On May 12, 2020, Kim Chiu and Coco Martin agreed to form a partnership. It was agreed that Kim is to invest cash of P 250,000 and Coco to contribute a building with a fair market value of P 800,000 with P 80,000 mortgage to be assumed by the partnership.
Required: Record entries in the general journal for opening of the partnership.
Date Particulars Debit Credit
Required: Record entries in the general journal for opening of the partnership.
Date Particulars Debit Credit
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oo yes
thank you sa point
Answer:
May 12 2020, ₱80,000 ₱250,000 ₱800,000