JOURNAL ENTRY

6/4/2021 Cash 1,850,000.00

Land 2,500,000.00
Mortgage Payable
Briones, Capital
Naynes, Capital
To record the initial investment of the partners to the partnership.
 Briones and Naynes Partn
Statement of Financial Po
April 6, 2021
300,000.00 Assets
1,850,000.00 Current
2,200,000.00 Cash 1,850,000.00
partnership.
Total Current Assets 1,850,000.00

Non-Current
Land 2,500,000.00

Total non-current asssets 2,500,000.00

Total Assets 4,350,000.00

Briones and Naynes Partnership
Statement of Financial Position
April 6, 2021
Liabilities and Owners' Equity
Liabilities
Mortgage Payable 300,000.00

Total Liabilities 300,000.00

Owners' Equity
Briones, Capital 1,850,000.00
Naynes, Capital 2,200,000.00
Total Owners' Equity 4,050,000.00

Total Liabilities and Owners' Equity 4,350,000.00

 Veronica Jara Shoes
Statement Of Financial Position
March 1, 2021

Cash 150,000.00
Accounts Receivables 280,000.00
Less: Allowance for Bad Debts -50,000.00 230,000.00
Inventory 180,000.00
Land 300,000.00
Building 600,000.00
Less: Accum. Depr. - Bulding -60,000.00 540,000.00
Total Assets 1,400,000.00

Jara and Quezon Shoes

Statement of Financial Position
March. 01, 2021
Cash 727,100.00
Accounts Receivables 280,000.00
Less: Allowance for Bad Debts -28,000.00 252,000.00
Inventory 150,000.00
Land 500,000.00
Building 480,000.00
Office Supplies 15,000.00
Total Assets 2,124,100.00
Veronica Jara Shoes
ment Of Financial Position
March 1, 2021

Account Payable 250,000.00

Notes Payable 140,000.00
Jara, Capital 1,010,000.00

Total Liabilities and Owner's Equity 1,400,000.00

ara and Quezon Shoes

ment of Financial Position
March. 01, 2021
Account Payable 250,000.00
Notes Payable 140,000.00
Interest Payable 2,800.00
Jara, Capital 1,154,200.00
Quezon, Capital 577,100.00

Total Liabilities and Owner's Equity 2,124,100.00

Adjustments

Mar. 01-21 Jara, Capital 30,000.00

Inventory
To record the adjustments in Inventory.

Allowance for bad debts 22,000.00

Jara, Capital
To record the adjustments in allowance for bad debts.

Jara, Capital 2,800.00

Interest Payable
To record the interest of the notes payale.

Land 200,000.00
Jara, Capital
To record the revaluing of Land.

Jara, Capital 60,000.00

Accumulated Depreciation-building
To record the accumulated depreciation of the building.

Office Supplies 15,000.00

Jara, Capital
To record office supplies on hand.

Closing Old Books Of Jara

Mar.01-21 Allowance for Bad debts 28,000.00
Accumulated Depreciation-building 120,000.00
Jara, Capital 1,154,200.00
Account Payable 250,000.00
Notes Payable 140,000.00
Interest Payable 2,800.00
 Cash
Accounts Receivables
Inventory
Land
Building
Office Supplies
To close the Books of Jara.

Book Of Partnership
Marc.01-21 Cash 150,000.00
Accounts Receivables 280,000.00
Inventory 150,000.00
Land 500,000.00
Building 600,000.00
Office Supplies 15,000.00
Allowance for Bad debts
Accumulated Depreciation-building
Account Payable
Notes Payable
Interest Payable
Jara, Capital
To record the Investment of Jara to the Partnership

Mar. 01-21 Cash 577,100.00

Quezon, Capital
To record the Investment of Quezon to the partnership.
 credit
Adjustments

30,000.00 Allowance for bad debts 22,000.00

Land 200,000.00
Office Supplies 15,000.00
Jara, Capital
22,000.00 Inventory
Interest Payable
Accumulated Depreciation-building
To record the adjustments of account.
2,800.00

200,000.00

60,000.00

15,000.00
 150,000.00
280,000.00
150,000.00
500,000.00
600,000.00
15,000.00

28,000.00
120,000.00
250,000.00
140,000.00
2,800.00
1,154,200.00

577,100.00
 Jara

144,200.00
30,000.00
2,800.00
60,000.00
 Lique Clothing Lines
Statement of Financial Position
November 30, 2021

