Problem

Preparing partnership financial statementsOn December 31, 2012, Dana Davis and Lou Ghai ag...

Preparing partnership financial statements

On December 31, 2012, Dana Davis and Lou Ghai agree to combine their proprietorships into a partnership. Their balance sheets on December 31 are shown as follows.

Requirements

1. Journalize the contributions of Davis and Ghai to the partnership.
2. Prepare the partnership balance sheet at December 31, 2012.

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