Scribd
Upload
15 views12 pages

Group 2

The document outlines financial transactions including the sale and collection of assets, distribution of losses, and payment of liabilities. It details journal entries for various accounts such as cash, accounts receivable, and capital distributions among partners. The total assets and liabilities are summarized, indicating a balanced financial position.

Uploaded by

Mat Corvera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
15 views12 pages

Group 2

The document outlines financial transactions including the sale and collection of assets, distribution of losses, and payment of liabilities. It details journal entries for various accounts such as cash, accounts receivable, and capital distributions among partners. The total assets and liabilities are summarized, indicating a balanced financial position.

Uploaded by

Mat Corvera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 12

P/L

Balance
sale and collection of assets, distribution
of of losses and transfer of mortgage
Balance

Balance

Balance

Balance
Payment of Liabilites to outside
Balance
absorption of deficit
absorption of deficit
Balance
Distributio of Cash to the partners
Cash A/R MI

42,000.00 178,500.00 293,100.00

151,500.00 - 178,500.00
193,500.00 - 293,100.00
160,500.00 - 293,100.00
354,000.00 - -
3,000.00
357,000.00 - -
111,000.00
468,000.00 - -
-340500
127,500.00 - -

127,500.00 - -
- 127,500.00
- - -
PI PPE MP

9,000.00 453,000.00 240,000.00

9,000.00 453,000.00 240,000.00

9,000.00 453,000.00 240,000.00


- 9,000.00
- 453,000.00 240,000.00
- 453,000.00 - 240,000.00
- - -

- - -

- - -

- - -
Liabilities Tugade Capital Masinsin Capital
40% 40%
340,500.00 135,000.00 60,000.00

- 10,800.00 - 10,800.00
340,500.00 124,200.00 49,200.00
- 53,040.00 - 53,040.00
340,500.00 71,160.00 - 3,840.00
- 2,400.00 - 2,400.00
340,500.00 68,760.00 - 6,240.00
- 40,800.00 - 40,800.00
340,500.00 27,960.00 - 47,040.00
- 340,500.00
- 27,960.00 - 47,040.00
- 31,360.00 47,040.00
3,400.00
- - -

- - -
Biore Capital Total Assets
20%
200,100.00 975,600.00

- 5,400.00 - 27,000.00
194,700.00 948,600.00
- 26,520.00 - 132,600.00
168,180.00 816,000.00
- 1,200.00 - 6,000.00
166,980.00 810,000.00
- 20,400.00 - 342,000.00
146,580.00 468,000.00
- 340,500.00
146,580.00 127,500.00
- 15,680.00 -
- 3,400.00 -
127,500.00
- 127,500.00 - 127,500.00
-
Total Liabilities and Equity

975,600.00

- 27,000.00
948,600.00
- 132,600.00
816,000.00
- 6,000.00
810,000.00
- 342,000.00
468,000.00
- 340,500.00
127,500.00
-
-

- 127,500.00
JOURNAL ENTRIES:
Date
6-Jan

9-Jan

11-Jan

14-Jan
20-Jan

20-Jan

20-Jan

24-Jan
Account Titles
Cash
Allowance for Uncollectible accounts
Tugade Capital
Masinsin Capital
Biore Capital
Accounts Recievable
to record collection of A/R and Rightoffs of AUA

cash
Tugade Capital
Masinsin Capital
Biore Capital
Merchandising Inventory
to record the sale of inventory

cash
tugade capital
masinsin capital
biore capital
Prepaid Insurance
to record the refund of insurance

cash
Mortgage Payable
Accumulated Depreciation-Office equipment
Accumulated Depreciation- Machinery
Accumulated Depreciation- Building
Tugade Capital
Masinsin Capital
Biore Capital
Land
Equipment
Machinery
Building
to record the sale of PPE and transfer of mortgage

Notes Payable
Accounts Payable
Cash
To record the payment of liabilities

Tugade Capital
Biore Capital
Masinsin Capital
To record the absorption of Deficit

Tugade Capital
Biore Capita
To record absorption of deficit

Biore Capital
Cash
to record distribution of cash
Debit Credit
151,500
11,100
10,800
10,800
5,400
189,600

160,500
53,040
53,040
26,520
293,100

3,000
2,400
2,400
1,200
9,000

111,000
240,000
10,500
32,100
112,500
40,800
40,800
20,400
120,000
31,500
81,600
375,000

120,000
220,500
340,500

31,360
15,680
47,040

3,400
3,400

127,500
127,500

1,618,240 1,618,240

You might also like