Cash 100,000.00
Accounts Receivables 200,000.00
Inventory 160,000.00
Furniture and Fixtures 120,000.00
Total Assets 580,000.00

Sultan Clothing Curves

Statement of Financial Position
November 30, 2021
Cash 100,000.00
Accounts Receivables 160,000.00
Inventory 200,000.00
Machineries 180,000.00
Total Assets 640,000.00
 Adjustments for Lique
Lique Clothing Lines
ement of Financial Position Nov. 30-21 Lique, Capital
November 30, 2021

Accounts Payable 100,000.00

Lique, Capital 480,000.00 Nov. 30-21 Inventory

Total Liabilities and Owner'S Equity 580,000.00

Nov. 30-21 Lique, Capital

Sultan Clothing Curves Adjustments for Sultan

ement of Financial Position
November 30, 2021 Nov. 30-21 Sultan, Capital
Accounts Payable 250,000.00
Sultan, Capital 390,000.00

Nov. 30-21 Sultan, Capital

Total Liabilities and Owner'S Equity 640,000.00

Nov. 30-21 Sultan, Capital

Nov. 30-21 Allowance for Bad Deb

Accumulated Depreciati
Accounts Payable
Lique, Capital

Nov. 30-21 Allowance for Bad Deb

Accumulated Depreciati
 Accounts Payable
Sultan, Capital

Nov. 30-21 Cash

Accounts Receivables
Inventory
Furniture and Fixtures

Nov. 30-21 Cash

Accounts Receivables
Inventory
Machineries
Lique, Capital 30,000.00
Allowance for Bad Debts
To record the allowance for bad debts.

Inventory 20,000.00
Lique, Capital
To adjust Lique's Inventory

Lique, Capital 15,000.00

Accumulated Depreciation-FF
To record accumulated depreciation.

Sultan, Capital 24,000.00

Allowance for Bad Debts
To record the allowance for bad debts.

Sultan, Capital 15,000.00

Inventory
To adjust Sultan's Inventory.

Sultan, Capital 18,000.00

Accumulated Depreciation- Machineries
To record the accumulated depreciation fo machineries.

Closing the Books of Lique

Allowance for Bad Debts 30,000.00
Accumulated Depreciation-FF 15,000.00
Accounts Payable 100,000.00
Lique, Capital 455,000.00
Cash
Accounts Receivables
Inventory
Furniture and Fixtures
To close the Book of Lique

Closing The Books of Sultan

Allowance for Bad Debts 24,000.00
Accumulated Depreciation- Machineries 18,000.00
Accounts Payable 250,000.00
Sultan, Capital 333,000.00
Cash
Accounts Receivables
Inventory
Machineries
To close the book of Sultan

Book of the Partnership

100,000.00
Accounts Receivables 200,000.00
Inventory 180,000.00
Furniture and Fixtures 120,000.00
Allowance for Bad Debts
Accumulated Depreciation-FF
Accounts Payable
Lique, Capital
To record the Investment of Lique to the Partnership.

100,000.00
Accounts Receivables 160,000.00
Inventory 185,000.00
Machineries 180,000.00
Allowance for Bad Debts
Accumulated Depreciation- Machineries
Accounts Payable
Sultan, Capital
To record the investment of Sultan to the Partnership.
 30,000.00
Cash
Accounts Receivables
Allowance for Bad Debts
20,000.00 Inventory
Furniture and Fixtures
Machineries
Total Assets
15,000.00

24,000.00

15,000.00

18,000.00

100,000.00
200,000.00
180,000.00
120,000.00

####
100,000.00
160,000.00
185,000.00
180,000.00

30,000.00
15,000.00
100,000.00
455,000.00

24,000.00
18,000.00
250,000.00
333,000.00
 Charles Angel Clothing Circles
Statement of Financial Position
Nov. 30, 2021

200,000.00
360,000.00
-54,000.00 306,000.00
365,000.00
105,000.00
162,000.00
1,138,000.00
lothing Circles
ancial Position
, 2021

Accounts Payable 350,000.00

Lique, Capital 455,000.00
Sultan, Capital 333,000.00

Total Liabilities and Owners' Equity 1,138,000.00

1 Income Summary 600,000.00
Padilla, Capital 300,000.00
Caster, Capital 300,000.00
To record the Division of Profits

2 Income Summary 600,000.00

Padilla, Capital 257,142.86
Caster, Capital 342,857.14
To record the Division of Profits.

3
Assumption no. 3

May-01 100,000 2,500,000 Jan.1

250,000 Apr-01