Adjusting Entry

a. Geron, Capital ₱ 20,000.00

Allowance for Uncollectible Accounts ₱ 20,000.00
Yumol, Capital ₱ 35,000.00
Allowance for Uncollectible Accounts ₱ 35,000.00
b. Geron, Capital ₱ 5,500.00
Inventories ₱ 5,500.00
Yumol, Capital ₱ 6,700.00
Inventories ₱ 6,700.00
c. Geron, Capital ₱ 2,000.00
Other Assets ₱ 2,000.00
Yumol, Capital ₱ 3,600.00
Other Assets ₱ 3,600.00
Closing Entry
Geron
Allowance for Uncollectible Accounts ₱ 20,000.00
Accounts Payable ₱ 178,940.00
Notes Payable ₱ 200,000.00
Geron, Capital ₱ 614,476.00
Cash ₱ 11,000.00
Account Receivable ₱ 234,536.00
Inventories ₱ 114,535.00
Land ₱ 603,000.00
Furniture and Fixtures ₱ 50,345.00
Other Assets -
₱ 1,013,416.00 ₱ 1,013,416.00
Yumul
Allowance for Uncollectible Accounts ₱ 35,000.00
Accounts Payable ₱ 243,650.00
Notes Payable ₱ 345,000.00
Yumul, Capital ₱ 683,052.00
Cash ₱ 22,354.00
Account Receivable ₱ 567,890.00
Inventories ₱ 253,402.00
Building ₱ 428,267.00
Furniture and Fixtures ₱ 34,789.00
Other Assets -
₱ 1,306,702.00 ₱ 1,306,702.00
New Books of Partnership/Journal Entry
Geron
Cash ₱ 11,000.00
Account Receivable ₱ 234,536.00
Inventories ₱ 114,535.00
Land ₱ 603,000.00
Furniture and Fixtures ₱ 50,345.00
Allowance for Uncollectible Accounts ₱ 20,000.00
Accounts Payable ₱ 178,940.00
Notes Payable ₱ 200,000.00
Geron, Capital ₱ 614,476.00
₱ 1,013,416.00 ₱ 1,013,416.00
Yumul
Cash ₱ 22,354.00
Account Receivable ₱ 567,890.00
Inventories ₱ 253,402.00
Building ₱ 428,267.00
Furniture and Fixtures ₱ 34,789.00
Allowance for Uncollectible Accounts ₱ 35,000.00
Accounts Payable ₱ 243,650.00
Notes Payable ₱ 345,000.00
Yumul, Capital ₱ 683,052.00
₱ 1,306,702.00 ₱ 1,306,702.00
 Geron and Yumol Partnership
Statement of Financial Position
For the Month *******
ASSETS
Cash ₱ 33,354.00
Account Receivables ₱ 802,426.00
Allowance for Uncollectible Accounts -₱ 55,000.00
Inventories ₱ 367,937.00
Building ₱ 428,267.00
Land ₱ 603,000.00
Furniture and Fixtures ₱ 85,134.00
TOTAL ASSETS: ₱ 2,265,118.00

LIABILITIES AND OWNER'S EQUITY

Accounts Payable ₱ 422,590.00
Notes Payable ₱ 545,000.00
TOTAL LIABILITIES: ₱ 967,590.00
Geron, Capital ₱ 614,476.00
Yumul, Capital ₱ 683,052.00
TOTAL OWNER'S EQUITY: ₱ 1,297,528.00
TOTAL LIABILITY AND OWNER'S EQUITY: ₱ 2,265,118.00