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    Accounting (Partnership Prob.)

    Uploaded by

    Yesha Sibayan
    This document contains the statement of financial position for Nonstop Computer Shop as of December 31, 2014 and adjusting and closing entries for partners B. Maramba and S. Zaragosa. It also contains the statement of financial position for MV Partnership as of November 10, 2014 and related adjusting entries for partners J. Valdez and M. Melendez, along with combining entries to create the partnership financials.

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    © All Rights Reserved
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    Accounting (Partnership Prob.)

    Uploaded by

    Yesha Sibayan
    50 views9 pages
    This document contains the statement of financial position for Nonstop Computer Shop as of December 31, 2014 and adjusting and closing entries for partners B. Maramba and S. Zaragosa. It also contains the statement of financial position for MV Partnership as of November 10, 2014 and related adjusting entries for partners J. Valdez and M. Melendez, along with combining entries to create the partnership financials.

    Original Title

    ACCOUNTING (PARTNERSHIP PROB.)

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    This document contains the statement of financial position for Nonstop Computer Shop as of December 31, 2014 and adjusting and closing entries for partners B. Maramba and S. Zaragosa. It also contains the statement of financial position for MV Partnership as of November 10, 2014 and related adjusting entries for partners J. Valdez and M. Melendez, along with combining entries to create the partnership financials.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    50 views9 pages

    Accounting (Partnership Prob.)

    Uploaded by

    Yesha Sibayan
    This document contains the statement of financial position for Nonstop Computer Shop as of December 31, 2014 and adjusting and closing entries for partners B. Maramba and S. Zaragosa. It also contains the statement of financial position for MV Partnership as of November 10, 2014 and related adjusting entries for partners J. Valdez and M. Melendez, along with combining entries to create the partnership financials.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 9

    Nonstop Computer Shop

    SOFP
    As of Dec. 31, 2014

    Cash ₱ 145,000.00
    Accounts Receivable ₱ 230,000.00
    Less: AFUA ₱ 38,000.00 ₱ 192,000.00
    Inventories ₱ 420,000.00
    Prepaid Rent ₱ 5,000.00
    Land ₱ 185,000.00
    Bldg. ₱ 175,000.00
    CE ₱ 420,000.00
    Total Asset ₱ 1,542,000.00

    Accounts Payable ₱ 210,000.00


    Mortgage Payable ₱ 75,000.00
    B. Marba, Capital ₱ 587,000.00
    S. Zaragosa, Capital ₱ 670,000.00
    ₱ 1,542,000.00
    Books of Maramba
    ADJUSTING ENTRIES

    B. Marba, Capital ₱ 8,000.00


    AFUA ₱ 8,000.00

    B. Marba, Capital ₱ 15,000.00


    Inventory ₱ 15,000.00

    Land ₱ 5,000.00
    B. Maramba, Capital ₱ 5,000.00

    Books of S. Zaragosa

    S. Zaragosa, Capital ₱ 30,000.00


    AFUA ₱ 30,000.00

    CLOSING ENTRIES
    Books of Maramba

    AFUA ₱ 8,000.00
    Acumm. Dep.- Bldg. ₱ 75,000.00
    Acumm. Dep.- CE ₱ 270,000.00
    Accounts Payable ₱ 150,000.00
    Mortgage Payable ₱ 75,000.00
    B. Marba, Capital ₱ 587,000.00
    Cash ₱ 15,000.00
    Accounts Receivable ₱ 80,000.00
    Inventories ₱ 185,000.00
    Land ₱ 185,000.00
    Building ₱ 250,000.00
    CE ₱ 450,000.00

    CLOSING ENTRIES
    Books of S. Zaragosa
    AFUA ₱ 30,000.00
    Acumm. Dep.- CE ₱ 360,000.00
    Accounts Payable ₱ 60,000.00
    S. Zaragosa, Capital ₱ 670,000.00
    Cash ₱ 130,000.00
    Accounts Receivable ₱ 150,000.00
    Inventories ₱ 235,000.00
    Prepaid Rent ₱ 5,000.00
    CE ₱ 600,000.00
    Books of Partnership
    Entry to record the investment of B. Maramba *netted

    Cash ₱ 15,000.00
    Accounts Receivable ₱ 80,000.00
    Inventories ₱ 185,000.00
    Land ₱ 185,000.00
    Building ₱ 175,000.00 *
    CE ₱ 180,000.00 *
    AFUA ₱ 8,000.00
    Accounts Payable ₱ 150,000.00
    Mortgage Payable ₱ 75,000.00
    B. Marba, Capital ₱ 587,000.00
    #

    Entry to record the investment of S. Zargosa


    Cash ₱ 130,000.00
    Accounts Receivable ₱ 150,000.00
    Inventories ₱ 235,000.00
    Prepaid Rent ₱ 5,000.00
    CE ₱ 240,000.00
    AFUA ₱ 30,000.00
    Accounts Payable ₱ 60,000.00
    S. Zaragosa, Capital ₱ 670,000.00
    *netted
    MV Partnertship
    SOFP
    As of November 10, 2014

    Cash ₱ 52,500.00
    Accounts Receivable ₱ 765,000.00
    Less: AFDA ₱ 165,000.00 ₱ 600,000.00
    Merchandise Inventory ₱ 202,500.00
    Accounts Payable ₱ 360,000.00
    Total Assets ₱ 1,215,000.00

    Accounts Payable ₱ 375,000.00


    J. Valdez, Capital ₱ 405,000.00
    M. Melendez, Capital ₱ 435,000.00
    Total L&PE ₱ 1,215,000.00
    Book of M. Melendez
    ADJUSTING JOURNAL ENTRIES

    M. Melendez, Capital ₱ 15,000.00


    Accum. Dep. ₱ 15,000.00

    M. Melendez, Capital ₱ 120,000.00


    AFDA ₱ 120,000.00

    Book of J. Valdez

    J. Valdez, Capital ₱ 45,000.00


    Accum. Dep. ₱ 45,000.00

    J. Valdez, Capital ₱ 45,000.00


    AFDA ₱ 45,000.00

    BOOKS OF PARTNERSHIP
    Cash ₱ 15,000.00
    Accounts Receivable ₱ 540,000.00
    M&E ₱ 135,000.00
    AFDA ₱ 120,000.00
    Accounts Payable ₱ 135,000.00
    M. Melendez, Capital ₱ 435,000.00

    Cash ₱ 37,500.00
    Accounts Receivable ₱ 225,000.00
    Merchandise Inventory ₱ 202,500.00
    M&E ₱ 225,000.00
    AFDA ₱ 45,000.00
    Accounts Payable ₱ 240,000.00
    J. Valdez, Capital ₱ 405,000.00

    COMPOUND ENTRY

    Cash ₱ 52,500.00
    Accounts Receivable ₱ 765,000.00
    Merchandise Inventory ₱ 202,500.00
    M&E ₱ 360,000.00
    AFDA ₱ 165,000.00
    Accounts Payable ₱ 375,000.00
    J. Valdez, Capital ₱ 405,000.00
    M. Melendez, Capital ₱ 435,000.00

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