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  • Yaba, Brixzel's Assignment

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    Yaba Brixzel F.
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    1. The document describes the formation of three partnerships. It provides the initial capital contributions and distributions of cash, property, equipment, and capital accounts for Amy/Teddy, Lewis/Pearl, and Riley/Kyle. 2. It also shows the initial capital contribution and opening entries for the books of James, a sole proprietorship, including contributions of cash, inventory, and various asset and liability accounts. 3. The capital, assets, and liabilities are distributed among the partners' capital accounts for the partnerships and the sole proprietor's capital account.

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    1. The document describes the formation of three partnerships. It provides the initial capital contributions and distributions of cash, property, equipment, and capital accounts for Amy/Teddy, Lewis/Pearl, and Riley/Kyle. 2. It also shows the initial capital contribution and opening entries for the books of James, a sole proprietorship, including contributions of cash, inventory, and various asset and liability accounts. 3. The capital, assets, and liabilities are distributed among the partners' capital accounts for the partnerships and the sole proprietor's capital account.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    23 views4 pages

    Yaba, Brixzel's Assignment

    Uploaded by

    Yaba Brixzel F.
    1. The document describes the formation of three partnerships. It provides the initial capital contributions and distributions of cash, property, equipment, and capital accounts for Amy/Teddy, Lewis/Pearl, and Riley/Kyle. 2. It also shows the initial capital contribution and opening entries for the books of James, a sole proprietorship, including contributions of cash, inventory, and various asset and liability accounts. 3. The capital, assets, and liabilities are distributed among the partners' capital accounts for the partnerships and the sole proprietor's capital account.

    Copyright:

    © All Rights Reserved
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    of 4

    TEST 1.

    (1). AMY TEDDY


    Cash 125,000 65,000

    Property and Equipment 650,000


    Building 340,000

    Furniture and Fixtures 40,000


    Formed of Partnership

    Dr Cr
    Cash 190,000
    Property and Equipment 990,000
    Building 10,000,000
    Furmiture and Fixture 40,000
    AMY 815,000
    TEDDY 1,405,000

    (2).
    LEWIS PEARL
    Cash 500,000
    Building 790,000
    Equipment 750,000
    Account receivable 75,000
    Partnership Contribution

    Dr. Cr.
    Cash 500,000
    Building 790,000
    Equipment 750,000
    Account Receivable 75,000
    Lewis 1,290,000
    Pearl 825,000

    (3).
    RILEY KYLE
    Accounts Payable 35,000
    Cash 65,000 180,000
    Account Receivable 38,000
    Building 50,000

    Dr. Cr.
    Cash 253,000
    Account Receibable 108,000
    Building 50,000
    Accounts Payable 35,000
    RILEY 188,000
    KYLE 188,000
    TEST 2.

    BOOKS OF JAMES
    Dr. Cr,
    1. James, Capital 2,400
    Allowance for 2,400

    2. James, Capital 202,000


    Merchandise Inventory 202,000

    3. Prepaid Expenses 6,500


    Accured Expenses 4,000

    BOOKS OF JAMES
    Dr. Cr.
    Cash 26,000
    Account Receivable 120,000
    Merchandise Inventory 382,000
    Prepaid Expenses 6,500
    Allowance for 2,400
    Accured Expenses 4,000
    Accounts Payable 264,000
    James Capital 264,000
    Cash 26,000
    Account Receivable 120,000
    Merchandise Inventory 282,000
    Accounts Payabale 264,000
    Allowance for 2,400
    Prepaid Expenses 6,500
    Accured Expenses 4,000
    James Capital 264,000

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