Rhince and Rynelf decide to merge their proprietorships into a partnership calle

Question

Rhince and Rynelf decide to merge their proprietorships into a partnership called Dawn Treader Company. The balance sheet of Rynelf Co. shows:

1,215

5,569

The partners agree that the net realizable value of the receivables is $13,669 and that the fair market value of the equipment is $8,751. Indicate how the four accounts should appear in the opening balance sheet of the partnership.

Accounts receivable $16,200 Less: Allowance for doubtful accounts

1,215

$14,985 Equipment 15,910 Less: Accumulated depreciation

5,569

10,341

Explanation / Answer

Accounts receivable $16,200

Less: Allowance for doubtful accounts $2,531 $13,669

Equipment $8,751

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