Acierto, John Reymark N. Alabata, Jharzel G.

Mr. Sun Mr. Moon Partnership Journal Entries of Part

Cash 400,000 - 400,000
Accounts Receivable (250,000x80%) 200,000 - 200,000
Land (at fair value) 1,000,000 1,000,000
Equipment (180,000-30,000) 150,000 150,000
Total 60,000 1,150,000 1,750,000
Mortgage Payable -250,000 -250,000
Adjusted Capital Balances 600,000 900,000 1,500,000

Journal Entries
Cash 400,000
Accounts Receivable 200,000
Land 1,000,000
Equipment 150,000
Mortgage Payable 250,000
Sun, Capital 600,000
Moon, Capital 900,000

Badel, Rykaiza Luisa F.

Mr. Sun Ms. Moon
Cash 400,000
Accounts Receivable 200,000
Land 1,000,000
Mortgage Payable -250,000
Equipment 150,000
Total 600,000 900,000

Journal Entries:

Cash 400,000
Accounts Receivable 200,000
Land 1,000,000
Equipment 150,000
Mortgage Payable 250,000
Moon,Capital 600,000
Sun, Capital 900,000

Casulocan, Kimberly M. Corpin, James Anthony P.

Particulars PR Debit Credit Description
Cash 400,000.00
Accounts receivable 200,000.00 Cash
Land 1,000,000.00 Accounts Receivable
Equipment 150,000.00 Sun, Capital
Mortgage Payable 250,000.00 To record Sun's contribution
Sun,Capital 600,000.00
Moon, Capital 900,000.00 Land
Equipment
Accumulated Depreciation - Equipmen
Mortgage Payable
 Moon, Capital
To record Moon's contribution

Moon, Capital
Sun,Capital
To estalish equal capital interest of 750,0
 Asence, Celine Marie S.
Journal Entries of Partner's Contributions
Cash
Cash 400,000.00 Accounts Receivable (250,00
Mr. Sun, Capital 400,000.00 Land (at fair value)
Equipment (180,000-30,000)
Accounts Receivable 250,000.00 Total
Allowance for Doubtful Accounts 50,000.00 Mortgage Payable
Mr. Sun, Capital 200,000.00 Adjusted Capital Balances

Land 1,000,000.00
Accounts Payable 250,000.00 Journal Entries
Ms. Moon, Capital 750,000.00 Cash
Accounts Receivable
Equipment 150,000.00 Land
Ms. Moon, Capital 150,000.00 Equipment
Mortgage Payable
Sun, Capital
Moon, Capital

Bonifacio, Kc Mae E.
Journal Entry
Cash 400,000
 Accounts Receivable 200,000
Land 1,000,000
Equipment 150,000
Mortgage Payable
Sun, Capital
Moon, Capital

Mr. Sun Ms. Moon Partnership

Cash 400,000 400,000
Accounts Receivable (250K x 80%) 200,000 200,000
Land (at fair vaue) 1,000,000 1,000,000
Equipment (180K - 30K) 150,000 150,000
Total 600,000 1,150,000 1,750,000

Mortgage Payable - land -250,000 -250,000

Adjusted Capital Balances 600,000 900,000 1,500,000

es Anthony P. Cristobal, Angelo D.

Debit Credit Adjusting Entry

₱ 400,000.00 Sun, Capital

200,000.00 Accounts Receivable
₱600,000.00 *250,000 x 20%
n's contribution
Land
1,000,000.00 Mortgage Payable
180,000.00 Moon, Capital
ted Depreciation - Equipment 30,000.00
250,000.00 Moon, Capital
 900,000.00 Equipment
oon's contribution
Journal Entry
150,000.00
150,000.00 Cash
qual capital interest of 750,000 Accounts Receivable
Land
Equipment
Mortgage Payable
Sun, Capital
Moon, Capital

