BENGIL, RANILO JAY G.

Actg12b

PROBLEM NO. 1: JOURNAL ENTRIES PROBLEM NO. 5: JE and

Stateme BOOKS OF THE PARTNERSHIP BOOKS OF FI

1) Cash P 280,000 1) Cash P

Inventory 510,000 Accounts Receivable
Land 1,350,000 Inventory
EquipmentNotes Payable P 350,000
AllowanceFroilan Labausa, Capital
for Uncollectible A 1,790,000
To record the investment of Froilan Labausa Accounts Payable
Espanol, Capital
2) Cash P 1,790,000 To record the investment of
Rosalie Balhag, Capital P 1,790,000
To record the investment of Rosalie Balhag 2) Cash P
Quino, Capital
Computations: Book Adjusted To record the investment
of
Cash P 280,000 P 280,000
Inventory 600,000 510,000 Computations:
Land 650,000 1,350,000 Cash P
Notes Payable (350,000) (350,000) Accounts Receivable
F. Labausa, Capital P 1,790,000 Allowance for Unc. Accounts
Inventory
Equipment
PROBLEM NO. 4: JOURNAL ENTRIES Accumulated Depreciation
Accounts Payable
BOOKS OF THE PARTNERSHIP Espanol, Capital

1) Cash P 300,000
Land 450,000 FISH R'
Calaguas, Capital P 750,000 Statement of Fina
To record the investment of Calaguas January 01,

2) Cash P 100,000 Assets

Building 600,000
Mortgage Payable P 400,000 Cash
Dela Cruz, Capital 300,000 Accounts Receivable P
To record the investment of Dela Cruz Less: Allwnce for Unc. Accts
Inventory
Computations: Book Adjusted Equipment
1) Cash P 300,000 P 300,000 Total Assets
Land 280,000 450,000
Calaguas, Capital P 750,000 Liabilities and Ow
Book Adjusted
2) Land P 100,000 P 100,000 Accounts Payable
Building 520,000 600,000 Espanol, Capital
Notes Payable (400,000) (400,000) Quino, Capital
Dela Cruz, Capital P 300,000 Total Liabilities and Owners' Equi
 13 July, 2016

nt of Financial Position

SH R' US

36,000
150,000
460,000
124,000
ccounts P 10,000
30,000
730,000
Espanol

730,000
P 730,000
Quino

Book Adjusted
36,000 P 36,000
150,000 150,000
(16,000) (10,000)
440,000 460,000
135,000 124,000
(75,000) -
(30,000) (30,000)
P 730,000

US
ncial Position
2016

P 766,000
150,000
10,000 140,000
460,000
124,000
P 1,490,000

ner's Equity

P 30,000
 730,000
730,000
ty P 1,490,000
BENGIL, RANILO JAY G.
Actg12b

PROBLEM # 2 Formation and Operations of a Partnership Required 3: Close Income Summary a

Required 1: Journal Entries - Initial Investment

Dec. 31 Income Summary

June 30 Accounts Receivable P 72,000

P San Mateo, Drawing
Merchasndise Inventory 241,000
Caballes, Drawing
Prepaid Expenses 17,000
To record share of profits
Office Equipment 276,000
Allowance for Uncollectible Accounts P 10,500
Computation of Share of Profits/Loss:
Accounts Payable 191,000
San Mateo P 450,000 x 2/3
San Mateo, Capital 404,500
Caballes P 450,000 x 1/3
To record the investment of San Mateo

June 30 Cash P 404,500

Caballes, Capital P 404,500
To record the investment of Caballes

PROBLEM # 4

Computation of Capital Book Value FMV/Adjusted

Required: Distribution of Profit
Accounts Receivable P 72,000 P 72,000
Allowance for Unc. Accounts - (10,500)
ABLES AND GAL
Merchasndise Inventory 223,400 241,000
Computation of the Average
Prepaid Expenses 17,000 17,000
For the year ended De
Office Equipment 459,000 276,000
Land 153,000 -
Date Capital Account Portion o
Notes Payable 191,000 (191,000)
Balances Years Un
San Mateo, Capital / Caballes, Capital P 404,500
ABLES, CAPITAL
Jan. 1 P 275,000 x 12 /
Required 2: Statement of Financial Position
Average Capital

SAN MATEO AND CABALLES

GALANG, CAPITAL
Statement of Financial
Jan. 1 P 200,000 x 8 /
Position June 30, 2015 Sep. 1 P 275,000 x 4 /
Average Capital
Assets
Cash P 404,500
Total Average Capital Balances
Accounts Receivable P 72,000
Less: Allwnce for Unc. Accounts 10,500 61,500
Merchandise Inventory 241,000
Computation of Share of Profits/Loss:
Prepaid Expenses 17,000
San Mateo P 800,000 x 27
Office Equipment 276,000
Caballes P 800,000 x 22
Total Assets P 1,000,000

Liabilities and Owner's Equity

Journal Entry:
Accounts Payable P 191,000 Dec. 31 Income Summary P
San Mateo, Capital 404,500 Ables, Drawing
Galang, Capital 404,500 Galang, Drawing
Total Liabilities and Owners' Equity P 1,000,000 To record share of profits
 15 July, 2016

nd Drawings

450,000
P 300,000
150,000

P 300,000
150,000
P 450,000

ANG
Capital Balances
c 31, 2015

f the Average Capital

changed Balances

12 P 275,000
P 275,000

12 P 133,333
12 91,667
P 225,000

P 500,000

5K/500K P 440,000
5K/500K 360,000
P 800,000
800,000

P 440,000
360,000