..… Partnership Accounting ..

.Capital Forming .1

.Capital Forming by Cash 1.1

.Capital Forming by Kinds (Non cash) 1.2

.Capital by Existing Shop 1.3

Capital Forming .1

.Capital Accounts: There will be a separate capital account for each partner

.Capital Forming by Cash: - The partners can Deposit their shares in cash 1.1

- :Example 1

A, B, and C agreed to form a partnership with a capital of IQD 300,000 divided

between them equally. They deposited their capital shares by cash in partnership
,bank account

- :Required:- prepare journal entries

- :Solution

.IQD 100,000 Capital each of A, B, and C = 3 / 300,000

Dr Cr

From: Bank 300,000

To: Capital A/c

A 100,000

B 100,000

C 100,000

)To record partnership capital(

1
:Example 2

A and B agreed to form a partnership with capital IQD 600,000 divided between
.them at ratio 2: 1 respectively

.They deposited their shares, by cash in partnership bank account

.Required: Journal Entries

:Solution

A. Share capital = 600,000 * 2/3 = IQD 400,000

B. Share capital = 600,000 * 1/3 = IQD 200,000

:Journal Entries

From: Bank a/c 600,000

To: A. Capital a/c 400,000

B. Capital a/c 200,000

)To record A and B share capital at partnership(

..………………………………………………………………

Capital Forming by Kinds (Non cash): - In this case partners can deposit their 1.2
capital share by any assets not money, as Inventory, fixed assets, Accounts
.Receivable etc

Example 3: - L and K agreed to form a partnership with capital IQD 750,000 divided
.between them at ratio 1: 4 respectively

.L. Deposited his share by cash in partnership bank account

:K. paid his share as follows

Fixed Assets 150,000

Inventory 400,000

Accounts Receivable 50,000

.Required: - 1. Journal Entries

2
.Opening Balance Sheet .2

:Solution: - 1. Journal Entries

L. Share Capital = 750,000 * 1/5 = 150,000

K. Share Capital = 750,000 * 4/5 = 600,000

From: bank a/c 150,000

L. Capital a/c 150,000

)To record L. Share capital at partnership(

………………………………………………………

From: Fixed Assets a/c 150,000

Inventory a/c 400,000

Accounts Receivable a/c 50,000

To: K. Capital a/c 600,000

)To record K. Share capital at partnership(

…………………………………………………………

:Opening Balance Sheet .2

L and K Opening Balance Sheet

Fixed Assets 150,000 L. Capital 150,000

Inventory 400,000 K. Capital 600,000

Accounts Receivable 50,000

Bank 150,000

750,000 750,000

………………………………………………………………………………………

3
Example 4: - X, Y, and Z agreed to form a partnership with capital of IQD 240,000
.divided between them at ratio 3: 2: 1 respectively

X. paid his share capital by Inventory. Y. paid his capital by fixed assets, and Z. paid
.his share capital by cash in partnership bank account

.Required: - 1. Journal entries

.Capital accounts .2

.Opening balance sheet .3

- :Solution: - 1. Journal entries

X. Capital or Share = 240,000 * 3/6 = IQD 120,000

Y. Capital or Share = 240,000 * 2/6 = IQD 80,000

Z. Capital or Share = 240,000 * 1/6 = IQD 40,000

From: Inventory A/C 120,000

To: X. Capital A/C 120,000

…………………………………………………

From: Fixed Asset A/C 80,000

To: Y. Capital A/C 80,000

.…………………………………………………

From: Bank A/C 40,000

To: Z. Capital 40,000

..…………………………………………………

- :Capital Account .2

Capital Account

Dr Cr

Data .X .Y .Z Total Data .X .Y .Z Total

Balance 120,000 80,000 40,000 240,000 Inventory 120,000 120,000
Fixed Asset 80,000 80,000
Bank a/c 40,000 40,000

120,000 80,000 40,000 240,000 240,000

4
- :opening Balance Sheet .3

Opening balance sheet

Fixed Assets 80,000 X. capital 120,000

Inventory 120,000 Y. capital 80,000

Bank 40,000 Z. capital 40,000

240,000

240,000 240,000

…………………………………………………………………………………………

- :Capital by Existing Shop 1.3

.The partnes can pay their capital share by registered their existing shop

:There are many methods as follows

A. Accept shop's balance sheet as in book value with pay or draw the
.difference between net assets and the capital share

