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    1) Medina's merchandise inventory is reduced by P105,200 and Dalangin's is increased by P7,200 through journal entries. 2) The fair market values of various assets are recorded, including adjustments to land, buildings, equipment, and capital accounts. 3) Half of Medina's notes payable are personal notes assumed by the partner. 4) Dalangin's prepaid rent of P6,000 is transferred to the partnership.

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    1) Medina's merchandise inventory is reduced by P105,200 and Dalangin's is increased by P7,200 through journal entries. 2) The fair market values of various assets are recorded, including adjustments to land, buildings, equipment, and capital accounts. 3) Half of Medina's notes payable are personal notes assumed by the partner. 4) Dalangin's prepaid rent of P6,000 is transferred to the partnership.

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    1) Medina's merchandise inventory is reduced by P105,200 and Dalangin's is increased by P7,200 through journal entries. 2) The fair market values of various assets are recorded, including adjustments to land, buildings, equipment, and capital accounts. 3) Half of Medina's notes payable are personal notes assumed by the partner. 4) Dalangin's prepaid rent of P6,000 is transferred to the partnership.

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    87 views6 pages

    Far 3 PDF Free

    Uploaded by

    junica casi�o
    1) Medina's merchandise inventory is reduced by P105,200 and Dalangin's is increased by P7,200 through journal entries. 2) The fair market values of various assets are recorded, including adjustments to land, buildings, equipment, and capital accounts. 3) Half of Medina's notes payable are personal notes assumed by the partner. 4) Dalangin's prepaid rent of P6,000 is transferred to the partnership.

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    Adjusting: To record adjustments

    A. Medina’s merchandise inventory is to be reduced by P105,200. The inventory of Dalangin will be increased by P7,200.
    DR Medina, Capital 105,200.00
    CR Merchandise Inventory 105,200.00

    DR Merchandise Inven. 7,200.00


    CR Dalangin, Capital 7,200.00

    B. The following are the FMV of the various assets:


    Medina Dalangin
    Land 108,000.00
    Building 192,000.00
    Office EQUIPMENT 16,000.00 40,000.00
    Repair Equipment 124,000.00

    DR Land 68,000.00
    DR Medina, Capital 98,000.00
    DR Repair Equipment 20,000.00
    DR D, Capital 9,000.00
    Office Equipment 2,000.00
    Building 96,000.00
    CR Medina, Capital 88,000.00
    CR Office Equipment 9,000.00

    C. One half of the notes payable of Medina are personal notes. All other liabilities of the partners are assumed by the partners
    DR Medina's Drawings 60,000.00
    CR Cash 60,000.00 *not sure*

    D. The prepaid rent in the books of Dalangin will be consumed by partnership


    DR. Prepaid Rent 6,000.00
    CR Dalangin, Capital 6,000.00

    Revaluation:
    DR Cash 42,000.00
    DR A/R 389,200.00
    DR Merchandise Inven. 356,400.00
    DR Office Supplies 30,400.00
    DR Land 108,000.00
    DR Building 192,000.00
    DR Office Equipment 16,000.00
    DR Repair Equipment 124,000.00
    CR Accum Dep. - Building 32,000.00
    CR Accum. Dep. - OE 6,000.00
    CR Accum. Dep. - RE 68,000.00
    CR Allowance for U.C 22,400.00
    CR N/P 60,000.00
    CR A/P 170,000.00
    CR M/P 200,000.00
    CR Medina, Capital 699,600.00

    Closing the books:


    CR Accum Dep. - Building 32,000.00
    CR Accum. Dep. - OE 6,000.00
    CR Accum. Dep. - RE 68,000.00
    CR Allowance for U.C 22,400.00
    CR N/P 60,000.00
    CR A/P 170,000.00
    CR M/P 200,000.00
    CR Medina, Capital 699,600.00
    DR Cash 42,000.00
    DR A/R 389,200.00
    DR Merchandise Inven. 356,400.00
    DR Office Supplies 30,400.00
    DR Land 108,000.00
    DR Building 192,000.00
    DR Office Equipment 16,000.00
    DR Repair Equipment 124,000.00
    To close the books of Medina
    Opening:
    DR Cash 42,000.00
    DR A/R 389,200.00
    DR Merchandise Inven. 356,400.00
    DR Office Supplies 30,400.00
    DR Land 108,000.00
    DR Building 160,000.00
    DR Office Equipment 10,000.00
    DR Repair Equipment 56,000.00
    CR Allowance for U.C 22,400.00
    CR N/P 60,000.00
    CR A/P 170,000.00
    CR M/P 200,000.00
    CR Medina, Capital 699,600.00
    To record medina's investment

    DR Cash 30,000.00
    DR Accounts Receivable 169,200.00
    DR Merchandise Inven. 308,000.00
    DR Prepaid Rent 6,000.00
    DR Office Supplies 4,000.00
    Accounts Payable 111,600.00
    Dalangin, Capital 6,000.00
    reased by P7,200.

    assumed by the partnerships.


    (CAPITAL)

    DR 1,258,000
    CR 1, 258,000

    DR 1,152,000

    CR 1,152,000
    Problem 2

    Cash 1,260,000
    Computer Equipm. 360,000
    CR Notes Payable 120,000
    Gogola, Capital 1,500,000

    Cash 900,000
    CR Paglinawan, Capital 900,000

    Additional investment:

    2,250,000*0.40 equal 900000

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