Khaled and Omar agreed on 1/1/2020 to form a partnership company with a capital of 8,000,000 riyals
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Question:
Khaled and Omar agreed on 1/1/2020 to form a partnership company with a capital of 8,000,000 riyals distributed equally between them. The following assets after being re-evaluated and it was agreed to withdraw the excess, if any, or to pay the shortfall, if any.
- Statement Book value fair value
- Machines 2,000,000 1,500,000
- computers 600,000 400,000
- furniture 1,000,000 700,000
- Commodity stock 900,000 800,000
- Receipt papers 500,000 500,000
Required:
1- Determine the net asset value provided by the partner Omar.
2- Determining the cash due from the partner, Omar, after calculating the value of the assets he provided.
3- Writing the necessary accounting entries in the company's books.
4- Preparing the opening budget of the company on 1/15/2020
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
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