Page 12 - Demo

%u062c%u0645%u064a%u0639 %u0627%u0644%u062d%u0642%u0648%u0642 %u0645%u062d%u0641%u0648%u0638%u0629 %u0640 %u0627%u0625%u0644%u0639%u062a%u062f%u0627%u0621 %u0639%u0644%u0649 %u062d%u0642 %u0627%u0644%u0645%u0624%u0644%u0641 12 %u0628%u0627%u0644%u0646%u0633%u062e %u0623%u0648 %u0627%u0644%u0637%u0628%u0627%u0639%u0629 %u064a%u0639%u0631%u0636 %u0641%u0627%u0639%u0644%u0647 %u0644%u0644%u0645%u0633%u0627%u0626%u0644%u0629 %u0627%u0644%u0642%u0627%u0646%u0648%u0646%u064a%u0629Example (5)On January 1, 2020, Mostafa & Mohamed agreed to form a partnership with total capital $200,000 to be divided equally by presenting the following assets:Mostafa Mohamed Asset Book Value Market Value Asset Book Value Market Value Building 100,000 48,000 Cars 40,000 Not Available(-) Acc. Dep. (20,000) (-) Acc. Dep. (10,000)AR 50,000 Not Available AR 65,000 60,000(-) AFDA (10,000) (-) AFDA (10,000)NR 30,000 25,000If you know that: 1- Mostafa%u2019s building is obligated by mortgage payable (Liability) of $10,000 which is assumed by the company (The liability will be transferred to the Company).2- The partners agreed to pay or withdraw any difference in cash.Required: 1- Prepare the Journal Entries to record the formation of the partnership.2- Prepare the Opening Balance Sheet of the partnership on the formation date.Mostafa MohamedHis share = 100,000Paid with assets:Building 48,000AR 50,000NR 30,000AFDA 10,000AFDN (30,000 - 25,000) 5,000Mortgage payable 10,000Mostafa%u2019s capital 100,000Cash (Complementary) 3,000His share = 100,000Paid with assets:Cars (40,000 %u2013 10,000) 30,000AR 65,000Cash (Complementary) 10,000AFDA (65,000 - 60,000) 5,000Mohamed%u2019s capital 100,000Assets Balance sheet on 1/1/2020 Liabilities & O.E%u2019s%u2019s10128,000125,00095,000105,000