Books of A.

Cruz

Adjusting entries

Land
Accumulated depreciation - Furniture & Equipment
A. Cruz, Capital
Allowance for doubtful accounts
Accumulated depreciation - Building
Inventories
Accrued expenses

Closing entries

Allowance for doubtful accounts

Accumulated depreciation - Bldg
Accumulated depreciation - Furniture & Equipment
Accounts Payable
Accrued expenses
A. Cruz, Capital
Cash
Accounts receivable
Inventories
Land
Building
Furniture & Equipment
₱ 100,000.00
₱ 4,000.00
₱ 46,000.00
₱ 10,000.00
₱ 100,000.00
₱ 20,000.00
₱ 20,000.00

₱ 20,000.00
₱ 200,000.00
₱ 6,000.00
₱ 140,000.00
₱ 40,000.00
₱ 554,000.00
₱ 100,000.00
₱ 50,000.00
₱ 80,000.00
₱ 300,000.00
₱ 400,000.00
₱ 30,000.00
Books of B. Santos

Adjusting entries

Accumulated depreciation - Furniture & Equipment ₱ 10,000.00

Inventories ₱ 20,000.00
Allowance for doubtful accounts
B. Santos, Capital

Closing entries

Allowance for doubtful accounts ₱ 20,000.00

Accumulated depreciation - Furniture & Equipment ₱ 10,000.00
Accounts Payable ₱ 120,000.00
Accrued expenses ₱ 40,000.00
B. Santos, Capital ₱ 390,000.00
Cash
Accounts receivable
Inventories
Furniture & Equipment
₱ 20,000.00
₱ 10,000.00

₱ 200,000.00
₱ 100,000.00
₱ 220,000.00
₱ 60,000.00
New Partnership Books

Cash
Accounts receivable
Inventories
Land
Building
Furniture & Equipment
Allowance for doubtful accounts
Accumulated depreciation - Bldg
Accumulated depreciation - Furn. & Eqpt
Accounts Payable
Accrued expense
A. Cruz, Capital
B. Santos, Capital

A. Cruz, Capital
Cash

Cash
B. Santos, Capital
₱ 300,000.00
₱ 150,000.00
₱ 300,000.00
₱ 300,000.00
₱ 400,000.00
₱ 90,000.00
₱ 40,000.00
₱ 200,000.00
₱ 16,000.00
₱ 260,000.00
₱ 80,000.00
₱ 554,000.00
₱ 390,000.00

₱ 154,000.00
₱ 154,000.00

₱ 10,000.00
₱ 10,000.00
 CRUZ & SANTOS PARTNERSHIP
Statement of Financial Position
Dec. 31, 2016

ASSETS

Current assets
Cash
Accounts receivable
Less: Allowance for doubtful accounts
Inventories
Total Current Assets

Non-current assets
Land
Building, net
Furniture & Equipment, net
Total non-current assets

TOTAL ASSETS

LIABILITIES & EQUITY

Current liability
Accounts payable
Accrued expense
Total Liabilities

Partnership's Equity
A. Cruz, Capital
B. Santos, Capital

Total Partnership Equity

TOTAL LIABILITIES & EQUITY

ERSHIP
osition

₱ 156,000.00
₱ 150,000.00
-₱ 40,000.00 ₱ 110,000.00
₱ 300,000.00
₱ 566,000.00

₱ 300,000.00
₱ 200,000.00
₱ 74,000.00
₱ 574,000.00

₱ 1,140,000.00

TY

₱ 260,000.00
₱ 80,000.00
₱ 340,000.00

₱ 400,000.00
₱ 400,000.00

₱ 800,000.00

₱ 1,140,000.00