April and may formed a partnership on january 1 2011 april, Ask an Expert

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April and May formed a partnership on January 1, 2011. April contributed $180,000 cash and equipment with a market value of $80,000 with a loan note payable of $40,000. May's investment consisted of $60,000 in cash, $60,000; inventory, $40,000; all at market values. The partnership made a net income of $80,000 for 2011.

Required: Prepare the journal entry to record the formation of the partnership on January 1, 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980696

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