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Prepare balance sheet in classified

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Reference no: EM132662688

Question - Partnership Formation

Naeem, Amjad, and Khalid formed Partnership contributing equal amounts of Capitals shown below:

Naeem: Cash Rs. 150,000 and Building worth Rs. 750,000

Amjad: Cash Rs. 500,000 and Merchandise Inventory for the balance.

Khalid: Office Equipment worth Rs. 800,000 and the balance in Cash.

REQUIRED -

a. Present entries in General Journal of the Firm.

b. Prepare Balance sheet in classified form on the formation of partnership firm.

Reference no: EM132662688

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