Basic Accounting Assignment

December 6, 2017 | Author: Rj Bengil | Category: Balance Sheet, Financial Economics, Financial Accounting, Accounting, Business
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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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