Group 3: Mykee & Co.

Leader: Aningalan, Mykee

Members: Coronacion, Andy James
Gesmundo, Yza May
Gunda, John Dave
Morales, Jay Ann
Santos, James

HOW DOES THE BUSINESS START?

Partners Anilangan, Morales, and Gesmundo have capital balances of Php720,000, Php690,000,
and Php340,000 respectively. On August 1, 2022, all partners agreed to accepts Gunda, Coronacion, and
Santos in the company. According to the partnership contract, Gunda must invest computers and other
equipment with a fair market worth of Php 270,000. Coronacion promised to contribute a portion of his
land worth 100,000 and 80,000 in cash, while Santos agreed to invest 150,000 in cash. Their agreement
includes changing the partnership's name to Mykee & Co. since they like how distinctive it is.

To oversee the day-to-day operations of the company, they consent to hiring five staff. They also
decided to divide profits and losses in the following proportions: 30%, 20%, 15%, 15%, 10%, and 10%,
respectively. In addition, the Articles of Partnership provide additional information regarding the
partnership.

PROBLEMS WE ENCOUNTER:

 Since it was our first time using Quickbooks and we are only in our first week of using it, it was
challenging to enter some of those transactions because we were unfamiliar with its features.
We also discovered that Quickbooks is somewhat challenging to use.
 The second issue with Quickbooks is that some users are unable to download or install it. I am
aware that other groups, in addition to us, also encounter same issues. But with everyone's
 assistance, we were able to deal with those sums properly. Quickbooks can be challenging at
first, but with teamwork, we were able to complete our mission.
 It's tough for us to delete some transactions.
 Having trouble depositing the undeposit.
 We also mistakenly set the opening balance for July 31 rather than August 1, but we have
already corrected it because changing the date is simple.
 Uncategorized income and expenses are a concern, but we were able to fix it the same day we
noticed it, just as with prior issues.
 We have trouble with the notes because we're not sure if they're general journals or credit
memos.
 We also ran into some issues with the consumer, which we noted on the sales receipt, and this
caused some mistakes in our profit and loss statement.

HOW DO WE FIND QUICKBOOKS?

 Those who do not have laptops or computers may find it difficult to learn Quickbooks because
they have not explored all of its features.
 We find Quickbooks to be very user-friendly. It enables us to explore and view various financial
statements. It is also simple to use once you understand how it works and where to enter
transactions.
 It doesn't take much time, especially if you are familiar with its functions.
 Although Quickbooks is still new to us and we are still learning how to use it, it may be difficult
to use, but we are aware that it will be very helpful in the near future.

PARTNERS:

1. Mykee Aningalan
2. Jay Ann Morales

3. Yza May Gesmundo

4. John Dave Gunda

5. Andy James Coronacion

6. James Santos

CUSTOMERS:

1. Fernando Amorsolo

2. Jose Joya

3. Pacita Abad

4. Benedicto Cabrera

5. Juan Luna

6. Fernando De Ayala

7. Vicente Manansala

8. Agnes Arellano

9. Alfonso Ossorio

10. Victorio Edadez

VENDORS:
1. Mabini Distributors

2. Bonifacio Office System

3. Zamora Office Supplies

4. Burgoz Supplier

5. Gomez Telecom Inc.

6. Jacinto Electric Company

7. Baltazar Electronic Repair Shop

8. Silang Insurance Co. Inc.

9. Del Pillar Solution and Advetising

10. Lapu-Lapu Company

EMPLOYEES:

1. Severino Reyes

2. Francisco Baltazar

3. Epifano Delos Santos

4. Pascual Poblete

5. Deogracias Rosario