Answered: X Accounting for Partnershi...

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 12.15EX

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Prepare journal entries make journal entry and post the journal entries to the partners equity, drawing, payable, recibable kung saang appropriate partners account daw

Transcribed Image Text:al SMART 8:47 AM O 13% I X Accounting for Partnershi... partnership On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following contribution: Bon Hok, a general partner, contributed cash P 150,000 and shares 45% for profits and losses. Dyon OK is a limited partner, contributed his Brand New Motorcycle costing P 150,000 and shares 40% for profits and losses Meow Meng is an industrial partner contributing his personal services and shares 15% in the partnership profits. Prepare the journal entry and post it to the appropriate partner's account. Let's try these: Prepare the journal entries for the following transactions: July 1- Mr. Bon Hok withdraw P20.000 cash charge to share in profits. 2 - Mr. Ok made an additional contribution of P30,000 cash. 3 Mr. Meng bought goods on account from the partnership, P 10,000 4 The partnership borrowed P50,000 from Mr. Hok. 5 Mr. Meng fully paid its account to the partnership. 6. The partnership pays 50% of its borrowings to Mr. Hok. 7 Mr. Ok permanently withdraw P 20,000 cash from the prtnersip. 8. Assuming at the end of the accounting period, the partnership earns profit of P80,000 and decided to distribute the profits to the partners.

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