Nadia and Adam are sole traders who run their own separate businesses. On 31 December 2019,...
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Nadia and Adam are sole traders who run their own separate businesses. On 31 December 2019, their individual balance sheets show the following accounts: Nadia Cash Accounts receivable Inventory Equipment Building Land Mortgage loan Capital 500 11500 14500 21500 79000 121500 67000 181500 Adam 3500 3000 14000 23000 77000 123000 63500 180000 Starting in 2020, Nadia and Adam have agreed to form a partnership. The partnership agreement stipulates that all assets and liabilities will be transferred to the partnership. In addition, Nadia and Adam will invest an additional $5000 and $2500 in cash, respectively. Required: Prepare a balance sheet for Nadia and Adam's partnership as at 1 January 2020. (List assets in order of liquidity, i.e. in order of them being able to be converted into cash. Enter amounts without $ sign or thousands separators, e.g. 45000, not $45,000) Prepare a balance sheet for Nadia and Adam's partnership as at 1 January 2020. (List assets in order of liquidity, Le in order them being able to be converted into cash. Enter amounts without $sign or thousands separators, e.g. 45000, not $45,000) Nadia and Adam Financial Services Balance sheet as at 1 January 2020 $ Nadia and Adam are sole traders who run their own separate businesses. On 31 December 2019, their individual balance sheets show the following accounts: Nadia Cash Accounts receivable Inventory Equipment Building Land Mortgage loan Capital 500 11500 14500 21500 79000 121500 67000 181500 Adam 3500 3000 14000 23000 77000 123000 63500 180000 Starting in 2020, Nadia and Adam have agreed to form a partnership. The partnership agreement stipulates that all assets and liabilities will be transferred to the partnership. In addition, Nadia and Adam will invest an additional $5000 and $2500 in cash, respectively. Required: Prepare a balance sheet for Nadia and Adam's partnership as at 1 January 2020. (List assets in order of liquidity, i.e. in order of them being able to be converted into cash. Enter amounts without $ sign or thousands separators, e.g. 45000, not $45,000) Prepare a balance sheet for Nadia and Adam's partnership as at 1 January 2020. (List assets in order of liquidity, Le in order them being able to be converted into cash. Enter amounts without $sign or thousands separators, e.g. 45000, not $45,000) Nadia and Adam Financial Services Balance sheet as at 1 January 2020 $
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Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730302414
4th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
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