B. Accept shop's balance sheet as it book value without pay or draw the
.difference between net assets value and capital share

C. Revaluation shop's balance sheet with pay or draw the difference

.between net assets value and capital share

D. Revaluation shop's balance sheet without pay or draw the difference

.between net assets value and capital share

……………… …………………… ..……………………… ……………………

5
A. Accept shop's balance sheet as it book value with a draw or Deposit the 1.3
.difference between net assets and share capital

Example 5: - A and B agreed to form a partnership with capital IQD 800,000 divided
.between them at ratio 1: 7

.A. Deposited his share by cash in partnership bank account

:B. Registered his shop as follows

B. Balance Sheet

Fixed Assets 100,000 Capital 680,000

Inventory 500,000 Accounts Payable 70,000

Accounts Receivable 80,000

Notes Receivable 70,000

750,000 750,000

.they accepted B. balance sheet as its book value . B. will add or draw the difference

.Required: - 1. Journal Entries

.Opening Balance Sheet .2

- :Solution

A. share capital = 800,000 * 1/8 = IQD 100,000

B. share capital = 800,000 * 7/8 = IQD 700,000

:Journal Entries .1

From: Bank a/c 100,000

To: A. Capital a/c 100,000

) To record A. capital(

.…………………………………………………………

6
B. Net Assets Value = Total Assets – Total Liabilities

680,000 = 70,000 – 750,000 =

His Share Capital = 700,000

Add to the Bank 20,000

From: Fixed Assets a/c 100,000

Inventory a/c 500,000

Accounts Receivable a/c 80,000

Notes recivable 70,000

Bank a/c 20,000

To: B. Capital a/c 700,000

Accounts Payable a/c 70,000

)To record B. share capitsl(

.…………………………………………………………………

- :Opening Balance Sheet .2

Opening Balance Sheet

Fixed Assets 100,000 A. Capital 100,000

Inventory 500,000 B. Capital 700,000

Accounts Receivable 80,000 Accounts Payable 70,000

Notes Receivable 70,000

Bank 120,000

870,000 870,000

...............................................................................................................................

7
Example 6: - W, X, Y, and Z agreed to form a partnership company with capital
.IQD 270,000. They divided the capital at ratio 3: 3: 2: 1

W, X, and Y registered their shops in the name of partnership. They accepted their
balance sheets as its book value with a draw or Deposit the difference between net
.assets value and share capital

.Z. Deposited his capital by cash in partnership's bank account

:The balance sheets as follows

Balance Sheet in IQD (000)

.Date W. X. Y. Date W. X. Y

Fixed assets 20 30 10 Capital 95 80 60

Inventory 50 40 30 Accounts Payable 10 15 5

Accounts Receivable 20 30 - Bills Payables / 5 10

Bill Receivable 15 / 35

75 100 105 75 100 105

.Required: A. Journal entries

.B. Opening balance sheet

-:Solution 7:- Working papers

W.1. W. net assets value: IQD

Fixed Assets 20,000

Inventory 50,000

Debits 20,000

Notes Receivable 15,000

Total Assets 105,000

Accounts Payable (10,000) -

Net Assets Value 95,000

Share Capital (90,000) 3/9 * 270,000

8
 Draw for bank a/c IQD 5,000

..……………………………………………………

X. net assets value IQD

Fixed Assets 30,000

Inventory 40,000

Accounts Receivable 30,000

Total Assets Value 100,000

- :liabilities -

Accounts Payable 15,000

Notes Payable 5,000

Total Liabilities (20,000)

Net Assets Value 80,000

Deposit in Bank 10,000

Share Capital 90,000 3/9 * 270,000

..…………………………………………………………

W.3. Y. net assets value IQD

Fixed Asset 10,000

Inventory 30,000

Notes Receivable 35,000

Total Assets Value 75,000

-:liabilities -

Accounts Payable 5,000

Notes Payable 10,000

Total Liabilities (15,000)

