Page 20 - 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 20 %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%u0629Exercise (3): Partners A, B & C started their business on 1/10/2020 with total capital of $110,000. A%u2019s share in this capital is $30,000 & B%u2019s share is $10,000, and the remaining capital is allocated to partner C. If they agreed on the following:Partners A & B contributed their capital in cash at once on the formation date.Partner C provided his share by transferring the assets & liabilities of his sole enterprise which had the following balance sheet on the formation date:Land 13,000 Capital 65,000Net Income 3,600Building 30,000(-) Accum. Dep. (5,000)25,000Equipment 14,000(-) Accum. Dep. (2,000)12,000AR 12,000 AP 20,000(-) AFDA (400)11,600Inventory 15,000Cash in Bank 3,000Investment in Securities 9,000Total Assets 88,600 Total Liabilities & OE 88,600The partners agree to revaluate the assets & liabilities as follows:Building 40,000 Equipment 11,000 AR 11,500 Investment 7,000The partners agreed that all assets & liabilities of Partner C are to be transferred to the partnership except the Land.Required: Prepare the entries & the opening balance sheet under each of the following cases:Case (1): The partners agreed that Partner C must pay or receive the difference between his capital & net assets contributed in cash.Case (2): The agreement did not state anything related to the difference. Exercise (4): For the same Previous Exercise (3), Assume that A%u2019s share in the total capital is $30,000 & B%u2019s share is $20,000, and the remaining capital is allocated to partner C.Required: Prepare the entries & the opening balance sheet under each of the following cases:Case (1): The partners agreed that Partner C must pay or receive the difference between his capital & net assets contributed in cash.Case (2): The agreement did not state anything related to the difference.18