BSA 1- Accounting Block G

MW 10:30 a.m. - 12:00 p.m. 10-Sep-21

Assignment in ParCor Exercise 1-1: True or False

1. FALSE
2. TRUE
3. TRUE
4. TRUE
5. FALSE
6. FALSE
7. TRUE
8. FALSE
9. FALSE
10. TRUE
11. TRUE
12. TRUE
13. TRUE
14. TRUE
15, TRUE
Jdar Ronil I S. Sastrillo BSA 1 - Accounting Block G
MW 10:30 a.m. - 12:00 p.m. 10-Sep-21
Assignment in ParCor Exercise 1-2: Multiple Choice

1. b. mutual contribution
2. c. unlimited liability
3. d. general partner
4. d. limited partner
5. a.industrial partner
6. d. all of these
7. c. their carrying value
8. b. universal partnership of profits
9. a. values agreed upon by partners
10. a. debited
11. d. a and b only
12. a. payment of a liability
13. b. de facto partnership
14. a. unlimited life
15. d. fair value of the property at the date of investment
Jdar Ronil I S. Sastrillo BSA 1- Accounting Block G
MW 10:30 a.m. - 12:00 p.m. 10-Sep-21
Assignment in ParCor Problem 1-1: Individuals with no existing business

Investment of Ram in the partnership books:

Cash
Equipment

Investment of Dawn in the partnership books:

Cash
 200,000
10,000
Accumulated Depreciation - Equipment 15,000
Ram, Capital 195,000
1
Mari, Capital
Allowance for Doubtful Accounts

Mari, Capital
Inventories

Mari, Capital
Other assets

Mari, Capital
Allowance for Doubtful Accounts
Inventories
Other Assets
(To adjust the capital of Mari)

2
Allowance for Doubtful Accounts
Accounts Payable
Notes Payable
Mari, Capital
Cash
Accounts Receivable
Inventories
Land
Furnitures and fixtures
(to close the Books of Mari)

1
Cash
Accounts Receivable
Inventories
Land
Furnitures and fixtures
Allowance for Doubtful Accounts
Accounts Payable
Notes Payable
Mari, Capital
(to record Mari investment)
Cash
Accounts Receivable
Less: Allowance for Doubtful Accounts
Inventories
Land
Building
Furnitures and Fixtures
Total Assets

Accounts Payable
Notes Payable
Mari, Capital
Anne, Capital
Total Liabilities and Owner's Equity
Books of Mari

20,000
20,000

5,500
5,500

2,000
2,000

27,500
20,000
5,500
2,000

20,000
178,940
200,000
614,476
11,000
234,536
114,535
603,000
50,345

11,000
234,536
114,535
603,000
50,345
20,000
178,940
200,000
614,476
 Marianne Rentals
Statement of Financial Position
1-Aug-21

Assets

P 33,354
P 802,426
55,000 747,426
367,937
603,000
428,267
85,134
P 2,265,118

Liabilities and Owner's Equity

P 422,590
545,000
614,476
683,052
P 2,265,118
 1
Anne, Capital

Anne, Capital

Anne, Capital

Anne, Capital

2
Allowance for Doubtful Accounts
Accounts Payable
Notes Payable
Anne, Capital

Books of Partnership
2
Cash
Accounts Receivable
Inventories
Building
Furnitures and fixtures
 Books of Anne

35,000
Allowance for Doubtful Accounts

6,700
Inventories

3,600
Other assets

45,300
Allowance for Doubtful Accounts 35,000
Inventories 6,700
Other Assets 3,600
(To adjust the capital of Mari)

35,000
243,650
345,000
683,052
Cash 22,354
Accounts Receivable 567,890
Inventories 253,402
Building 428,267
Furnitures and fixtures 34,789
(to close the Books of Anne)

22,354
567,890
253,402
428,267
34,789
Allowance for Doubtful Accounts 35,000
Accounts Payable 243,650
Notes Payable 345,000
Anne, Capital 683,052
(to record Anne Investment)
35,000

6,700

3,600