Req 1

Partnership
Journal Entries
Date Account Titles and Explanation PR Debit Credit
a Cardenas, Capital (150,000 x 1/5) 30,000
San Jose, Capital (110,000 x 1/4) 27,500
Labalan, Capital 57,500
To record transfer of 1/5 fr cadenas and 1/4 from San Jose

b Cash 70,000
Magada, Capital 70,000
To record investment of Magada
Req 2
Contributed Capital Direct Purchase Agreed Capital
Cardenas 150,000 -30,000 120,000
San Jose 110,000 -27,500 82,500
Labalan 0 57,500 57,500
Magada 70,000 0 70,000
Total 330,000 0 330,000