Net Assets Value 60,000

share Capital (60,000) 2/7 * 270,000

Difference Zero

9
A. Journal Entries: Dr Cr

From: Fixed Assets a/c 20,000 )1

Inventor a/c 50,000

Accounts Receivabl a/c 20,000

Bills Receivable a/c 15,000

To: W. Capital a/c 90,000

Accounts Payable a/c 10,000

Bank a/c 5,000

)Being record W. share capital(

..…………………………………………

From: Fixed Assets a/c 30,000 )2

Inventory a/c 40,000

Accounts Receivable a/c 30,000

Bank a/c 10,000

To: X. Capital a/c 90,000

Accounts Payable a/c 15,000

Bills Receivable a/c 5.000

)Being record X. share capital(

..…………………………………………

From: Fixed Assets a/c 10,000 )3

Inventory a/c 30,000

Bills Receivable a/c 35,000

To: Y. capital a/c 60,000

Accounts Payable a/c 5,000

Notes Payable a/c 10,000

)Being record Z. share capital(

10
.…………………………………………

From: Bank a/c 30,000 )4

To: Z. Capital 30,000 1/9 * 270,000

)Being record Z. share capital(

.………………………………………………

B) Opening Balance Sheet

Fixed Assets 60,000 W. Capital 90,000

Inventory 120,000 X. Capital 90,000

Accounts Receivable 50,000 Y. Capital 60,000

Notes Receivable 50,000 Z. Capital 30,000

270,000

Bank 35,000 Accounts Payable 30,000

Notes Payable 15,000 )5,000 – 10,000 + 30,000(

315,000 315,000

…………………… ………………………………… .………………………

B. Accept shop's balance sheet as it book value with don't draw or Deposit 1.3
.the difference between net assets value and share capital

- :Example 8

A, B, C, and D agreed to form a partnership with capital IQD 300,000, divided

.between them at ratio 3: 3: 2: 2

A. B. C. Registered their shops in the name of partnership, and their balance sheets
:were as follows

Balance Sheets in IQD (000)

Date A B C Date A B C

Fixed Assets 20 50 10 Capital 90 100 55

/ Inventory 50 40 30 Accounts Payable 25 5

Accounts Receivable 50 / 30 Notes Payable 15 / 20

Bills Receivable 10 15 5

11
 75 105 130 75 105 130

D. deposited his share capital cash in partnership account. They also agreed on the
:following conditions

. They accept A, B, and C balance sheet as its book value.1

A, B, and C will not draw or deposit the difference between net assets value and .2
.their shares capital

.Required: - A. Journal entries

.B. Opening Balance Sheet

Solution: - A. Journal Entries: Dr Cr

W (1) A. Share Capital: 300,000 * 3/10 = IQD 90,000

B. Share Capital: 300,000 *3/10 = IQD 90,000

C. Share Capital: 300,000 * 2/10 = IQD 60,000

D. Share Capital: 300,000 * 2/10 = IQD 60,000

.………………………………………………………

W (2) A. Net Assets IQD

Fixed Assets 20,000

Inventory 50,000

Accounts Receivable 50,000

Notes Receivable 10,000

Total Assets 130,000

Liabilities 40,000 -

Net Assets 90,000

His Capital (90,000)

The Difference Zero

…………………………………………………………………

12
..

From: Fixed Assets a/c 20,000

Inventory a/c 50,000

Accounts Receivable a/c 50,000

Bills Receivable a/c 10,000

To: A. Capital a/c 90,000

Accounts Payable a/c 25,000

Notes Payable a/c 15,000

)To record A, share capital(

- :W (3) B. Net Assets

Fixed Assets 50,000

Inventory 40,000

/ Accounts Receivable

Bills Receivable 15,000

Total Assets 105,000

Liabilities (5,000) -

Net Assets 100,000

His Share Capital 90,000 -

General Reserve ID10,000

……………………………………………………………

From: Fixed Assets a/c 50,000

Inventory a/c 40,000

Bills Receivable a/c 15,000

To: B. Capital a/c 90,000

General Researve a/c 10,000

Accounts Payable a/c 5,000

)To record B. share capital(

13
…………………………………………………………

W (4) C. Net Capital : ID

Fixed Assets 10,000

Inventory 30,000

Accounts Receivable 30,000

Notes Receivable 5,000

Total Assets 75,000

Liabilities (20,000) -

Net Assets 55,000

Goodwill 5,000 +

C. Share Capital 60,000

..………………………………………………………………………

From: Fixed Assets a/c 10,000

Inventory a/c 30,000

Accounts Receivable a/c 30,000

Bills Receivable a/c 5,000

Goodwill 5,000

To: C. Capital a/c 60,000

Notes Payable a/c 20,000

)To record D. capital(

..……………………………………………………………

From: Bank a/c 60,000

To: D. Capital a/c 60,000

)To record D. Capital(

………………………………………………………………

Notes (1) If net assets value more than share capital the difference will be General
.Researve

