BE12.1 (LO 1), AP Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,500. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $4,000.
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- Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,500.Prepare the entry to record Nichols’s investment in the partnership, assuming the equipment has a fair value of $4,000. What is the account title and explanation? what is debit? what is credit?Bobby Robinson and Nicholas White decide to organize the R&W partnership. Robinson invests $15,000 cash, and White contributes $10,000 cash and equipment having a book value of $4,500. Prepare the entry to record White’s investment in the partnership, assuming the equipment has a fair value of $4,000.E12-15 Nan Fuentes has been operating an apartment-locator service as a prietorship. She and Misti Fulmer have decided to form a partnershi Fuentes's investment consists of cash, $8,000; accounts receivabie $10,000; furniture, $1,000; a building, $55,000; and a note payable. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabi ties at their book value except the building, which has a current marka value of $90,000. Also there are accounts payable of $3,000. Requirement Make the entry on the partnership books to record Fuentes's investment (pр. 600-601)
- Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $18,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,600. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $4,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation v Debit CreditBarbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $24,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $5,120. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6.400. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit CreditSandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,200 and a fair market value of $10,000. Kelsey will invest a building with a book value of $32,300 and a fair market value of $60,900. What amount will be recorded to Kelsey's capital account? Oa. $10,000 Ob. $32,300 Oc. $60,900 O d. $6,200
- Bob is investing in a partnership with Jerry. Bob contributes equipment that originally cost P63,000, has a book value of P30,000, and a fair market value of P39.000. The entry that the partnership makes to record Bob's initial contribution includes a * O debit to Equipment for P33,000. debit to Equipment for P63,000. debit to Equipment for P39,000 credit to Accumulated Depreciation for P33,000.81. Red, White, and Blue form a partnership on May 1,2013. They agree that Red will contribute office equipment with a total fair value of P40,000; White will contribute delivery equipment with a fair value of P80,000; and Blue will contribute cash. If Blue wants a one third interest in the capital and profits, he should contribute cash of: * O A. P40,000 O B. P120,000 О С. Рб0,000 O D. P180,0003.Octillery and Delibird agreed to list down the following assets to be contributed to the partnership: Octillery P20,000 15000 Delibird P30,000 15,000 40,000 Cash Inventory Building Furniture & Fixture The building is subject to a mortgage loan, already past due, in the amount of P10,000. Octillery paid this out of his personal funds aside from his cash contribution above. Partners agreed that Octillery should be credited for this. Partnership agreement calls for even division of profits and losses. Required What amount should be listed as capital for each of the partners?
- 1. On January 1, 20x1, Mr. A and Ms. B formed a partnership. Mr. A contributed cash of P500,000 while Ms. B contributed a building with carrying amount of P400,000 and fair value of P800,000. The building has an unpaid mortgage of P200,000 which is not assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners. Option 1 Clear selectionOn January 1, 2022, A, B, C are new lawyers and agreed to form a partnership. . A is to contribute cash of P150,000 and his computer originally costing P160,000 but has a fair value of P125,000. . B is to contribute cash of P180,000. . C is to contribute vehicle costing P400,000 with a fair value of P420,000. Partners agreed to share profits equally. Additional investments made were P80,000 by A and P100,000 by C. Withdrawals: Each partner is allowed to withdraw up amount from the business each year. During the year, Partnership incurs a loss of P60,000. Compute for the A's ending capital balance. to P60,000 per year. Assume further that each partner withdrew the maximum1. On January 1, 20x1, Mr. A and Ms. B formed a partnership. Mr. A contributed cash of P500,000 while Ms. B contributed a building with carrying amount of P400,000 and fair value of P800,000. The building has an unpaid mortgage of P200,000 which is not assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners. 2. A and B formed a partnership. The following are their contributions: A B Cash 500,000 Accounts receivable 100,000 Building Total 700,000 600,000 700,000 A, capital B, capital 600,000 700,000 Total 600,000 700,000 Additional information: The accounts receivable includes a P20,000 account that is deemed uncollectible. • The building is over-depreciated by P50,000. • The building has an unpaid mortgage P100,000, which is assumed by the partnership. Requirement: Provide the journal entry to record the contributions of the partners in the partnership books. 3. A and B agreed to form a partnership. A contributed P40,000 cash while…