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  • Group 1

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    The document shows adjustments made to unadjusted totals for liabilities and assets, including accrued expenses and allowance accounts. It also shows the calculation of total agreed capital after admitting a new partner, David, including his contribution and adjustments made to inventory. Finally, it details the acquisition of land, showing the amount paid, book value, excess paid, and the amount the land account will be increased.

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    excel advac

    Original Title

    Group.1

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    The document shows adjustments made to unadjusted totals for liabilities and assets, including accrued expenses and allowance accounts. It also shows the calculation of total agreed capital after admitting a new partner, David, including his contribution and adjustments made to inventory. Finally, it details the acquisition of land, showing the amount paid, book value, excess paid, and the amount the land account will be increased.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    8 views4 pages

    Group 1

    Uploaded by

    Color Blue
    The document shows adjustments made to unadjusted totals for liabilities and assets, including accrued expenses and allowance accounts. It also shows the calculation of total agreed capital after admitting a new partner, David, including his contribution and adjustments made to inventory. Finally, it details the acquisition of land, showing the amount paid, book value, excess paid, and the amount the land account will be increased.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Unadjusted total liabilities

    Add (deduct): adjustments


    Accrued rent expense
    Accrued salary expense
    Adjusted total liabilities after formation

    63,750
    1,000
    800
    65,550

    Unadjusted total assets


    Add (deduct): adjustments:
    Allowance for doubtful accounts
    Furniture and fixtures
    Office equipment
    Inventory
    Adjusted total asstes after formation

    156,875
    (640)
    1,000
    (250)
    1,000
    157,985

    Total agreed capital after the admission of David:


    Less: Contribution/Investment of David
    Capital balances of AD before the admission of David
    Capital contribution
    Reduction of inventory

    200,000
    (40,000)
    160,000
    180,000
    20,000

    Amount paid:
    Less: Book value of interest acquired:
    Excess
    Divided by / capitalized at
    Amount of land to be increased

    44,000
    (36,000)
    8,000
    1/5
    40,000

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