Tupper and Tolin have decided to form a partnership to provide environmental tes

Question

Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. the individuals will share profits equally and have conveyed the followiing assets below.

1)calculate the capital balance of each partner in the partnership subsequent to the contributions.

2) prepare the journal entry necessary to record the partners contributions

Tolin F.V B.V 20,000 10,000 B.V 20,000 12,000 cash 34,000 40,000 6,000 22,000 Vehicles basis Notes Payable 8,000 6,000 20,000 Associated with equipment

Explanation / Answer

1 Tupper Tolin Total Cash 20000 20000 Equipment 12000 34000 46000 Vechiles 6000 6000 Notes Payable -8000 -20000 -28000 Basis of Partners Interest 24000 20000 Cash 20000 Equipment 46000 Vechiles 6000 Notes Payable 28000 Tupper , Capital 24000 Tolin, Capital 20000

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.