E 2-2 Partnership Books

1 Cash 450,000
Accounts Receivable 180,000
Merchandise Inventory 270,000
Equipment 125,000
Allowance for Uncollectible Accounts
Accounts Payable
Notes Payable
Aquino, Capital

Cash 410,000
Asuncion, Capital
(820,000/ 2/3 = 1,230,000 /3)

E 2-3 Amores' Books

1 Amores, Capital 25,000
Allowance for Uncollectible Accounts

Merchandise Inventory 160,000

Amores, Capital
(1,600,000 - 1,440,000)

Prepaid Expenses 72,000

Amores, Capital 30,000
Accounts Payable

Cash 1,717,000
Andrada, Capital

Partnership Books
2 Cash 208,000
Accounts Receivable 460,000
Merchandise Inventory 1,600,000
Prepaid Expenses 72,000
Allowance for Uncollectible Accounts
Accounts Payable
Amores, Capital

Cash 1,717,000
 Andrada, Capital

3 Amores and Andrada Company

Statement of Financial Position
January 1, 2014

Assets
Cash (208,000 + 1,717,000)
Accounts Receivable 460,000
Less Allowance for Uncollectible Accounts 25,000
Merchandise Inventory
Prepaid Expenses
Total Assets

Liabilities and Capital

Accounts Payable
Amores, Capital 1,717,000
Andrada, Capital 1,717,000

E 2-4
1 Cash 1,000,000
Land 800,000
Building 1,900,000
Mortgage Payable
Aguirre, Capital
Aranas, Capital

2 Cash 1,000,000
Land 800,000
Building 1,900,000
Mortgage Payable
Aguirre, Capital
Aranas, Capital

Aguirre
Agreed Capital 1,100,000
Contributed Capital 1,000,000
Bonus 100,000

Cash 1,000,000
Land 800,000
Building 1,900,000
 Goodwill 100,000
Mortgage Payable
Aguirre, Capital
Aranas, Capital

P 2-1
1 a. Merchandise, Inventory 50,000
Acosta, Capital

b. Acosta, Capital 75,000

Allowance for Uncollectible Accounts

c. Interest Receivable 3,750

Acosta, Capital
P375,000 x 6% x 2/12 = P3,750

d. Acosta, Capital 18,750

Interest Payable
P750,000 x 10% x 3/12 = P18,750

e. Accumulated Depreciation 450,000

Acosta, Capital 150,000
Furniture and Equipment

f. Office Supplies 15,000

Acosta, Capital

g. Cash (2,525,000 /2) 1,262,500

Aguas, Capital

Acosta and Aguas

Statement of Financial Position
December 1, 2014

Assets
Cash
Notes Receivable
Accounts Receivable 2,250,000
Less Allowance For Uncollectible Accounts 225,000
Interest Receivable
Merchandise Inventory
Office Supplies
Furniture And Equipment
 Total Assets

Liabilities and Capital

Notes Payable 750,000
Accounts Payable 1,575,000
Interest Payable 18,750
Total Liabilities

Acosta, Capital 2,525,000

Aguas, Capital 1,262,500
Total Capital
Total Liabilities and Capital

P 2-2 April's Books

1 a. April, Capital 9,000
Allowance for Doubtful Accounts

b. April, Capital 21,000

Accrued Expenses

c. Accumulated Depreciation 112,500

Accounts Payable 345,000
Accrued Expenses 21,000
Allowance for Doubtful Accounts 9,000
April, Capital (830,000 - 9,000 - 21,000) 800,000
Cash
Accounts Receivable
Merchandise Inventory
Equipment

Partnership Books (Arias' Books)

2 a. Merchandise Inventory 50,000
Arias, Capital

b. Arias, Capital 7,500

Allowance for Doubtful Accounts

c. Cash 357,500
Arias, Capital
P800,000 / 40% x 60% - (800,000 + 50,000 – 7,500) = 357,500

d. Accumulated Depreciation 37,500

 Equipment

e. Cash 187,500
Accounts Receivable 450,000
Merchandise Inventory 400,000
Equipment 137,500
Allowance for Doubtful Accounts
Accounts Payable
Accrued Expenses
April, Capital

April and Arias

Statement of Financial Position
October 1, 2014
Assets
Cash (187,500 + 112,500 + 357,500)
Accounts Receivable ₱ 825,000
Less Allowance For Doubtful Accounts 16,500
Merchandise Inventory
Equipment
Total Assets
Liabilities and Capital
Accounts Payable ₱ 595,000
Accrued Expenses 21,000
Total Liabilities

