Scribd Logo
Upload

Welcome to Scribd!

    • 132 views

    PArtnership Formation

    Uploaded by

    Jasmine Acta
    The document shows the initial contributions and balances of partners Cadua and Auditor for their new partnership. Cadua contributed ₱85,000 cash, ₱60,000 accounts receivable, ₱120,000 merchandise, and ₱150,000 equipment, totaling ₱301,000, for a 75% capital balance. Auditor contributed ₱139,000 cash for a 25% capital balance, bringing the total partnership equity to ₱494,000.

    Copyright:

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

    PArtnership Formation

    Uploaded by

    Jasmine Acta
    132 views6 pages
    The document shows the initial contributions and balances of partners Cadua and Auditor for their new partnership. Cadua contributed ₱85,000 cash, ₱60,000 accounts receivable, ₱120,000 merchandise, and ₱150,000 equipment, totaling ₱301,000, for a 75% capital balance. Auditor contributed ₱139,000 cash for a 25% capital balance, bringing the total partnership equity to ₱494,000.

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document shows the initial contributions and balances of partners Cadua and Auditor for their new partnership. Cadua contributed ₱85,000 cash, ₱60,000 accounts receivable, ₱120,000 merchandise, and ₱150,000 equipment, totaling ₱301,000, for a 75% capital balance. Auditor contributed ₱139,000 cash for a 25% capital balance, bringing the total partnership equity to ₱494,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    132 views6 pages

    PArtnership Formation

    Uploaded by

    Jasmine Acta
    The document shows the initial contributions and balances of partners Cadua and Auditor for their new partnership. Cadua contributed ₱85,000 cash, ₱60,000 accounts receivable, ₱120,000 merchandise, and ₱150,000 equipment, totaling ₱301,000, for a 75% capital balance. Auditor contributed ₱139,000 cash for a 25% capital balance, bringing the total partnership equity to ₱494,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 6

    Requirement 1

    Cash 85,000.00
    Accounts Receivable 60,000.00
    Merchandise 120,000.00
    Equipment 150,000.00
    Allowance for Doubtful Accounts (4,000.00)
    Accumulated Depreciation (30,000.00)
    Accounts Payable (80,000.00)
    Cadua, Capital ₱ 301,000.00

    Cadua Books
    GENERAL JOURNAL

    Date
    Account Titles and Explanation P.R. Debit

    Req 2 a Allowance for Doubtful Accounts ₱ 3,000.00


    Cadua, Capital

    b Cadua, Capital 15,000.00


    Merchandise

    c Cadua, Capital 15,000.00


    Accumulated Depreciation

    d Accounts Payable 4,000.00


    Cadua, Capital

    Req 3 Closing Allowance for Doubtful Accounts 1,000.00


    Accumulated Depreciation 45,000.00
    Accounts Payable 76,000.00
    Cadua, Capital 278,000.00
    Cash
    Accounts Receivable
    Merchandise
    Equipment

    Balance 437,000.00
    PARTNERSHIP BOOKS
    GENERAL JOURNAL

    Date
    Account Titles and Explanation P.R. Debit
    Cash 85,000.00
    Accounts Receivable 60,000.00
    Merchandise 105,000.00
    Equipment 105,000.00
    Allowance for Doubtful Accounts
    Accounts Payable
    Cadua, Capital
    Cadua Contribution

    Cash 139,000.00
    Auditor, Capital
    Auditor Contribution

    Balance 494,000.00
    *Name of Partnership*
    Statement of Financial Position
    As of **

    ASSETS
    Current Assets
    Cash
    Accounts Receivable
    Allowance for Doubtful Accounts
    Merchandise

    Non-Current Assets
    GJ-1 Equipment
    Total Assets

    LIABILITIES AND EQUITY


    Liabilities
    Credit
    Accounts Payable

    ₱ 3,000.00 Equity:
    Cadua, Capital
    Auditor, Capital
    15,000.00 Total Liabilities and Equity

    15,000.00

    4,000.00

    85,000.00
    60,000.00
    105,000.00
    150,000.00

    437,000.00
    GJ-1

    Credit

    1,000.00
    76,000.00
    278,000.00

    139,000.00

    494,000.00
    me of Partnership* 16.. - 1
    ent of Financial Position Q-1
    As of **

    ASSETS
    Q-2
    224,000.00
    60,000.00
    1,000.00 59,000.00
    105,000.00 388,000.00

    105,000.00
    493,000.00

    ILITIES AND EQUITY

    76,000.00

    278,000.00
    139,000.00 417,000.00
    493,000.00
    Cash 80,000.00
    Merchandise 175,000.00
    Capital balance after writing o 255,000.00

    P. Sanico, Capital 255,000.00


    Less: Agreed Capital
    Cash 200,000.00
    Equipment 80,000.00
    Delfin Investment 280,000.00
    Rate 0.75 210,000.00
    Cash to withdraw 45,000.00

    You might also like