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okay since subsidized concepts let us now apply the concepts that you have learned problem number one valuation of contributions of partners and requirement dito i provide the journal entry to record the partners contributions mr sun and miss moon formed a partnership their contributions are as follows additional information only 80 of the accounts receivable is deemed collectible the the land is stated at original cost the fair value is 1 million pesos the partnership assumes a 250 000 pesos and paid mortgage on the land ms moon acquired the equipment on a long-term financing basis ms moon promised to pay the unpaid principal balance of 80 000 pesos using her personal funds the equipment is underdepreciated by 30 000 pesos requirement provide the journal entry to record the partners contributions here its a problem at all contributions journal mr sun invested cash now 400 000 pesos 400 000 pesos mr sun also invested accounts receivable and 250 000 pesos jung only eighty percent of th