April, Capital ₱ 800,000

Arias, Capital 1,200,000
Total Capital
Total Liabilities and Capital

P 2-3 Partnership Books

1 Cash 50,000
Accounts Receivable 460,000
Merchandise Inventory 950,000
Equipment 120,000
Furniture and Fixtures 90,000
Allowance for Doubtful Accounts
Accounts Payable
Abada, Capital
 Cash 70,000
Accounts Receivable 490,000
Merchandise Inventory 700,000
Equipment 70,000
Allowance for Uncollectible Accounts
Accounts Payable
Albano, Capital

2 Abada Books (Partnership Books)

Accumulated Depreciation - Equipment 36,000
Accumulated Depreciation - Furniture and Fixtures 24,000
Merchandise Inventory 50,000
Furniture and Fixtures
Allowance for Uncollectible Accounts
Equipment
Abada, Capital

Cash 70,000
Accounts Receivable 490,000
Merchandise Inventory 700,000
Equipment 70,000
Allowance for Uncollectible Accounts
Accounts Payable
Albano, Capital

P 2-6
1 Cash 280,000
Inventories 440,000
Land 200,000
Building 600,000
Furniture and Equipment 920,000
Mortgage Payable
Agana, Capital
Ayesa, Capital

2 Cash 280,000
Inventories 440,000
Land 200,000
Building 600,000
Furniture and Equipment 920,000
Mortgage Payable
Agana, Capital
Ayesa, Capital
 Agana
Agreed Capital 1,100,000
Contributed Capital 1,120,000
Bonus - 20,000

3 Cash 280,000
Inventories 440,000
Land 200,000
Building 600,000
Furniture and Equipment 920,000
Mortgage Payable
Agana, Capital (40%)
Ayesa, Capital (60%)

Agana
Agreed Capital 880,000
Contributed Capital 1,120,000
Bonus - 240,000

Cash 280,000
Inventories 440,000
Land 200,000
Building 600,000
Furniture and Equipment 920,000
Goodwill 240,000
Mortgage Payable
Agana, Capital (40%)
Ayesa, Capital (60%)

Agana
Agreed Capital 1,120,000
Contributed Capital 1,120,000
Goodwill -
 Aquino Books
2 Accumulated Depreciation 30,000
Allowance for Uncollectible Accounts 5,000
Aquino, Capital 50,000
Merhandise Inventory
Equipment
10,000
105,000 Aquino, Capital 820,000
90,000 Allowance for Uncollectible Accounts 10,000
820,000 Accounts Payable 105,000
Notes Payable 90,000
Cash
410,000 Accounts Receivable
Merchandise Inventory
Equipment

25,000 Amores, Capital

25,000
160,000 30,000
55,000

102,000

1,717,000

25,000
598,000
1,717,000
 1,717,000

1,925,000

435,000
1,600,000
72,000
4,032,000

598,000

3,434,000
4,032,000

1,500,000
1,000,000
1,200,000

1,500,000
1,100,000
1,100,000

Aranas Total
1,200,000 2,300,000
1,200,000 2,200,000
- 100,000
1,500,000
1,100,000
1,200,000

50,000 Acosta, Capital

b 75,000
d 18,750
75,000 e 150,000

3,750 243,750

18,750

600,000

15,000

1,262,500

1,862,500
375,000

2,025,000
3,750
650,000
15,000
1,200,000
 6,131,250

2,343,750

3,787,500
6,131,250

9,000

21,000

187,500
450,000
400,000
250,000

50,000

7,500

357,500
7,500
 37,500

9,000
345,000
21,000
800,000

₱ 657,500

808,500
750,000
400,000
₱ 2,616,000

616,000

2,000,000
₱ 2,616,000

40,000
540,000
1,090,000
 50,000
360,000
920,000

30,000
10,000
60,000
10,000

50,000
360,000
920,000

240,000
1,120,000
1,080,000

240,000
1,100,000
1,100,000
Ayesa Total
1,100,000 2,200,000
1,080,000 2,200,000
20,000 -

240,000
880,000
1,320,000

Ayesa Total
1,320,000 2,200,000
1,080,000 2,200,000
240,000 -

240,000
1,120,000
1,320,000

Ayesa Total
1,320,000 2,440,000
1,080,000 2,200,000
240,000 240,000
 30,000
55,000

450,000
180,000
270,000
125,000

Amores, Capital
1,612,000
160,000

1,772,000

1,717,000
Acosta, Capital
2,700,000
50,000 a
3,750 c
15,000 f

2,768,750

2,525,000