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Prac Review

The document contains adjusting and closing entries for the Geron and Yumul partnership. It records allowances for uncollectible accounts, inventories, and other assets. The closing entries transfer balances from asset, liability, and capital accounts to newly created books of the partnership. It then provides the statement of financial position combining the assets, liabilities, and capital accounts of both partners.

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Yannah Rebogio
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28 views3 pages

Prac Review

The document contains adjusting and closing entries for the Geron and Yumul partnership. It records allowances for uncollectible accounts, inventories, and other assets. The closing entries transfer balances from asset, liability, and capital accounts to newly created books of the partnership. It then provides the statement of financial position combining the assets, liabilities, and capital accounts of both partners.

Uploaded by

Yannah Rebogio
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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Adjusting Entry

a. Geron, Capital ₱ 20,000.00


Allowance for Uncollectible Accounts ₱ 20,000.00
Yumol, Capital ₱ 35,000.00
Allowance for Uncollectible Accounts ₱ 35,000.00
b. Geron, Capital ₱ 5,500.00
Inventories ₱ 5,500.00
Yumol, Capital ₱ 6,700.00
Inventories ₱ 6,700.00
c. Geron, Capital ₱ 2,000.00
Other Assets ₱ 2,000.00
Yumol, Capital ₱ 3,600.00
Other Assets ₱ 3,600.00
Closing Entry
Geron
Allowance for Uncollectible Accounts ₱ 20,000.00
Accounts Payable ₱ 178,940.00
Notes Payable ₱ 200,000.00
Geron, Capital ₱ 614,476.00
Cash ₱ 11,000.00
Account Receivable ₱ 234,536.00
Inventories ₱ 114,535.00
Land ₱ 603,000.00
Furniture and Fixtures ₱ 50,345.00
Other Assets -
₱ 1,013,416.00 ₱ 1,013,416.00
Yumul
Allowance for Uncollectible Accounts ₱ 35,000.00
Accounts Payable ₱ 243,650.00
Notes Payable ₱ 345,000.00
Yumul, Capital ₱ 683,052.00
Cash ₱ 22,354.00
Account Receivable ₱ 567,890.00
Inventories ₱ 253,402.00
Building ₱ 428,267.00
Furniture and Fixtures ₱ 34,789.00
Other Assets -
₱ 1,306,702.00 ₱ 1,306,702.00
New Books of Partnership/Journal Entry
Geron
Cash ₱ 11,000.00
Account Receivable ₱ 234,536.00
Inventories ₱ 114,535.00
Land ₱ 603,000.00
Furniture and Fixtures ₱ 50,345.00
Allowance for Uncollectible Accounts ₱ 20,000.00
Accounts Payable ₱ 178,940.00
Notes Payable ₱ 200,000.00
Geron, Capital ₱ 614,476.00
₱ 1,013,416.00 ₱ 1,013,416.00
Yumul
Cash ₱ 22,354.00
Account Receivable ₱ 567,890.00
Inventories ₱ 253,402.00
Building ₱ 428,267.00
Furniture and Fixtures ₱ 34,789.00
Allowance for Uncollectible Accounts ₱ 35,000.00
Accounts Payable ₱ 243,650.00
Notes Payable ₱ 345,000.00
Yumul, Capital ₱ 683,052.00
₱ 1,306,702.00 ₱ 1,306,702.00
Geron and Yumol Partnership
Statement of Financial Position
For the Month *******
ASSETS
Cash ₱ 33,354.00
Account Receivables ₱ 802,426.00
Allowance for Uncollectible Accounts -₱ 55,000.00
Inventories ₱ 367,937.00
Building ₱ 428,267.00
Land ₱ 603,000.00
Furniture and Fixtures ₱ 85,134.00
TOTAL ASSETS: ₱ 2,265,118.00

LIABILITIES AND OWNER'S EQUITY


Accounts Payable ₱ 422,590.00
Notes Payable ₱ 545,000.00
TOTAL LIABILITIES: ₱ 967,590.00
Geron, Capital ₱ 614,476.00
Yumul, Capital ₱ 683,052.00
TOTAL OWNER'S EQUITY: ₱ 1,297,528.00
TOTAL LIABILITY AND OWNER'S EQUITY: ₱ 2,265,118.00

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