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  • Advacc 1

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    Jessa Mae Campos
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    The document outlines the formation and initial transactions of a partnership between partners X and Y. Partner X contributed ₱18,000 cash and Partner Y contributed ₱28,000 cash for a total initial capital of ₱46,000. The partnership also received ₱8,000 for equipment and ₱20,000 for land. The land was later sold for ₱25,000, with ₱20,000 going back to the partnership for the land and ₱5,000 to Partner Y as additional capital. The second module discusses how any profits will be divided between the partners based on their initial capital contributions.

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    The document outlines the formation and initial transactions of a partnership between partners X and Y. Partner X contributed ₱18,000 cash and Partner Y contributed ₱28,000 cash for a total initial capital of ₱46,000. The partnership also received ₱8,000 for equipment and ₱20,000 for land. The land was later sold for ₱25,000, with ₱20,000 going back to the partnership for the land and ₱5,000 to Partner Y as additional capital. The second module discusses how any profits will be divided between the partners based on their initial capital contributions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    2 views1 page

    Advacc 1

    Uploaded by

    Jessa Mae Campos
    The document outlines the formation and initial transactions of a partnership between partners X and Y. Partner X contributed ₱18,000 cash and Partner Y contributed ₱28,000 cash for a total initial capital of ₱46,000. The partnership also received ₱8,000 for equipment and ₱20,000 for land. The land was later sold for ₱25,000, with ₱20,000 going back to the partnership for the land and ₱5,000 to Partner Y as additional capital. The second module discusses how any profits will be divided between the partners based on their initial capital contributions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    MODULE 1

    a. Formation of the Partnership.

    Cash ₱18,000
    Equipment 8,000
    Land 20,000
    X, Capital ₱18,000
    Y, Capital 28,000

    b. Journal Entries to record the sale of land

    Cash ₱25,000
    Land ₱20,000
    Y, Capital 5,000

    MODULE 2

    a. Profits are divided in accordance with the beginning capital ratio.

    R S M TOTAL
    Beg. Cap ₱60,000 ₱75,000 ₱40,000 ₱175,000
    Balance 99,428.57 124,285.57 66,285.57 290,000
    ₱159,428.57 ₱199,285.57 ₱106,285.57 ₱465,000

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