Incorporating A Partnership Lecture Notes
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INCORPORATING A PARTNERSHIP
Partnership Books: 1.Adjust the books of the books of the partnership (Revaluation of Assets) 2.Close the books of the partnership. Receivable from X Corporation Contra Asset Accounts Liabilities Assets
xx xx xx xxx
3.Record the Receipt of Stocks. Stocks of X Corporation xx Receivable from X Corporation
xx
4.Record the distribution of stocks to partners.(according to capital balances) A Capital xx B Capital xx Stocks of X Corporation
xx
Books of Corporation: 1.Record the authorized capital stock. 2.Record the subscription of the partners and other incorporators.
Partnership Books: 1.Adjust the books of the books of the partnership (Revaluation of Assets) 2.Close the books of the partnership. Receivable from X Corporation Contra Asset Accounts Liabilities Assets
xx xx xx xxx
3.Record the Receipt of Stocks. Stocks of X Corporation xx Receivable from X Corporation
xx
4.Record the distribution of stocks to partners.(according to capital balances) A Capital xx B Capital xx Stocks of X Corporation
xx
Books of Corporation: 1.Record the authorized capital stock. 2.Record the subscription of the partners and other incorporators.
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