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Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnershp. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $15,000 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9944349

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