Beth and Bosie formed a partnership in the middle of the year. Both being a capitalist partner contributed an amount equivalent to Bossie's investment to have an equal share. Bossie invested the following properties coming from her old business such as:

a. Accounts Receivable of 340,000 which is subject to Allowance for Bad Debts of 40,000. Beth proposed an increase of 20,000 in the allowance account on which Bossie agreed.

b. Equipment costing 1,500,000 with accumulated depreciation of 250,000 and has a fair value of 500,000.

c. A machine with a fair market value of 160,000 which is subject to mortgage of 40,000 to be assumed by the partnership.

Required:

1.Compute the total investment that Bosie contributed to the partnership.
2. How much the total investment should Beth be made to the partnership?
3. Compute the total asset of the new partnership
4. Give the journal entry to record investment of Bossie.
5. Give the journal entry to record investment of Beth.

Kindly help me in my assignment.

Help you or do it for you? What have you come up with so far? Since it is 50/50, whatever you get for Bosie is the same for Beth.