Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:
Required:
1) Calculate the capital balance of each partner in the partnership subsequent to the contributions.
2) Prepare the journal entry necessary to record the partners' contributions.

Question

Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:  
Required:
1) Calculate the capital balance of each partner in the partnership subsequent to the contributions.
2) Prepare the journal entry necessary to record the partners' contributions.

Quizplus · Accepted Answer

The Answer of Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:  
Required:
1) Calculate the capital balance of each partner in the partnership subsequent to the contributions.
2) Prepare the journal entry necessary to record the partners' contributions.

Tupper and Tolin Have Decided to Form a Partnership to Provide