Recording investment of assets and liabilities in a partnership. 19.2) Pamela Oliver operates a sole proprietorship business that sells golf equipment....
trmalvuaRecording investment of assets and liabilities in a partnership.
19.2) Pamela Oliver operates a sole proprietorship business that sells golf equipment. In 2013, Oliver agrees to transfer her assets and liabilities to a partnership that will operate The Golf shop. Oliver will own a two-thirds interest in the capital of the partnership. The agreed upon values of assets and liabilities to be transferred follow:
Total accounts receivable of $120,000 will be transferred and approximately $4,000 of these accounts may be uncollectible
Merchandise inventory, $96,000
Furniture and fixtures, $38,000
Accounts payable, $17,500
Record the receipt of the assets and liabilities by the partnership in the general journal.
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