14
If the net assets value less than share capital the difference will be )2(
.Goodwill

………………………………………………………………

.B. Opening Balance Sheet

Opening Balance Sheet

Fixed Assets 80,000 A. Capital 90,000

Inventory 120,000 B. Capital 90,000

Accounts Receivable 80,000 C. Capital 60,000

Notes Receivable 30,000 D. Capital 60,000

Goodwill 5,000

Bank 60,000 General Researve 10,000

Accounts Payable 30,000

Notes Payable 35,000

375,000 375,000

..………………………………………………………………………

C. Revaluation shop's balance sheet with a draw or Deposit the difference 1.3
.between net assets value and share capital

- :Example 9

X, Y, and Z agreed to form a partnership with capital IQD 150,000 divided at ratio 3:
.2: 1

X and Y have shops, they agree to put the shops in the name of the partnership and
they would dposit or draw the difference through the partnership bank account and
will deposit his share capital by cash in partnership account. Their balance sheets
- :were as follows

Date X Y Date X Y

Fixed Assets 25,000 20,000 Capital 80,000 40,000

Inventory 60,000 30,000 Accounts Payable 15,000 20,000

Accounts Receivable 20,000 / Notes Payable / 10,000

15
 / Notes Receivable / 20,000 Bank Loan 10,000

70,000 105,000 70,000 105,000

:They also agreed to revaluation their assets and liabilities as follows

X. fixed assets IQD 20,000, Inventory 70,000, Accounts Receivable 15,000, bank
.loan zero (0), Accounts Payable 20,000

Y. fixed assets IQD 15,000, Inventory 50,000, notes receivable 15,000, Accounts
.Payable 25,000

.Z. deposited his share capital cash in partnership bank account

.Required: - A. Journal Entries

.B. Openning Balance Sheet

- :Solution

W (1) X. Share Capital = 150,000 * 3/6 = IQD 75,000

Y. Share Capital = 150,000 * 2/6 = IQD 50,000

Z. Share Capital = 150,000 * 1/6 = IQD 25,000

.………………………………………………………………

W (2) X. Net Assets: - IQD

Fixed Assets 20,000

Inventory 70,000

Accounts Receivable 15,000

Total Assets 105,000

Less: Liabilities

Accounts Payable 20,000

Net Assets Value 85,000

Bank (10,000) )-(

X. Share Capital 75,000

.………………………………………………………

16
:Y. Net Assets

Fixed Assets 15,000

Inventory 50,000

Notes Receivable 15,000

Total Assets 80,000

:Liabilities -

Accounts Payable 25,000

Notes Payable10,000 35,000

Net Assets Value 45,000

Bank 5,000 +

Y. Share Capital 50,000

..………………………………………………………

:A. Journal Entries

From: Fixed Assets a/c 20,000

Inventory a/c 70,000

Accounts Receivable a/c 15,000

To: X. Capital a/c 75,000

Accounts Payable a/c 20,000

Bank a/c 10,000

)T0 record X. share capital(

.…………………………………………………………………

From: Fixed Assets a/c 15,000

Inventory a/c 50,000

Bills Receivable a/c 15,000

Bank a/c 5,000

17
To: Y. Capital a/c 50,000

Accounts Payable a/c 25,000

Notes Payable 10,000

..……………………………………………………………………………

From: Bank a/c 25,000

To: Z. Capital 25,000

)T0 record Z. share capital(

…………………………………………………………………………

:B. Openning Balance Sheet

Openning Balance Sheet

Fixed Assets 35,000 X. Capital 75,000

Inventory 120,000 Y. Capital 50,000

Accounts Receivable 15,000 Z. Capital 25,000 150,000

Notes Receivable 15,000 Accounts Payable 45,000

Bank 20,000 Notes Payable 10,000

205,000 205,000

…………………………………………………………………………………………

D. Revaluation shop's balance sheet with don't draw or Deposit the 1.3
.difference between net assets value and share capital

Example 10: - A, B, and C agreed to form a partnership with capital IQD 250,000
.divide between their at ratio 2: 2: 1

A and B have shops, they put their in the name of the partnership and agreed don't
Deposit or draw the difference after the revaluation the assets and liabilities. Their
:balance sheets were as the follows

