Prepare the journal entry to record formation of partnership

Assignment Help Accounting Basics

Reference no: EM133922722

Problem

Partners Anna and Bea formed a partnership. Anna contributed cash ?100,000 and equipment with a cost of ?80,000 and a fair market value of ?60,000. Bea contributed land with a cost of ?70,000 and a fair market value of ?120,000, subject to a ?20,000 mortgage assumed by the partnership. Get the instant assignment help. Prepare the journal entry to record the formation of the partnership.

Reference no: EM133922722

Questions Cloud

Observations of the duwamish long house cultural center : Then provide your observations of The Duwamish long house cultural center?

What is the net income of the consignor from the consignment : XYZ Co. sent goods costing ?80,000 to a consignee. Shipping costs were ?5,000. What is the net income of the consignor from the consignment?

What are the authors theoretical assumptions : What are the authors theoretical assumptions? What is the article's hypothesis? How is the hypothesis supported or rejected? What makes the supporting points

What ways did columbian exchange impact the americas : In what ways did the Columbian Exchange impact the Americas, Europe, and Africa?

Prepare the journal entry to record formation of partnership : Anna contributed cash ?100,000 and equipment with a cost of ?80,000 and fair market value. Prepare the journal entry to record the formation of the partnership.

Methodology and strategies for teaching english language : Methodology and Strategies for teaching English Language Learners - purpose of this assignment is to become familiar with a variety of methodologies

What role did immigrants play in the nevv market society : How did westward expansion and the market revolution drive each other? What role did immigrants play in the nevv market society?

What were the two realms or the double at monticello : What does Wiencek mean by writing on p. 210: "Jefferson constantly moved the boundaries on his moral map to make the horrific tolerable to him"?

Which envizi reporting capabilities best matches requirement : A client's needs to export data rows for their own analysis in the csv format. Which Envizi reporting capabilities best matches this requirement?

User Account

All Pages