Day and Night contributed the following in forming a partnership business: Day Night Cash 280,000 Accounts receivable 100,000 Inventory Building (at carrying amount) 160,000 760,000 Total 540,000...


Day and Night contributed the following in forming a partnership business: Day Night Cash 280,000 Accounts receivable 100,000 Inventory Building (at carrying amount) 160,000 760,000 Total 540,000 760,000 Additional information: Only 60% of the accounts receivable is recoverable. The net realizable value of the inventory is P120,000. Day acquired the inventory on account; the partnership will assume the unpaid balance of P60,000. The building has a fair value of P900,000. Requirement: Provide the journal entry.

Aug 28, 2022
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