DATE PARTICULARS DEBIT CREDIT

Jan. 1 Cash 900,000

Land 300,000
Building 500,000
Notes Payable 200,000
Elmer, Capital 900,000
Edam, Capital 600,000
Initial investments of Elmer and Edam

Dec. 31 Elmer, Drawing 30,000

Edam, Drawing 25,000
Cash 55,000
Withdrawal made by Elmer and Edam

Income Summary 250,000

Elmer, Capital 150,000
Edam, Capital 100,000
Share in the net income
 ELMER AND EDAM PARTNERSHIP
Statement of Partner's Equity
For the year ended December 31, 2021
Elmer Edam Total
Capital, January 1, 2021 900,000 600,000 1,500,000
Net Income 150,000 100,000 250,000
Less: Drawing -30,000 -25,000 -55,000
Capital, December 31, 2021 1,020,000 675,000 1,695,000
DATE PARTICULARS DEBIT CREDIT
Jul-01 Merchandise Inventory 100,000
Equipment 400,000
Notes Payable 150,000
Eba, Capital 350,000
Initial investment of Eba

Furniture and Fixtures 240,000

Cash 110,000
Clara, Capital 350,000
Initial investment of Clara
 BLANCO AND DELRIO CONSULTANT FIRM
Statement of Partner's Equity
For the year ended December 31
Blanco Delrio Total
Capital, January 1 800,000 900,000 1,700,000
Additional investment 150,000 - 150,000
Share in Net Income 160,000 240,000 400,000
Less: Drawings -200,000 -280,000 -480,000
Capital, December 31 910,000 860,000 1,770,000

The reason why Delrio's capital is lesser than Blanco eventhough her invesment and
profit is higher, is because on the month of June Blanco made another investment which
is the 150,000. And also the money that she borrowed is bigger than her partner.

I think this means they are borrowing so much money from the business and the profit that
they are earning is lower from their beginning capital.
 Cash
Taverna, Capital 8,000 Accounts Receivable
Allowance for Bad Debts 8,000 Allowance for Bad Deb
Merchandise Inventory
Taverna, Capital 12,000 Furniture & Equipment
Merchandise Inventory 12,000 Accounts Payable
Capital
Taverna, Capital 4,500
Accumulated Depreciation-FF 4,500

Allowance for Bad Debts 10,000 Accounts Receivable

Allowance for Depreciation 22,500 Merchandise Inventory
Accounts Payable 40,000 Furniture & Equipment
Taverna, Capital 225,500
Cash 20,000
Accounts Receivable 80,000
Merchandise Inventory 108,000
Furniture & Equipment 90,000
 TAVERNA JOSE TED
Cash 68,500 68,500
Accounts Receivable 80,000
Allowance for Bad Debts -10,000
Merchandise Inventory 108,000
Furniture & Equipment 67,500
Accounts Payable -40,000
Capital 205,500 68,500 68,500

Accounts Receivable 80,000

Merchandise Inventory 108,000
Furniture & Equipment 67,500
Allowance for Bad Debts 10,000
Accounts Payable 40,000
Taverna, Capital 205,500
TOTAL
137,000
80,000
-10,000
108,000
67,500
-40,000
342,500