Mrs. French operated a specialty shop that sold Souvenir Items and accessories. Her post-closing trial balance on Dec. 31, 2018 as follows: French Post-Closing Trial Balance Dec. 31,2018 Debit Credit Cash P50,000 150,000 Accounts Receivable Allowance for Uncollectible Accounts P20,000 Inventory Equipment 440,000 200,000 Accumulated Depreciation Accounts Payable French, Capital 75,000 55,000 690,000 P840,000 P 840,000 French plans to enter into a partnership with trusted associate, Fried, effective Jan.1 2019. Profits or losses will be shared equally. French is to transfer all assets and liabilities of her shop to the partnership after revaluation. Fried will invest will invest cash equal to 2/3 of French investment after revaluation. The agreed values are as follows: Accounts receivable (net), P150,000; inventory, P400,000; and equipment (net), P150,000. The partnership will operate under the business name of Snacks to Go Required: 1. Prepare necessary journal entries to form the partnership. ( Books of Sole Proprietor and Partnership) 2. Prepare the partnership's statement of financial position as at the date of formation of the partnership.

Mrs. French operated a specialty shop that sold Souvenir Items and accessories. Her post-closing trial balance on Dec. 31, 2018 as follows: French Post-Closing Trial Balance Dec. 31,2018 Debit Credit Cash P50,000 150,000 Accounts Receivable Allowance for Uncollectible Accounts P20,000 Inventory Equipment 440,000 200,000 Accumulated Depreciation Accounts Payable French, Capital 75,000 55,000 690,000 P840,000 P 840,000 French plans to enter into a partnership with trusted associate, Fried, effective Jan.1 2019. Profits or losses will be shared equally. French is to transfer all assets and liabilities of her shop to the partnership after revaluation. Fried will invest will invest cash equal to 2/3 of French investment after revaluation. The agreed values are as follows: Accounts receivable (net), P150,000; inventory, P400,000; and equipment (net), P150,000. The partnership will operate under the business name of Snacks to Go Required: 1. Prepare necessary journal entries to form the partnership. ( Books of Sole Proprietor and Partnership) 2. Prepare the partnership's statement of financial position as at the date of formation of the partnership.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1AP

See similar textbooks

Similar questions

At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $746,350 Administrative Expenses 515,750 Building 2,419,500 Cash 168,150 Cost of Merchandise Sold 3,900,350 Interest Expense 9,750 Kathy Melman, Capital 1,585,350 Kathy Melman, Drawing 180,400 Merchandise Inventory 941,750 Notes Payable 261,150 Office Supplies 21,000 Salaries Payable 7,850 Sales 6,627,450 Selling Expenses 710,900 Store Supplies 93,650 Required: a. Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other expenses section only, enter amounts that represent other expenses as negative numbers…
On December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a 12 % creditable input VAT entry was made on the date of purchase . The same was paid on December 31, 2019 and the former accountant debited Office Equipment and credited Cash for 400, 000 What is the correct initial carrying amount of the PPE?
Presented below, together with account numbers, is the unadjusted trial balance of Madelyn Rialubin Travel Agency for the year ended December 31, 2020: Madelyn Rialubin Travel Agency Unadjusted Trial Balance December 31, 2013 110 Cash ₱ 126,000.00 120 Accounts receivables 645,000 130 Prepaid rent 360,000 140 Office supplies 63,000 150 Furniture 2,175,000 155 Accumulated depreciation ₱ 435,000.00 210 Notes payable 900,000 220 Accounts payable 285,000 230 Salaries payable 240 Interest payable 310 Rialubin, capital 1,680,000 320 Rialubin, withdrawals 1,200,000 410 Travel revenues 5,133,000 510 Salaries expense 3,771,000…
The following trial balance has been extracted from the ledger of Mr robert a sole trader as at 31 may 2018 Trial balance DR(sh). CR(shs) Property at cost. 900000 Equipment at cost 575000 Provision for depreciation on. 325000 equipment Provision for depreciation on property 125000. 274000 Stock as at 1 june 2017 Purchases. 2596000 Sales 4050000 Discount allowed. 33700 Discount received. 44200 Wages and salaries. 523600. Bad debts. 17200 Loan interest. 15600 Carriage outwar . 53100 Other operating expenses. 388000 Trade debtor . 462000 Trade credits 336000 Provision for bad debts 2800 Cash on han .…
On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold 775,000 Selling Expense 160,000 Interest Expense 6,000 Store Supplies 16,000 Merchandise Inventory 115,000 Store Supplies Expense 21,500 Notes Payable…
Chandra's bakery business has the following account balances at 30 December 2019: Equipment OR 38000, inventories OR 4100, Account payables OR 2650, loan of OR 5000 bank of OR 1090, purchase return 2500, sale 23040 and capital 10000. The total amount of the trial balance is: Select one: a. OR 38660 b. OR 43190 c. OR 30190 d. Correct answer not available e. OR 35540
Jim commenced business as a sole trader under the name of ‘JimTag’, and he has provided the following accounts and their closing balances for the year ended 31st December 2020: Jim Tag Unadjusted Trial Balance as at 31 December 2020 Accounts $ $ Capital: JimTag as at 1 January, 2020 98,900 Drawings 21,700 Sales 260,700 PAYG Withheld 23,200 Cost of Goods Sold 128,700 Cash at Bank 22,400 Accounts Receivable 14,150 GST Collected 25,500 Sales commissions expense 6,560 Staff salaries expense 64,500 Accounting fees 2,300 Advertising expense 7,970 Inventory as at 31 December, 2020 40,250 Computer Equipment at cost 36,000 Shop Fittings at cost 70,000 Accumulated Depreciation: Computer Equipment 5,400 Accumulated Depreciation: Shop Fittings 18,000 Accounts Payable 18,900 Long-term Bank…
Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900…
Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900…
Farah Youssef operates as a sole trader. Below is a trial balance extracted from her books as at 31 December 2020. Trial balance for Farah Youssef as at 31 December 2020 Debit Credit £ _ . £ Sales revenue 695,000 Inventory (as at 1 January 2020) 105,800 Purchases 625,200 Non-current assets at cost: Equipment 100,000 Motor vehicle 80,000 Accumulated depreciation: Equipment 10,000 Motor vehicle 10,000 Insurance 14,700 Rent 30,000 Heating and lighting 10,000 Salaries and wages 40,000 Motor expenses 15,300 Miscellaneous expenses 28,500 Receivables 110,000 Allowance for receivables 4,000 Payables 101,500 Cash 71,000 Bank loan 100,000 Capital 310,000 Total 1,230,500 1,230,500 Additional information is provided for use in…
Farah Youssef operates as a sole trader. Below is a trial balance extracted from her books as at 31 December 2020. Trial balance for Farah Youssef as at 31 December 2020 Debit Credit £ _ . £ Sales revenue 695,000 Inventory (as at 1 January 2020) 105,800 Purchases 625,200 Non-current assets at cost: Equipment 100,000 Motor vehicle 80,000 Accumulated depreciation: Equipment 10,000 Motor vehicle 10,000 Insurance 14,700 Rent 30,000 Heating and lighting 10,000 Salaries and wages 40,000 Motor expenses 15,300 Miscellaneous expenses 28,500 Receivables 110,000 Allowance for receivables 4,000 Payables 101,500 Cash 71,000 Bank loan 100,000 Capital 310,000 Total 1,230,500 1,230,500 Additional information is provided for use in preparing the company’s…