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Question - Jawaid and Junaid are sole traders, were carrying on competing business. On March 1,1997, they decided to form a partnership under the name of JJ corporation by merging their business.
On that date their balance sheet items were as follows:-
Jawaid
Junaid
Cash
7,000
10,500
Accounts receivable
35,000
42,000
Merchandise inventory
28,000
17,500
Office furniture
52,500
Allowance for depreciation-Office furniture
14,000
Allowance for bad debts
4,000
5,000
Accounts payable
24,000
27,000
The following valuations were agreed upon:-
(1) Jawaid's accounts receivable were estimated to realize Rs.30,000 and his office furniture was valued at Rs.40,000.
(2) Junaid's accounts receivable were estimatedto realize Rs.38,000 and his office furniture was valued at Rs.9,000.
REQUIRED -
(a) Give enteries in the General Journal of the firm to record the investment by Jawaid & Junaid.
(b) Prepare initial balance sheet of the firm.
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