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(Solution Answers) Advanced Accounting by Dayag, Version 2017 - Chapter 1 (Partnership) - Solution To Problem III

1. The document presents financial information for Tom and Julie's partnership. It shows the partnership's assets and liabilities as of two points in time, as well as income and withdrawals for the year. 2. It then provides a statement of changes in partners' capital, showing the beginning capital balances, additional investments, allocation of net income, total capital, withdrawals, and ending capital balances for each partner and in total for the year ended December 31, 20x4.

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John Carlos Doringo
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416 views2 pages

(Solution Answers) Advanced Accounting by Dayag, Version 2017 - Chapter 1 (Partnership) - Solution To Problem III

1. The document presents financial information for Tom and Julie's partnership. It shows the partnership's assets and liabilities as of two points in time, as well as income and withdrawals for the year. 2. It then provides a statement of changes in partners' capital, showing the beginning capital balances, additional investments, allocation of net income, total capital, withdrawals, and ending capital balances for each partner and in total for the year ended December 31, 20x4.

Uploaded by

John Carlos Doringo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Chapter 1

Problem III

1. (a) Cash 13,000


Accounts Receivable 8,000
Office Supplies 2,000
Office Equipment 30,000
Accounts Payable 2,000
Tom, Capital 51,000

Cash 12,000
Accounts Receivable 6,000
Office Supplies 800
Land 30,000
Accounts Payable 5,000
Mortgage Payable 18,800
Julie, Capital 25,000

(b) Tom, Drawing 15,000


Cash 15,000

Julie, Drawing 12,000


Cash 12,000

(c) Income Summary 50,000


Tom, Capital P50,000  (P51,000/P76,000) 33,553
Julie, Capital P50,000  (P25,000/P76,000) 16,447

Tom, Capital 15,000


Julie, Capital 12,000
Tom, Drawing 15,000
Julie, Drawing 12,000
2. TOM AND JULIE PARTNERSHIP
Statement of Changes in Partners' Capital
For the Year Ended December 31, 20x4

Tom Julie Total


Capital balances, Jan. 1 P 0 P 0 P 0
Add: Additional investments 51,000 25,000 76,000
Net income allocation 33,553 16,447 50,000
Totals P 84,553 P 41,447 P126,000
Less: Withdrawals 15,000 12,000 27,000
Capital balances, Dec. 31 P 69,553 P 29,447 P99,000

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