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Preparing partnership financial statements
On December 31, 2012, Dana Davis and Lou Ghai agree to combine their proprietorships into a partnership. Their balance sheets on December 31 are shown as follows.
Davis's Business
Ghai's Business
Book Value
Current Market Value
Assets
Cash
$9,000
$6,000
Accounts receivable
26,000
24,000
16,000
14,000
Inventory
49,000
43,000
38,000
Plant assets (net)
123,000
105,000
54,000
58,000
Total assets
$207,000
$181,000
$114,000
$116,000
Liabilities and Owners' Equity
Accounts payable
$24,000
$12,000
Accrued expenses payable
12,000
Notes payable
55,000
Davis, capital
116,000
?
Ghai, capital
102,000
Total liabilities and owners' equity
Requirements
1. Journalize the contributions of Davis and Ghai to the partnership.
2. Prepare the partnership balance sheet at December 31, 2012.
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