1. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags. They agreed to share profits based on the legal provision. The following are the ledger postings for 2019: Nina, Capital Jan. 2 500,000 Bona, Capital Jan.2 300,000 Mar.1 200,000 Nina, Drawing Bona, Drawing 30,000 | Dec.31 ? 30,000 Oct.1 30,000 Dec. 31 ? Oct.1 Nov.1 30,000 Nov.1 Dec.1 ? Dec.1 Loan Payable, Nina 50,000 Income Summary Dec. 15 Dec. 31 ? Dec. 31 200,000 Direction: a) In chronological order, describe the transaction that took place. b) From the above postings, determine the agreements contained in the Articles of Co- Partnership regarding requires contribution of each partner, allowable withdrawals, and profit sharing ratio. c) Give the last two entries (drawings and profit share). d) Prepare a statement of partner 's equity for 2019

1. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags. They agreed to share profits based on the legal provision. The following are the ledger postings for 2019: Nina, Capital Jan. 2 500,000 Bona, Capital Jan.2 300,000 Mar.1 200,000 Nina, Drawing Bona, Drawing 30,000 | Dec.31 ? 30,000 Oct.1 30,000 Dec. 31 ? Oct.1 Nov.1 30,000 Nov.1 Dec.1 ? Dec.1 Loan Payable, Nina 50,000 Income Summary Dec. 15 Dec. 31 ? Dec. 31 200,000 Direction: a) In chronological order, describe the transaction that took place. b) From the above postings, determine the agreements contained in the Articles of Co- Partnership regarding requires contribution of each partner, allowable withdrawals, and profit sharing ratio. c) Give the last two entries (drawings and profit share). d) Prepare a statement of partner 's equity for 2019

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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