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    Para and Luman: Partnership Investment

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    Daphne Robles
    1. The document shows the capital contributions and adjustments for partners Bobby and Cobby. Bobby contributed ₱6,300 cash and ₱31,500 inventory. Cobby contributed ₱10,500 cash and ₱10,500 inventory. 2. Adjusting entries were made for each partner's books, including allowance for impairment, accumulated depreciation, and accrued expenses. 3. A final closing entry combined the partners' contributions and adjustments into the capital accounts of the new partnership.

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    Para and Luman: Partnership Investment

    Uploaded by

    Daphne Robles
    154 views6 pages
    1. The document shows the capital contributions and adjustments for partners Bobby and Cobby. Bobby contributed ₱6,300 cash and ₱31,500 inventory. Cobby contributed ₱10,500 cash and ₱10,500 inventory. 2. Adjusting entries were made for each partner's books, including allowance for impairment, accumulated depreciation, and accrued expenses. 3. A final closing entry combined the partners' contributions and adjustments into the capital accounts of the new partnership.

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    1. The document shows the capital contributions and adjustments for partners Bobby and Cobby. Bobby contributed ₱6,300 cash and ₱31,500 inventory. Cobby contributed ₱10,500 cash and ₱10,500 inventory. 2. Adjusting entries were made for each partner's books, including allowance for impairment, accumulated depreciation, and accrued expenses. 3. A final closing entry combined the partners' contributions and adjustments into the capital accounts of the new partnership.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    154 views6 pages

    Para and Luman: Partnership Investment

    Uploaded by

    Daphne Robles
    1. The document shows the capital contributions and adjustments for partners Bobby and Cobby. Bobby contributed ₱6,300 cash and ₱31,500 inventory. Cobby contributed ₱10,500 cash and ₱10,500 inventory. 2. Adjusting entries were made for each partner's books, including allowance for impairment, accumulated depreciation, and accrued expenses. 3. A final closing entry combined the partners' contributions and adjustments into the capital accounts of the new partnership.

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    © All Rights Reserved
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    Para and Luman

    April 15, 20AB


    Partnership Investment
    Cash ₱ 55,000.00
    Furniture (market value) ₱ 44,000.00
    Equipment ₱ 165,000.00
    L, Capital
    P, Capital

    2 L, Capital
    P, Capital

    Additional cash investment for Para Company

    3 Agreed Capital
    L, Capital

    Additional cash investment for Luman Company

    4 P, Capital 99,000/ 30% =33,000


    L, Capital+ P, Capital 165,000+99,000=264,000
    Cash Investment 330,000-264,000=66,000

    Partnership Formation
    Bobby

    1 Bobby, Capital 6,300


    Allowance for imparement loss
    2 Bobby, Capital 31,500
    Inventory
    4 Prepaid Expense 8,400
    Bobby, Capital

    Cobby
    1 Cobby, Capital 10,500
    Allowance for impairment loss
    2 Cobby, Capital 10,500
    Inventory
    3 Cobby, Capital 8,400
    Accumulated Depreciation
    5 Cobby, Capital 6,825
    Accrued Expense

    A. Books of Bobby
    Adjusting Entries
    1 Bobby, Capital 6,300
    Allowance for impairment loss
    2 Bobby, Capital 31,500
    Inventory
    4 Prepaid Expense 8,400
    Bobby, Capital
    Cash 126,000
    Accounts Receivable 105,000
    Inventory 42,000
    Equipment 42,000
    Allowance for impairment loss
    Accumulated Depreciation
    Accrued Expense
    Cobby, Capital

    Adjusting Entries
    1 Cobby, Capital 10,500
    Allowance for impairment loss
    2 Cobby, Capital 10,500
    Inventory
    3 Cobby, Capital 8,400
    Accumulated Depreciation
    5 Cobby, Capital 6,825
    Accrued Expense
    Closing Entry
    Allowance for impairment loss 10,500
    Accumulated Depreciation 8,400
    Accrued Expense 6,825
    Cobby, Capital 289,275
    Cash
    Accounts Receivable
    Inventory
    Equipment

    B. Books of Cobby
    Adjusting Entries
    1 Cobby, Capital 10,500
    Allowance for impairment loss
    2 Cobby, Capital 10,500
    Inventory
    3 Cobby, Capital 8,400
    Accumulated Depreciation
    5 Cobby, Capital 6,825
    Accrued Expense
    Cash 84,000
    Accounts Receivable 63,000
    Inventory 126,000
    Prepaid Expense 8,400
    Allowance for impairment loss .
    Accounts Payable
    Bobby, Capital

    Adjusting Entries
    1 Bobby, Capital 6,300
    Allowance for impairment loss
    2 Bobby, Capital 31,500
    Inventory
    4 Prepaid Expense 8,400
    Bobby, Capital
    Closing Entry
    Allowance for impairment loss 6,300
    Accounts Payable 21,000
    Bobby, Capital 254,100
    Cash
    Accounts Receivable
    Inventory
    Prepaid Expense

    C. Books of the New Partnership


    Opening Entry
    Cash (126,000+84,000) 210,000
    Accounts Receivable(105,000+63,000) 168,000
    Inventory(42,000+126,000) 168,000
    Equipment 42,000
    Prepaid Expense 8,400
    Accounts Payable
    Allowance for impairment loss(10,500+6,300)
    Accumulated Depreciation
    Accrued Expense
    Cobby, Capital
    Bobby, Capital
    ₱ 165,000.00
    ₱ 99,000.00

    ₱ 165,000.00
    -₱ 99,000.00
    ₱ 66,000.00

    ₱ 275,000.00
    -₱ 165,000.00
    ₱ 110,000.00

    6,300

    31,500

    8,400

    10,500 T- Account
    #1 ₱ 6,300.00 Unadj. 283,500
    10,500 #2 ₱ 31,500.00
    Adj. ₱ 254,100.00 #8 8,400
    8,400 ₱ 291,900.00 ₱ 291,900.00

    6,825
    T-Account
    #1 10,500 Unadj. 325,500
    6,300 #3 8,400
    #5 6,825
    31,500 #2 10,500
    Adj. 289,275
    8,400 ₱ 325,500.00 ₱ 325,500.00

    10,500
    8,400
    6,825
    289,275

    10,500

    10,500

    8,400

    6,825

    126,000
    105,000
    42,000
    42,000

    10,500

    10,500

    8,400

    6,825
    6,300
    21,000
    254,100

    6,300

    31,500

    8,400

    84,000
    63,000
    126,000
    8,400

    21,000
    16,800
    8,400
    6,825
    289,275
    254,100

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