Advanced Accounting Chapter 1

CHAPTER 1

Partnership Formation and Operations

EXERCISES

Exercise 1 –1

|1.a |Campos, Capital |14,000 | |
| | Allowance for Uncollectible Accounts | |14,000 |
| | | | |
| |Goodwill |30,000 | |
| | Campos, Capital | |30,000 |
| | | | |
| |Accumulated Depreciation |6,000 | |
| |Campos, Capital |6,500 | |
| | Furniture and Fixtures | |12,500 |
| | | | |
| |Campos, Capital |40,000 | |
| | Cash | |40,000 |
| | | | |
|1.b |Cash (P83,500 x 1/2) |41,750 | |
| | Tomas, Capital