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  • Accntng Prelim Exam

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    Juni Per
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    The document contains three accounting problems related to the formation of a partnership. Problem 1 requires journal entries to record investments in the partnership by two partners, Lim and Asa. Problem 2 requires an opening journal entry to record additional investments by two other partners, Leni and Bong Bong. Problem 3 provides financial information for a sole proprietor named Lacson, and requires journal entries to adjust Lacson's accounts, close his sole proprietorship records, and record the opening entry for his investment in the new partnership.

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    problem and answer

    Original Title

    ACCNTNG PRELIM EXAM.xlsx

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    The document contains three accounting problems related to the formation of a partnership. Problem 1 requires journal entries to record investments in the partnership by two partners, Lim and Asa. Problem 2 requires an opening journal entry to record additional investments by two other partners, Leni and Bong Bong. Problem 3 provides financial information for a sole proprietor named Lacson, and requires journal entries to adjust Lacson's accounts, close his sole proprietorship records, and record the opening entry for his investment in the new partnership.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    11 views4 pages

    Accntng Prelim Exam

    Uploaded by

    Juni Per
    The document contains three accounting problems related to the formation of a partnership. Problem 1 requires journal entries to record investments in the partnership by two partners, Lim and Asa. Problem 2 requires an opening journal entry to record additional investments by two other partners, Leni and Bong Bong. Problem 3 provides financial information for a sole proprietor named Lacson, and requires journal entries to adjust Lacson's accounts, close his sole proprietorship records, and record the opening entry for his investment in the new partnership.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 4

    PROBLEM 1

    Required: Prepare the journal entry to record Lim and Asa investment in the partnership.

    Cash ₱ 280,000.00
    Inventory ₱ 510,000.00
    Land ₱ 1,350,000.00
    Notes Payable
    Andy Lim, Capt.

    to record Lim's investment

    Cash ₱ 1,790,000.00
    Phina Asa, Capt.

    to record Asa's investment

    PROBLEM 2

    Required: Prepare the opening journal entry in the books of the partnership.

    Cash ₱ 300,000.00
    Land ₱ 450,000.00
    Leni, Capt.

    to record Leni's invesment

    Cash ₱ 100,000.00
    Building ₱ 600,000.00
    Mortagage Payable
    Bong bong, Capt.

    to record Bong bong's investment

    PROBLEM 3

    Required: 1. Compute the capital balance of Lacson prior to partnership formation.


    2. Adjusting entry necessary to correct the book of Lacson.
    3. Compute the adjusted capital account of Lacson.
    4. Closing entry in the sole proprietorship book of Lacson.
    5. Opening entry in the partnership book.
    6. Statement of Financial Position after the formation of partnership.

    1 DR
    CASH ₱ 36,000.00
    A/R ₱ 150,000.00
    INV. ₱ 440,000.00
    EQUIPMENT ₱ 135,000.00

    UNCOLLECTIBLE ACC. ₱ 16,000.00


    A/D ₱ 75,000.00
    A/P ₱ 30,000.00
    P. LACSON, CAPITAL ₱ 640,000.00

    2 UNCOLLECTIBLE ACC. ₱ 6,000.00


    P. LACSON, CAPITAL

    INVENTORY ₱ 20,000.00
    P. LACSON, CAPITAL

    ACCUMULATED DEPRECIATION ₱ 75,000.00


    EQUIPMENT
    P. LACSON CAPITAL

    3 ACCOUNTS
    P. LACSON, CAPITAL ₱ 640,000.00
    A/R ₱ 140,000.00
    INVENTORY ₱ 460,000.00
    EQUIPMENT ₱ 124,000.00
    P. LACSON, CAPITAL AFTER FORMATION

    4 P. LACSON, CAPITAL ₱ 730,000.00


    UNCOLLECTIBLE ACC. ₱ 10,000.00
    A/P ₱ 30,000.00
    CASH
    A/R
    INVENTORY
    EQUIPMENT

    5 CASH ₱ 766,000.00
    A/R ₱ 150,000.00
    INVENTORY ₱ 460,000.00
    EQUIPMENT ₱ 124,000.00
    UNCOLLECTIBLE ACC.
    A/P
    P. LACSON CAPITAL
    PAQUIAO, CAPITAL

    6
    t in the partnership.

    ₱ 350,000.00
    ₱ 1,790,000.00

    ₱ 1,790,000.00

    ₱ 750,000.00

    ₱ 400,000.00
    ₱ 300,000.00

    hip formation.

    artnership.

    CR
    ₱ 761,000.00

    ₱ 121,000.00

    ₱ 6,000.00

    ₱ 20,000.00

    ₱ 11,000.00
    ₱ 64,000.00

    ADJUSTED
    ₱ 640,000.00
    ₱ 134,000.00 ₱ 6,000.00
    ₱ 440,000.00 ₱ 20,000.00
    ₱ 60,000.00 ₱ 64,000.00
    ₱ 730,000.00

    ₱ 36,000.00
    ₱ 150,000.00
    ₱ 460,000.00
    ₱ 124,000.00

    ₱ 10,000.00
    ₱ 30,000.00
    ₱ 730,000.00
    ₱ 730,000.00

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