Show Me How Print Item Journalizing Partner\'s Original 1 Austin Fisher contribu

Question

Show Me How Print Item Journalizing Partner's Original 1 Austin Fisher contributed land, inventory, and $21,000 cash to a partnership. The land had a book value of $66,000 and a market value of $119,000. The inventory had a book value of $77,700 and a market value of $71,500. The partnership also assumed a $48,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank. Next 613 PM ^10 d,11/2/2017

Explanation / Answer

Journal entry for Smith's contribution to the partnership. (Amount in $) Particulars Dr Cr Dr Cash 21000 Dr Inventory 71500 Dr Land 119000 Cr Notes Payable 48000 Cr Owner, Capital 163500 (Entry should be made on realisable basis)

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