Liu Jiqin has owned and operated a proprietorship for several years. On January 1, he decides to… 1 answer below »

Liu Jiqin has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Feng and Jiqin. Jiqin s investment in the partnership consists of HK$140,000 in cash, and the following assets of the proprietorship: accounts receivable HK$130,000 less allowance for doubtful accounts of HK$20,000, and equipment HK$200,000 less accumulated depreciation of HK$45,000. It is agreed that the allowance for doubtful accounts should be HK$28,000 for the partnership. The fair value of the equipment is HK$175,500. Instructions Journalize Jiqin s admission to the firm of Feng and Jiqin.

 

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