NAME: SCORE: SECTION: PROFESSOR: Problem #23 Incorporation of a Partnership The condensed statement of financial position of the partnership of Buenaflor and Gangoso as of Dec. 31, 2019 showed the following: Total Assets P200,000 Total Liabilities 40,000 Buenaflor, Capital Gangoso, Capital 80,000 80,000 On this date, the partnership was dissolved and its net assets transferred to a newly- formed corporation. The fair value of the assets was P24,000 more than the carrying value on the firm's books. Each of the partners was issued 10,000 shares of the corporation's P1 par ordinary share. Required: Prepare the journal entries in the books of the corporation.

NAME: SCORE: SECTION: PROFESSOR: Problem #23 Incorporation of a Partnership The condensed statement of financial position of the partnership of Buenaflor and Gangoso as of Dec. 31, 2019 showed the following: Total Assets P200,000 Total Liabilities 40,000 Buenaflor, Capital Gangoso, Capital 80,000 80,000 On this date, the partnership was dissolved and its net assets transferred to a newly- formed corporation. The fair value of the assets was P24,000 more than the carrying value on the firm's books. Each of the partners was issued 10,000 shares of the corporation's P1 par ordinary share. Required: Prepare the journal entries in the books of the corporation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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