Partnership Journal Entries. Used the post trial balance as a reference for the given adjustment below. form a partn iship. Their respective Post-Closing Trial Balance as at August 31,On Septembee 1, 20xx, Darren and Darryl agreed to combine their businesses andMaltiple Chose-120x show ths following:DarrenDarrylDebitCredit250,000.00DebitCreditCash175,000.00300,000.00200,000.0010,000.0035,000.0030,000.00400,000.00Accounts Receriable300,000.00InventoriesPrepald Exper: esFurniture and Fixtures, netOffice Equipment, netAccounts PayaleOwner's Equit5,000.0050,000.0045,000.00300,000.00750,000.001,050,000.00200,000.00550,000.00750,000.001,050,000.00750,000.00They agreed to have the following adjustments in their books:1 Provide 3% allowance for doubtful accounts based on Accounts Receivable.b The fair market value s of inventory amounted to:DarrenP282,000P179,000DarrylC Darren's furniture snd fixtures should be P40,000, while Darryl's officeequipment is under-depreciated by P5,000.Rent expense incurre I previously by Darren was not yet recorded amounting toPI0,000, while salary expense incurred by Darryl was not also recordedamounting to P15,300.Frofits and losses shal! be distributed according to their eapital ratio.

A business entity in which two or more individuals mutually decide to contribute their resources,…

Maltiple Chone-11 On September 1, 20xx, Darren and Darryl agreed to combine their businesses and form a partniship. Their respective Post-Closing Trial Balance as at August 31, 20xx show th: following: Darren Darryl Debit Credit Debit 175,000.00 300,000.00 200,000.00 250,000.00 Credit Cash 400,000.00 Accounts Receriable 300,000.00 Anventories Prepald Exper es Furniture and Fixtures, net office Equipnitnt, net Accounts Payale Owner's Equit 5,000.00 50,000.00 45,000.00 10,000.00 35,000.00 30,000.00 300,000.00 200,000.00 750,000.00 1,050,000.00 550,000.00 750,000.00 1,050,000.00 750,000.00 They agreed to have the following adjustments in their books: A Provide 3% allowance for doubtful accounts based on Accounts Receivable. h The fair market value s of inventory amounted to: P282,000 Darren P179,000 Darryl c Darren's furniture end fixtures should be P40,000, while Darryl's office equipment is under-depreciated by P5,000. & Rent expense incurre I previously by Darren was not yet recorded amounting to PI0,000, while salary expense incurred by Darryl was not also recorded amounting to P15, J00. e. Profits and losses shal! be distributed according to their capital ratio.

Maltiple Chone-11 On September 1, 20xx, Darren and Darryl agreed to combine their businesses and form a partniship. Their respective Post-Closing Trial Balance as at August 31, 20xx show th: following: Darren Darryl Debit Credit Debit 175,000.00 300,000.00 200,000.00 250,000.00 Credit Cash 400,000.00 Accounts Receriable 300,000.00 Anventories Prepald Exper es Furniture and Fixtures, net office Equipnitnt, net Accounts Payale Owner's Equit 5,000.00 50,000.00 45,000.00 10,000.00 35,000.00 30,000.00 300,000.00 200,000.00 750,000.00 1,050,000.00 550,000.00 750,000.00 1,050,000.00 750,000.00 They agreed to have the following adjustments in their books: A Provide 3% allowance for doubtful accounts based on Accounts Receivable. h The fair market value s of inventory amounted to: P282,000 Darren P179,000 Darryl c Darren's furniture end fixtures should be P40,000, while Darryl's office equipment is under-depreciated by P5,000. & Rent expense incurre I previously by Darren was not yet recorded amounting to PI0,000, while salary expense incurred by Darryl was not also recorded amounting to P15, J00. e. Profits and losses shal! be distributed according to their capital ratio.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges

Section: Chapter Questions

Problem 89P

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