try Prepare the journal entries for the following transactions: luly 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 lecided to distribute the profits to the partners

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Transcribed Image Text: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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