Date A B Date A B

Fixed Assets 30,000 20,000 Capital 105,000 90,000

Inventory 60,000 50,000 Accounts Payable 10,000 20,000

18
Accounts Receivable 25,000 50,000 Notes Payable / 10,000

120,000 115,000 120,000 115,000

:They evaluation the assets and liabilities as follows

A. fixed assets IQD 25,000, Inventory 90,000, Accounts Receivable 20,000, Accounts
.Payable 12,500, notes Payable 5,000

B. fixed assets IQD 15,000, Inventory 75,000, Accounts Receivable 45,000, Accounts
Payable 17,500, notes Payable 19,500

.C. deposited his share capital cash in partnership bank account

.Required: - A. Journal Entries

.B. Opening Balance Sheet

- :Solution

:A. Journal Entries

W (1) A. Capital 250,000 * 2/5 = IQD 100,000

B. Capital 250,000 * 2/5 = IQD 100,000

C. Capital 250,000 * 1/5 = IQD 50,000

.…………………………………………………………………………

W (2) A. Net Assets IQD

Fixed Assets 25,000

Inventory 90,000

Accounts Receivable 20,000

Total Assets 135,000

- :Liabilities -

Accounts Payable 12,500

Bills Payable 5,000 (17,500)

Net Assets value 117,500

Share Capital (100,000) -

General Researve 17,500

19
……

..…………………………………………………………

From: Fixed Assets a/c 25,000

Inventory a/c 90,000

Accounts Receivable a/c 20,000

To: A. Capital a/c 100,000

Accounts Payable a/c 12,500

Notes Payablea/c 5,000

General Researve 17,500

)To record A. Share Capital(

W (3) B. Net Assets: - IQD

Fixed Assets 15,000

Inventory 75,000

Accounts Receivable 45,000 135,000

- :Liabilities -

Accounts Payable 17,500

Notes Payable 19,500 (37,000)

Net Assets Value 98,000

Goodwill 2,000 +

Share Capital 100,000

.……………………………………………………………

From: Fixed Assets 15,000

Inventory a/c 75,000

Accounts Receivable 45,000

Goodwill 2,000

To: B. Capital a/c 100,000

20
Accounts Payable 17,500

Notes Payable 19,500

)To record B. share capital(

..………………………………………………………………

From: Bank a/c 50,000

To: C. Capital a/c 50,000

)To record C. share capital(

…………………………………………………………………

- :B. Opening Balance Sheet

Openning Balance Sheet

Fixed Assets 40,000 A. capital 100,000

Inventory 165,000 B. Capital 100,000

Accounts Receivable 65,000 C. Capital 50,000

Good Will 2,000 General Researve 17,500

Bank 50,000 Accounts Payable 30,000

Notes Payable 24,500

322,000 322,000

..…………………………………………………………………………………………

Example 11: - A, B, and C are partners in partnership with capital IQD 750,000
.there were divided between them at ratio 2: 3: 5

.A. Deposited his share by cash in partnership Bank account

:B. Deposited his share as follows

Stock IQD 150,000, Accounts Receivable IQD 50,000 and the rest will be deposited
.by cash in partnership Bank account

C. Registered his shop as his share

- :His balance sheet was

Fixed Assets 80,000 Capital 350,000

Inventory 150,000 Accounts Payable 30,000

21
 Accounts Receivable 100,000 Notes Payable 15,000

Notes Receivable 65,000

395,000 395,000

.They accepted the balance sheet after revaluation

- :And the revaluation was

Fixed Assets IQD 60,000, Inventory IQD 200,000, Accounts Receivable 80,000, Bills
.Receivable IQD 70,000. C. will not add or draw the difference

