BENGIL, RANILO JAY G.

Actg12b

PROBLEM NO. 1: JOURNAL ENTRIES PROBLEM NO. 5: JE and Statement of Fin

BOOKS OF THE PARTNERSHIP BOOKS OF FISH R' US

1) Cash P 280,000 1) Cash P

Inventory 510,000 Accounts Receivable
Land 1,350,000 Inventory
Notes Payable P 350,000 Equipment
Froilan Labausa, Capital 1,790,000 Allowance for Uncollectible Accounts
To record the investment of Froilan Labausa Accounts Payable
Espanol, Capital
2) Cash P 1,790,000 To record the investment of Espanol
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 Quino
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' US
Calaguas, Capital P 750,000 Statement of Financial Po
To record the investment of Calaguas January 01, 2016

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 Owner's Equ
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' Equity
 13 July, 2016

ement of Financial Position

F FISH R' US

36,000
150,000
460,000
124,000
ble Accounts P 10,000
30,000
730,000
nt of Espanol

730,000
P 730,000
nt of 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

H R' US
Financial Position
y 01, 2016

ssets

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

d Owner's Equity

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

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

Required 1: Journal Entries - Initial Investment Dec. 31 Income Summary P

San Mateo, Drawing
June 30 Accounts Receivable P 72,000 Caballes, Drawing
Merchasndise Inventory 241,000 To record share of profits
Prepaid Expenses 17,000
Office Equipment 276,000 Computation of Share of Profits/Loss:
Allowance for Uncollectible Accounts P 10,500 San Mateo P 450,000 x 2/3
Accounts Payable 191,000 Caballes P 450,000 x 1/3
San Mateo, Capital 404,500
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 GALANG
Merchasndise Inventory 223,400 241,000 Computation of the Average Capita
Prepaid Expenses 17,000 17,000 For the year ended Dec 31,
Office Equipment 459,000 276,000
Land 153,000 - Date Capital Account Portion of the
Notes Payable 191,000 (191,000) Balances Years Unchang
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 Position Jan. 1 P 200,000 x 8 /
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 275K/50
Office Equipment 276,000 Caballes P 800,000 x 225K/50
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

ry and Drawings

450,000
P 300,000
150,000

x 2/3 P 300,000
x 1/3 150,000
P 450,000

GALANG
rage Capital Balances
d Dec 31, 2015

tion of the Average Capital

rs Unchanged Balances

12 P 275,000
P 275,000

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

P 500,000

x 275K/500K P 440,000
x 225K/500K 360,000
P 800,000
800,000
P 440,000
360,000