Carlo, Ca P50,000 Jan Jur
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- On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off. 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000.…On May 1, 20x1, the statement of financial position of Juan and Pablo appear below:Juan PabloCash 22,000 44,708Accounts receivable 469,072 1,135,780Inventories 240,070 520,204Land 1,206,000Building 856,534Furniture and fixtures 100,690 69,578Other assets 4,000 7,200Total assets 2,041,832 2,634,004Accounts payable 357,880 487,300Notes payable 400,000 690,000Juan, Capital 1,283,952Pablo, Capital 1,456,704Total liabilities and equity 2,041,832 2,634,004Juan and Pablo agreed to form a partnership contributing their respective assets and equities subject to thefollowing adjustments:a. Accounts receivable of P40,000 in Juan’s books and P70,000 in Pablo’s books are uncollectible.b. Inventories of P11,000 and P13,400 are worthless in Juan’s and Pablo’s respective books.c. Other assets of P4,000 and P7,200 in Juan’s and Pablo’s respective books are to be written off.Required:1. What are the adjusted capital balances of the partners after formation? 2. Pedro offered to join for a 20% interest in…compute the owner's equity for norman gonzales on dec. 31,20X1 based on the fallowing data; norman gonzales ,capital january 1 ,20X1 P450 000 norman gonzales, cash drawings for 20X1 120 000 norman gonzales. additional investment 20X1 80 000 net income 20X1 90 000
- Problem From the following ledger balances, prepare trial balance, income statement, and balance sheet:Mr. X’s capital is 500,000Drawing 20,000Purchase 200,000Loan 100,000Machinery 50,000Return to suppliers 50,000Sales 400,000Return inward 600,000Carriage outward 20,000Bad debts 5,000Sundry Drs. 100,000B/R 20,000Sundry Crs. 50,000Carriage inward 10,000Salary and wages 5,000Depreciation 20,000Cash in hand 100,000Sale of scrap 5,000Closing stock 50,000Prepaid tax 10,000Outstanding wages 5,000 do not give solution in imageBased on the description I need to know if each example is a Proprietorship, Partnership, or Corporation.1) Bronson company presents a statement of Retained Earnings in its financial statements at year end.2) Jean Johnson’s home health care business does not have liability in its financial statement at year end3) Grand Canyon Company’s Retained Earnings balance is 5 million4) Crown Candy Company presents a statement of owner’s capital in its annual financial statement5) Statement of capital containing two capital accounts6) Par Value7) Stockholders Equity8) Partners’ capital, December 319) Statement of capital containing one capital account10) Retained Earnings11) Jones, Drawings12) Additional Paid in CapitalAcenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…
- Acenture LLC-Partners Trial Balance Year Ended December 31, 2021 Petty Cash Fund 25,000.00 Cash in Bank Account 743,000.00 Inventory Account 1,000,540.00 Furniture Account 905,000.00 Building Account 2,400,000.00 Accounts Receivables- ABC Company 250,000.00 Mr Brian & Associates 350,000.00 Create View LLC 400,000.00 Capital Account Mr. Axle 2,500,000.00 Ms. Rose 1,800,000.00 Accounts Payables- Suppliers of All Company 500,000.00 JVC Company 225,000.00 XYX Company 400,000.00 Sales Account…created balance sheet for HME Sdn Bhd From the following particulars, prepare a balance sheet HME at 30 Jun 2022Capital RM100,000Goodwill RM20,000Prepaid Expenses RM30,000Investment RM20,000Debtors RM30,400Creditors RM30,200Cash at bank RM100,000Furniture RM5,665Outstanding Expenses RM10,000Net profit RM6,242Closing stock RM25,000Bills Receivable RM8,689Bills Payable RM8,000Advance Income RM20,000Drawings RM5,000Pallabi Sekhar Associates, a partnership firm, made these transactions. Find out the effect on Assets, Liabilities and Capital of the Firm in an Accounting Equation form. 1. Business started with $ 75,000 as capital introduced. 2. Taken a Loan from Rajesh and Purchased a computer worth $3,750. 3. Additional Capital Invested $ 15,320 in the form of Equipment. 4. Paid Rent in advance $ 22,500 by cash only. 5. Bought a Generator of value $ 25,000 from Harish Ltd. by taking loan from Rajesh again. Withdrawn an amount of $ 10,500 by the Partner for personal purposes. Deposited into Firm's Bank an amount of $ 25,000.
- Two queens of Lockdown Kingdom, Queen Corona and Queen Covid came together to form a business, The Lockdown Enterprise, to better the economic stance of the kingdom. In this business, they agreed to share the profits and loses in the ratio of the opening capitals. Trail Balances as at 31 March, 2020 Particulars Debit (GHC) Credit (GHC) Land & Premises 2,000,000 Furniture 120,000 Inventry (1/4/19) 80,000 Import duty on goods 4,000 Wagges of contract workers 46,000 Salaries & wages of staff 64,000 Carriage for goods purchases 5,200 Carriage for goods sold 12,400 Discounts 24,900 25,080 Purchases & Sales 905,200 2,375,220 Rent 11,200 13,000 Commission 15,600 17,400 Bills receivable 108,000…From the following particulars, prepare a balance sheet of HME Sdn Bhd as at 30Jun 2022Capital RM80,000Goodwill RM20,000Prepaid Expenses RM10,000Investment RM20,000Debtors RM6,400Creditors RM14,200Loan from bank RM20,000Cash at bank RM17,200Furniture RM5,665 mango and oil RM50,000Outstanding Expenses RM10,000Net profit RM21,300General reserve RM1,000Closing stock RM14,800Bills Receivable RM25,000Bills Payable RM20,000Advance Income RM5,000Drawings RM4,400On July 1, 20--, Lisa Bush and Wally Dodge combined their two businesses to form a partnership under the firm name of Bush and Dodge. The balance sheets of the two sole proprietorships are shown below. Bush’s Grooming & Pet Supplies Balance Sheet June 30, 20 -- 1 Assets Liabilities 2 Cash $4,600.00 Notes payable $3,600.00 3 Accounts receivable $4,200.00 Accounts payable 7,690.00 4 Less allowance for bad debts 480.00 3,720.00 Total liabilities $11,290.00 5 Merchandise inventory 28,580.00 6 Store equipment $9,260.00 Owner’s Equity 7 Less accumulated depreciation 2,400.00 6,860.00 Lisa Bush, capital 32,470.00 8 Total assets $43,760.00 Total liabilities and owner’s equity $43,760.00 Wally’s Pet World Balance Sheet June 30, 20 -- 1 Assets…