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Myrrayah Querecia I. Isidro Bsba FM 1-A: Date: April 5, 2021

The document provides the opening journal entries and statement of financial position for a partnership between Espina and Falco. Cash, accounts receivable, inventory, and equipment were transferred from Espina's books. Falco also invested cash. The statement of financial position shows total assets of $1,390,000 with capital contributions from Espina and Falco.

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Querecia Isidro
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35 views2 pages

Myrrayah Querecia I. Isidro Bsba FM 1-A: Date: April 5, 2021

The document provides the opening journal entries and statement of financial position for a partnership between Espina and Falco. Cash, accounts receivable, inventory, and equipment were transferred from Espina's books. Falco also invested cash. The statement of financial position shows total assets of $1,390,000 with capital contributions from Espina and Falco.

Uploaded by

Querecia Isidro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Name: Myrrayah Querecia I.

Isidro

Course/Year/Section: BSBA FM 1-A

Date: April 5, 2021

SOLUTION:

1. Prepare the opening journal entries in the books of the partnership.

Cash 50,000

Accounts Receivable 140,000

Inventory 460,000

Equipment 50,000

Allowance for Uncollectible Accounts 10,000

Accounts Payable 30,000

Espina, Capital 660,000

To transfer assets and liabilities of Espina

Cash 700,000

Falco, Capital 700,000

To record the investment of Falco

2. Prepare the partnership’s statement of financial position as at the date of formation of the partnership
Fish R’ Us
Statement of Financial Position
January 1, 2020

Current Assets
Cash 750,000
Accounts Receivable 140,000
Allowance for Uncollectible Accounts 10,000 130,000
Inventory 460,000
Total Current Assets 1,340,000

Non-Current Assets
Equipment 50,000
Total Assets 1,390,000

Liabilites and Capital


Accounts Payable 30,000
Espina Capital 660,000
Falco, Capital 700,000
1,360,000
Total Liabilities and Capital 1,390,000

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