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BENGIL, RANILO JAY G.

Actg12b
PROBLEM NO. 1: JOURNAL ENTRIES

PROBLEM NO. 5: JE and Statement of Fin

BOOKS OF THE PARTNERSHIP


1) Cash

BOOKS OF FISH R' US

280,000

Inventory

1) Cash

510,000

Land

Accounts Receivable

1,350,000

Notes Payable

Inventory
P

Froilan Labausa, Capital

350,000
1,790,000

Equipment
Allowance for Uncollectible Accounts
Accounts Payable

To record the investment of Froilan Labausa

Espanol, Capital
2) Cash

1,790,000

Rosalie Balhag, Capital

To record the investment of Espanol

1,790,000
2) Cash

To record the investment of Rosalie Balhag

Quino, Capital
Computations:

Book

Cash

280,000

280,000

Inventory

600,000

510,000

Land

650,000

1,350,000

Notes Payable

(350,000)

F. Labausa, Capital

To record the investment of Quino

Adjusted

(350,000)
P

1,790,000

Computations:
Cash

Accounts Receivable
Allowance for Unc. Accounts
Inventory
Equipment

PROBLEM NO. 4: JOURNAL ENTRIES

Accumulated Depreciation
Accounts Payable

BOOKS OF THE PARTNERSHIP


1) Cash

Land

Espanol, Capital

300,000
450,000

Calaguas, Capital

FISH R' US
P

750,000

Statement of Financial Po
January 01, 2016

To record the investment of Calaguas

2) Cash

Building

100,000

Assets

600,000

Mortgage Payable

Dela Cruz, Capital

400,000

Cash

300,000

Accounts Receivable

Less: Allwnce for Unc. Accts

To record the investment of Dela Cruz

Inventory
Computations:
1) Cash

Book

Land

300,000

Adjusted

280,000

Calaguas, Capital

P
P

100,000

Total Assets

450,000

Book

2) Land

300,000

Equipment

750,000

Liabilities and Owner's Equ

Adjusted

100,000

Accounts Payable

Building
Notes Payable
Dela Cruz, Capital

520,000

600,000

(400,000)

(400,000)
P

300,000

Espanol, Capital
Quino, Capital
Total Liabilities and Owners' Equity

13 July, 2016

ement of Financial Position

F FISH R' US
36,000
150,000
460,000
124,000

ble Accounts

10,000
30,000
730,000

nt of Espanol

730,000
P

730,000

nt of Quino
Book

36,000

Adjusted

36,000

150,000

150,000

(16,000)

(10,000)

440,000

460,000

135,000

124,000

(75,000)

(30,000)

(30,000)
P

730,000

766,000

H R' US

Financial Position

y 01, 2016

ssets

150,000
10,000

140,000
460,000
124,000
P

1,490,000

30,000

d Owner's Equity

730,000
730,000
Equity

1,490,000

BENGIL, RANILO JAY G.


Actg12b
PROBLEM # 2 Formation and Operations of a Partnership

Required 3: Close Income Summary and Dr

Required 1: Journal Entries - Initial Investment

Dec. 31 Income Summary

San Mateo, Drawing


June 30 Accounts Receivable

Merchasndise Inventory

72,000

Caballes, Drawing

241,000

Prepaid Expenses

17,000

Office Equipment

276,000

Allowance for Uncollectible Accounts

To record share of profits

Computation of Share of Profits/Loss:


P

10,500

Accounts Payable

191,000

San Mateo, Capital

404,500

San Mateo

P 450,000 x 2/3

Caballes

P 450,000 x 1/3

To record the investment of San Mateo

June 30 Cash

404,500

Caballes, Capital

404,500
PROBLEM # 4

To record the investment of Caballes

Computation of Capital

Book Value

Accounts Receivable

72,000

Allowance for Unc. Accounts

FMV/Adjusted
P

Merchasndise Inventory

(10,500)

223,400

241,000

Prepaid Expenses

17,000

17,000

Office Equipment

459,000

276,000

Land

153,000

Notes Payable

191,000

San Mateo, Capital / Caballes, Capital

Required: Distribution of Profit

72,000

ABLES AND GALANG

Computation of the Average Capita


For the year ended Dec 31,
Date

Capital Account

(191,000)
P

404,500

Balances

Years Unchang

ABLES, CAPITAL
Jan. 1

Required 2: Statement of Financial Position

Portion of the

275,000

12

Average Capital

SAN MATEO AND CABALLES

GALANG, CAPITAL

Statement of Financial Position

Jan. 1

200,000

June 30, 2015

Sep. 1

275,000

Average Capital
Assets
Cash

Accounts Receivable
Less: Allwnce for Unc. Accounts

404,500

Total Average Capital Balances

72,000
10,500

61,500

Merchandise Inventory

241,000

Prepaid Expenses

17,000

Office Equipment

276,000

Total Assets

P
Liabilities and Owner's Equity

Computation of Share of Profits/Loss:


San Mateo

P 800,000 x 275K/50

Caballes

P 800,000 x 225K/50

1,000,000
Journal Entry:

Accounts Payable

191,000

Dec. 31 Income Summary

San Mateo, Capital

404,500

Ables, Drawing

Galang, Capital

404,500

Galang, Drawing

Total Liabilities and Owners' Equity

1,000,000

To record share of profits

15 July, 2016

ry and Drawings
450,000
P

300,000
150,000

x 2/3

x 1/3

300,000
150,000

450,000

GALANG

rage Capital Balances

d Dec 31, 2015

tion of the

Average Capital

rs Unchanged
12

12

Balances
P

275,000

275,000

133,333

12

x 275K/500K

91,667
P

225,000

500,000

440,000

x 225K/500K

360,000
P

800,000

800,000
P

440,000
360,000