.Required: - 1. Journal Entries

.Openning Balance Sheet .2

- :Solution

A. Share = 750,000 * 2/10 = IQD 150,000

B. Share = 750,000 * 3/10 = IQD 225,000

C. Share = 750,000 * 5/10 = IQD 375,000

Journal Entries .1

From: Bank a/c 150,000

To: A. Capital a/c 150,000

)To record A. capital at partnership(

…………………………………………………………

From: Inventory a/c 150,000

Accounts Receivable a/c 50,000

Bank a/c 25,000

To: B. Capital a/c 225,000

)To record B. share capital at partnership(

…………………………………………………

.Revaluation - Book Value = Difference

Fixed Assets = 60,000 – 80,000 = - 20,000

Inventory = 200,000 – 150,000 = 50,000

22
Accounts Receivable 80,000 – 100,000 = - 20,000

Bills Receivable = 70,000 – 65,000 = 5,000

410,000 395,000 15,000

Net Assets = Total Assets - Liabilities

45,000 - 410,000 = 365,000 =

His Share = 375,000

.Note: If his share capital is more than his net assets, it will be goodwill

Goodwill - = 10,000

..……………………………………………………………………

From: Fixed Assets a/c 60,000

Inventory a/c 200,000

Accounts Receivable a/c 70,000

Goodwill a/c 10,000

To: C. Capital a/c 375,000

Accounts Payable a/c 30,000

Bills Receivable a/c 15,000

)To record C. capital shares(

:Openning Balance Sheet .2

Openning Balance sheet

Fixed Assets 60,000 A, Capital 150,000

Inventory 350,000 B, Capital 225,000

Accounts Receivable 130,000 C, Capital 375,000

Notes Receivable 70,000 Accounts Payable 30,000

Bank 175,000 Notes Payable 15,000

Good Will 10,000

795,000 795,000

.............................................................................................................

23
 An Example about all Methods
A, B, C, and D partners in a partnership company with capital IQD 1,000,000
.divided between them at ratio 4: 3: 2: 1

Balance Sheet

Data A B C Data A B C

Fixed Assets 80,000 60,000 30,000 Capital 390,000 280,000 200,000

Inventory 200,000 150,000 100,000 Accounts Payable 30,000 10,000 15,000

Accounts Receivable 75,000 50,000 35,000

Bills Receivable 65,000 30,000 50,000

215,000 290,000 420,000 215,000 290,000 420,000

- :They accepted A. balance sheet after Revaluation

Fixed Assets IQD 70,000, Inventory IQD 250,000, Accounts Receivable IQD 70,000.
.Will not add or draw the difference

.B. Balance Sheet as as its book value will add or draw the difference

.C. Balance Sheet as as its book value will not add or draw the difference

.D. Deposited his share by cash in the bank account

.Required: 1. Journal Entries

.Openning Balance Sheet .2

-:Solution

W (1) A. Share Capital = 1,000,000 * 4/10 = IQD 400,000

B. Share Capital = 1,000,000 * 3/10 = IQD 300,000

C. Share Capital = 1,000,000 * 2/10 = IQD 200,000

D. Share Capital = 1,000,000 * 1/10 = IQD 100,000

……………………………………………………………………

24
W (2) A. Net Assets Value = Total Assets – Liabilities

IQD 425,000 = 30,000 - 455,000

His Share = 400,000

General Researve = 25,000

B. Net Assets Value = 290,000 - 10,000 = IQD 280,000

His Share = 300,000

Add in the Bank account = 20,000

C. Net Assets Value = 215,000 – 15,000 = IQD 200,000

His Share = 200,000

Zero

..……………………………………………………………………

- :Journal Entries .1
From: Fixed Assets a/c 70,000
Inventory a/c 250,000
Accounts Receivable a/c 70,000
Bills Receivable a/c 65,000

To: A. Capital a/c 400,000

Accounts Payable a/c 30,000
General reserve a/c 25,000
)To record A. capital(
.…………………………………………………………………
From: Fixed Assets a/c 60,000
Inventory a/c 150,000
Accounts Receivable a/c 50,000
Bills Receivable a/c 30,000
Bank a/c 20,000

To: B. Capital a/c 300,000

Accounts Payable a/c 10,000

25
)To record B. Capital(
.............…………………………………………………………

From: Fixed Assets a/c 30,000

Inventory a/c 100,000
Accounts Receivable a/c 35,000
Bills Receivable a/c 50,000

To: C. Capital a/c 200,000

Accounts Payable a/c 15,000
)To Record C. Capital(
.…………………………………………………………
From: Bank a/c 100,000

To: D. Capital a/c 100,000

)To record D. capital(
..…………………………………………………………
- :Openning Balance Sheet .2
Openning Balance Sheet
Fixed Assets 160,000 A. Capital 400,000
Inventory 500,000 B. Capital 300,000
Accounts Receivable 155,000 C. Capital 200,000
Notes Receivable 145,000 D. Capital 100,000
Bank 120,000 Accounts Payable 55,000
General Researve 25,000
1,080,000 1,080,000
.……………………………………………………………………………

26