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8 Lec 03 - Partnership Formation With Business
8 Lec 03 - Partnership Formation With Business
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Lecture 03: Partnership Formation
(Two or more sole proprietors form a partnership)
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Cash 100,000
Accounts Receivable 200,000
Inventory 160,000
Furniture and Fixtures 120,000
Total Assets 580,000
Required:
1. Journal entries to record the partnership formation
2. Statement of financial position after partnership
formation.