Mr. PAC and Mr. Man have business but decided to join their resources and form a...

 

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Mr. PAC and Mr. Man have business but decided to join their resources and form a partnership on January 1. 2018. The post closing Balance of the two w/ the corresponding adjustments, Agreement: Partnership will aquire the assets and assume Liabilities with the following: Accounts Receivable (net) Furniture & Fixture Merchandise Inventory Goodwill REQUIRED: MR. PAC 56,000 80,000 132, 800 40,000 MR. MAN 4,800 32,000 Prepare the Journal Entries of Pac and Man and the partnership assuming that: a.) Mr. Pac's books will be used by the partnership b) A new set of books will be opened by the partnership Mr. PAC and Mr. Man have business but decided to join their resources and form a partnership on January 1. 2018. The post closing Balance of the two w/ the corresponding adjustments, Agreement: Partnership will aquire the assets and assume Liabilities with the following: Accounts Receivable (net) Furniture & Fixture Merchandise Inventory Goodwill REQUIRED: MR. PAC 56,000 80,000 132, 800 40,000 MR. MAN 4,800 32,000 Prepare the Journal Entries of Pac and Man and the partnership assuming that: a.) Mr. Pac's books will be used by the partnership b) A new set of books will be opened by the partnership