Professional Documents
Culture Documents
Cash P55,000
Furniture 66,000
Equipment P192,500
1.
Cash 55,000
Furniture 44,000
Equipment 165,000
Para, Capital 99,000
Luman, Capital 165,000
Partnership Formation
A. Book of Bobby
BOOK OF BOBBY
1. Bobby, Capital (63,000x10%) P6,300
Allowance Impairment Loss 6,300
2. Inventory 31,500
Bobby, Capital (157,500- 31,500
126,00)
3. Equipment 33,600
Bobby, Capital 33,600
4. Prepaid Expenses 8,400
Bobby, Capital 8,400
Closing Entry
Allowance of Impairment Loss 6,300
Accounts Payable 21,000
Bobby, Capital 79,800
Cash 84,000
Account Receivable 63,000
Inventory 126,000
Prepaid Expenses 8,400
Equipment 33,600
B. BOOK OF COBBY
BOOK OF COBBY
1. Cobby, Capital (105,000x10%) P10,500
Allawonce for Impairment Loss 10,500
2. Inventory 10,500
Cobby, Capital (52,500-42,000) 10,500
3. Cobby, Capital 8,400
Accumulated-Depreciation Equipment 8,400
4. Accrued Expenses 6,825
Cobby, Capital 6,825
Closing Entry
Allowance of Impairment Loss 10,500
Accumulated Depreciation Equipment 29,500
Accrued Expense 6,825
Cobby, Capital 36,225
Cash 126,000
Account Receivable 105,000
Inventory 42,000
Equipment 63,000