Download CHAPTER-1 Advance Accounting Solman PDF

TitleCHAPTER-1 Advance Accounting Solman
TagsBalance Sheet Goodwill (Accounting) Bad Debt Corporate Jargon
File Size219.3 KB
Total Pages20
Document Text Contents
Page 11

To record the investment of Jose Bunag.

Cash. ........................................................................................... 15,067.50
Jose Bunag, Capital.............................................................. 15,067.50

Partnership – Basic Considerations and Formation


2. Castro and Bunag Partnership
Statement of Financial Position

October 1, 2013

A s s e t s

Cash .......................................................................................................... P21,067.50
Notes receivable......................................................................................... 3,000.00
Accounts receivable................................................................................... P 24,000
Less Allowance for bad debts..................................................................... ___1,200 22,800.00
Accrued interest receivable........................................................................ 35.00
Merchandise inventory............................................................................... 7,400.00
Office supplies .......................................................................................... 400.00
Furniture and fixtures................................................................................. 6,000
Less Accumulated depreciation.................................................................. ___1,400 __4,600.00

Total Assets........................................................................................ P59,302.50

Liabilities and Capital

Notes payable .......................................................................................... P 4,000.00
Accounts payable....................................................................................... 10,000.00
Accrued interest payable............................................................................ 100.00
Pedro Castro, Capital.................................................................................. 30,135.00
Jose Bunag, Capital.................................................................................... _15,067.50

Total Liabilities and Capital............................................................... P59,302.50

Problem 1 – 2
Contributed Capitals:

Jose: Capital before adjustment..................................................... P 85,000
Notes Payable....................................................................... 62,000
Undervaluation of inventory................................................. 13,000
Underdepreciation................................................................. ( 25,000) P 135,000

Pedro: Cash...................................................................................... 28,000
Pablo: Cash...................................................................................... 11,000

Marketable securities............................................................ _57,500 ___68,500

Total contributed capital............................................................................. P 231,500

Agreed Capitals:

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