter invest in the partnership as follows:
| Accounts | Nick Partner | Doll Partner | Peter Partner | |||
| Book Value | Fair Value | Book Value | Fair Value | Book Value | Fair Value | |
| Cash | 11,000 | 11,000 | - | - | 10,000 | 10,000 |
| Accounts Receivable | 4,000 | 4,000 | - | - | - | - |
| Equipment | 10,000 | 15,000 | 13,000 | 11,000 | 12,000 | 12,000 |
| Inventory | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 |
| Accounts Payable | 10,000 | 10,000 | - | - | - | - |
| Bonds Payable | - | - | 10,000 | 9,000 | - | - |
Instructions: prepare the journal entry for the investment that each partner brings, it is recommended to do the transaction by partner.
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Performance Management In Retail And The Consumer Goods Industry Best Practices And Case Studies
Authors: Michael Buttkus
1st Edition
303012729X, 9783030127299