Sun, Capital Cash

Accounts Receivable *250,000 x 80%

Moon, Capital Land

Mortgage Payable
Equipment

Partnership Capital
 Astillero, Angel Mae D.
Mr. Sun Mr. Moon Partnership Journal Entries
400,000 - 400,000 Cash 400,000.00
200,000 - 200,000 Mr. Sun, Capital
1,000,000 1,000,000
150,000 150,000 Accounts Receivables 250,000.00
60,000 1,150,000 1,750,000 Mr. Sun, Capital
-250,000 -250,000
600,000 900,000 1,500,000 Land 750,000.00
Ms. Moon, Capital

Equipment 180,000.00
400,000 Ms. Moon, Capital
200,000
1,000,000 Additional Information:
150,000 Mr. Sun, Capital 50,000.00
250,000 Allowance for Doubtful Accounts- Equipment
600,000
900,000 Land 1,000,000.00
Ms. Moon, Capital
Mortgage Payable

Equipment 30,000.00
Accumulated Depreciation

Buendicho, Diane Christine J.

Journal Entries
Cash 400,000.00
 Mr. Sun, Capital

Accounts Receivables 250,000.00

250,000 Mr. Sun, Capital
600,000
900,000 Land 750,000.00
Ms. Moon, Capital

Equipment 180,000.00
Ms. Moon, Capital

Adjustments

Mr. Sun, Capital 50,000.00

Allowance for Doubtful Accounts- Equipment

Land 1,000,000.00
Ms. Moon, Capital
Mortgage Payable

Depreciation Expense- Equipment 30,000.00

Accumulated Depreciation- Equipment

50,000
50,000

1,000,000
250,000
750,000

30,000
 30,000

400,000
200,000
1,000,000
150,000
250,000
600,000
900,000

400,000
ble *250,000 x 80% 200,000
600,000

1,000,000
-250,000
150,000
900,000

1,500,000
 Austria, Lyra Marie C.
Journal Entries
Debit Credit
400,000.00 Cash 400,000.00
Mr. Sun, Capital 400,000.00

250,000.00 Accounts Receivable 200,000.00

Mr. Sun, Capital 200,000.00

750,000.00 Mr. Sun, Capital 50,000.00

Allowance for Bad Debts 50,000.00

180,000.00 Land 1,000,000.00

Mortgage Payable 250,000.00
Ms. Moon, Capital 750,000.00

50,000.00 Equipment 180,000.00

Ms. Moon, Capital 180,000.00

750,000.00 Ms. Moon, Capital 30,000.00

250,000.00 Accumulated Depreciation- Equipment 30,000.00

30,000.00 Partnership Books

Debit Credit
Cash 400,000.00
Accounts Receivable 200,000.00
Equipment 180,000.00
Land 1,000,000.00
Allowance for Bad Debts 50,000.00
Accumulated Depreciation- Equipment 30,000.00
Mortgage Payable 250,000.00
Mr. Sun, Capital 550,000.00
Ms. Moon, Capital 900,000.00

Cabahug, Van Kia A.

Mr. Sun and Ms. Moon Partnership Contributions

400,000.00 Mr. Sun Ms. Moon
Cash ₱ 400,000.00
Account Recievable ₱ 200,000.00
250,000.00 (250,000x80%)
Land ₱ 750,000.00
(1,000,000-250,000)
750,000.00 Equipment ₱ 150,000.00
(180,000-30,000)
Total ₱ 600,000.00 ₱ 900,000.00
180,000.00
Adjusting Entries:
Debit Credit
Sun, Capital ₱ 50,000.00
Accounts Recievable ₱ 50,000.00
50,000.00 (250,000x20%)
Land ₱ 1,000,000.00
Mortgage Payable ₱ 250,000.00
750,000.00 Moon, Capital ₱ 750,000.00
250,000.00 Moon, Capital ₱ 30,000.00
Equipment ₱ 30,000.00

30,000.00
Journal Entries:
Debit Credit
Cash ₱ 400,000.00
Account Recievable ₱ 200,000.00
Land ₱ 1,000,000.00
Equipment ₱ 150,000.00
Mortgage Payable ₱ 250,000.00
Sun, Capital ₱ 600,000.00
Moon, Capital ₱ 900,000.00