ollowing data in its books: 1 Feb 28 Carlo, Capital P50,000 Jan 1 Balance. June 1 Oct 1 P300,000 20,000 75,000 P345,000
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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…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 image
- 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 RM4,400Acenture 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 RM5,000David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). 1 Record the sale…David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Cash Equipment Accum. deprec. Equipment Accounts Pay. Notes Pay. David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balance, December 31, 2020 $40,300 $191,000 $102,000 $8,300 $25,000 $44,000…
- David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.)Pallabi 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.Mr X runs a business which has two department. The following balance were extracted from his books on 30.6.2020: Items Dept A Dept B Common expenses Rs Opening stock on 1.1.2020 12000 13000 Commission payable 1500 Purchases 24520 36544 Salaries 15100 Sales 86030 89070 Advertising 2500 Closing stock 12100 13300 Rates 1450 Wages 22800 21200 Insurance 400 Return in 1030 4070 Repairs 800 Return out 520 544 Lighting heating 2000 Salaries of 400 are outstanding, Rates 250 have been paid in advance and Insurance 80 is prepaid. Commission, salaries and advertising are to be charged to the departments in proportion on net(sales minus returns in); all other expenses are to be apportioned 1/4th to the department A and 3/4th to the department B. You are required to prepare departmental trading account.