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Prepare a journalize vopat admission to firm of vopat

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Suzy copay has owned and operated a proprietorship for several years. On Jan 1, she decides to terminate this business and become a partner in the firm of vopat and sigma.

Vopat's investment in the partnership consists of $11,000 in cash and the following:

accounts receivable                          $14200

less allowance for doubtful accounts of $1600, and

equipment                                       $19300

less accumulated depreciation of           $3500.

Point 1: It is agreed that the allowance for doubtful accounts should be $2400 for the partnership. The fair value of the equipment is $12700

Question 1: Journalize vopat admission to the firm of vopat and sigma?

Reference no: EM132463744

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