REQ1

Rivadelo, Del Mundo, Galvan, Samson Partnership

Journal Entries
Date Account Titles and Explanation PR Debit Credit
May 31 Galvan, Capital 70,000
Rivadelo, Capital 5,000
Del Mundo, Capital 5,000
Samson, Capital 10,000
Cash 50,000
To record withrawal of Galvan from partnership

Computation
Galvan Capital balance 70,000
Less: Galvan Withdrawal 50,000
Total 20,000

Distribution:
Rivadelo (20,000 x 1/4) 5,000
Del Mundo (20,000 x 1/4) 5,000
Samson (20,000 x 2/4) 10,000

May 31 Cash 20,000

Mamitag, Capital 20,000
To record investment of Mamitag

May 31 Rivadelo, Capital 500

Del Mundo, Capital 500
Samson, Capital 1,000
Mamitag, Capital 2,000
To record bonus to Mamitag
 Capital Balance
Rivadelo (25%) 60,000 5,000 65,000
Del Mundo (25%) 80,000 5,000 85,000
Samson (50%) 40,000 10,000 50,000

Computation:
Contributed Capital Bonus Agreed Capital
Rivadelo 65,000 -500 64,500
Del Mundo 85,000 -500 84,500
Samson 50,000 -1,000 49,000
Total 200,000 -2,000 198,000
Mamitag 20,000 2,000 22,000
Total 220,000 0 220,000

* 220,000 x 10% = 22,000

Distribution
Rivadelo (2,000 x 25%) = 500
Del Mundo (2,000 x 25%) = 500
Samson (2,000 x 50%) = 1,000