Basic Accounting Assignment
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Basic Accounting Assignment Calaguas-San Mateo Problem...
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BENGIL, RANILO JAY G.
Actg12b PROBLEM NO. 1: JOURNAL ENTRIES
PROBLEM NO. 5: JE and Statement of Fin
BOOKS OF THE PARTNERSHIP 1) Cash
P
BOOKS OF FISH R' US
280,000
Inventory
1) Cash
510,000
Land
Accounts Receivable
1,350,000
Notes Payable
P
Inventory P
Froilan Labausa, Capital
350,000 1,790,000
Equipment Allowance for Uncollectible Accounts Accounts Payable
To record the investment of Froilan Labausa
Espanol, Capital 2) Cash
P
1,790,000
Rosalie Balhag, Capital
To record the investment of Espanol
P
1,790,000 2) Cash
To record the investment of Rosalie Balhag
P
Quino, Capital Computations:
Book
Cash
P
280,000
P
280,000
Inventory
600,000
510,000
Land
650,000
1,350,000
Notes Payable
(350,000)
F. Labausa, Capital
To record the investment of Quino
Adjusted
(350,000) P
1,790,000
Computations: Cash
P
Accounts Receivable Allowance for Unc. Accounts Inventory Equipment
PROBLEM NO. 4: JOURNAL ENTRIES
Accumulated Depreciation Accounts Payable
BOOKS OF THE PARTNERSHIP 1) Cash
P
Land
Espanol, Capital
300,000 450,000
Calaguas, Capital
FISH R' US P
750,000
Statement of Financial Po January 01, 2016
To record the investment of Calaguas
2) Cash
P
Building
100,000
Assets
600,000
Mortgage Payable
P
Dela Cruz, Capital
400,000
Cash
300,000
Accounts Receivable
P
Less: Allwnce for Unc. Accts
To record the investment of Dela Cruz
Inventory Computations: 1) Cash
Book
P
Land
300,000
Adjusted
P
280,000
Calaguas, Capital
P P
100,000
Total Assets
450,000
Book
2) Land
300,000
Equipment
750,000
Liabilities and Owner's Equ
Adjusted
P
100,000
Accounts Payable
Building Notes Payable Dela Cruz, Capital
520,000
600,000
(400,000)
(400,000) P
300,000
Espanol, Capital Quino, Capital 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
36,000
Adjusted
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
P
766,000
H R' US
Financial Position
y 01, 2016
ssets
150,000 10,000
140,000 460,000 124,000 P
1,490,000
P
30,000
d Owner's Equity
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
Merchasndise Inventory
72,000
Caballes, Drawing
241,000
Prepaid Expenses
17,000
Office Equipment
276,000
Allowance for Uncollectible Accounts
To record share of profits
Computation of Share of Profits/Loss: P
10,500
Accounts Payable
191,000
San Mateo, Capital
404,500
San Mateo
P 450,000 x 2/3
Caballes
P 450,000 x 1/3
To record the investment of San Mateo
June 30 Cash
P
404,500
Caballes, Capital
P
404,500 PROBLEM # 4
To record the investment of Caballes
Computation of Capital
Book Value
Accounts Receivable
P
72,000
Allowance for Unc. Accounts
FMV/Adjusted P
-
Merchasndise Inventory
(10,500)
223,400
241,000
Prepaid Expenses
17,000
17,000
Office Equipment
459,000
276,000
Land
153,000
Notes Payable
191,000
San Mateo, Capital / Caballes, Capital
Required: Distribution of Profit
72,000
-
ABLES AND GALANG
Computation of the Average Capita For the year ended Dec 31, Date
Capital Account
(191,000) P
404,500
Balances
Years Unchang
ABLES, CAPITAL Jan. 1
Required 2: Statement of Financial Position
Portion of the
P
275,000
x
12
/
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
Accounts Receivable Less: Allwnce for Unc. Accounts
P
404,500
Total Average Capital Balances
72,000 10,500
61,500
Merchandise Inventory
241,000
Prepaid Expenses
17,000
Office Equipment
276,000
Total Assets
P Liabilities and Owner's Equity
Computation of Share of Profits/Loss: San Mateo
P 800,000 x 275K/50
Caballes
P 800,000 x 225K/50
1,000,000 Journal Entry:
Accounts Payable
P
191,000
Dec. 31 Income Summary
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
P
15 July, 2016
ry and Drawings 450,000 P
300,000 150,000
x 2/3
P
x 1/3
300,000 150,000
P
450,000
GALANG
rage Capital Balances
d Dec 31, 2015
tion of the
Average Capital
rs Unchanged 12
12
Balances P
275,000
P
275,000
P
133,333
12
x 275K/500K
91,667 P
225,000
P
500,000
P
440,000
x 225K/500K
360,000 P
800,000
800,000 P
440,000 360,000
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