The following transactions are shown in the records of A partner's capital and drawing accounts: A, capital 1. Beginning balance, 100,000 2. Correction of understement of prior year's income, 10,000 3. Additional invetsment, 240,000 A, drawing 1. Temporary withdrawals, 60,000 2. Partnership debts paid by A, 90,000 3. Partnership claims collected and retained by A, 20,000 The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the hsare of A. Required: 1. Prepare the T-accountrs for A's capital and -account for A's drawing. Determine their respective ending balances. 2. Make the journal entries to close the income summary account and to close the drawing account.
The following transactions are shown in the records of A partner's capital and drawing accounts:
A, capital
1. Beginning balance, 100,000
2. Correction of understement of prior year's income, 10,000
3. Additional invetsment, 240,000
A, drawing
1. Temporary withdrawals, 60,000
2. Partnership debts paid by A, 90,000
3. Partnership claims collected and retained by A, 20,000
The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the hsare of A.
Required:
1. Prepare the T-accountrs for A's capital and -account for A's drawing. Determine their respective ending balances.
2. Make the
Problem II - Loans to and from Partners
The loans to and from partners account of Cute and Tong Partnership shows the following ledger:
Loans to and from Partners
1-Jan Cute 50,000 1-Mar Tong 30,000
30-Aug Tong 20,000 30-May Cute 60,000
"Required: Make the reclassifying journal entries if the partners agreed to segregate the ""loans to and from partners"" account using "
"the ""loans to partners"" (each partner's name) & ""loans from partner"" (each partner's name). "
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