Can I get help in Partnership Accounting? Thank you Activity 3. Journal Entries: First Time in Business1.A and B to contributeP250,000 each2.A, B and C to contributethe following:A- Cash, P50,000B- Land, acquired two years ago at P60,000. It present market value is P100,000.C- Merchandise inventory with a fair market value of P80,000; quoted price of C isP100,000.3.A, B and C to contributethe following:A- Cash, P60,000 and equipment with a book value of P80,000. The partners agreedto value the equipment of P60,000.B- Land with fair market value of P150,000. Theland is subject to a mortga ge ofP30,000 to be assumed by the partnership.C- Industrial partner who shares 25% in the partnership profits.4.A and B to contributecash equal to the total agreed capitalization of P240,000. A to contribute one-third(1/3), and B to contribute two-thirds (2/3) of the total agreed capitalization.5.A to contribute cash ofP140,000 for 40% of the total agreed capitalization. B to contribute the rema ining incash.6.A to contribute landwith fair market value of P60,000 and book value of P50,000, plus cash. B tocontribute P130,000 cash for 65% claim in the partnership.7.agreed value of P75,000 and unpaid mortgage of P25,000 to be assumed by thepartnership. B to contribute cash equal to 50% of total partnership's capitalizationbased on A's contribution.A to contribute land at8.A to contribute his skillas industrial partner. B to contribute cash for the total partnership capitalization ofP250,000.9.plus P50,000 cash as industrial-capitalist partner. B to contribute cash equal to 75%of total agreed capitalization.A to contribute his skill7:34 PMA to contribute in cash10,the 60% of the total partnership capitalization. B to contribute P140,000 based onagreed capitalization.Activity4. Sole Proprietor and an Individual with No Business Form a partnership.Mintes has successfully operated a sari-sari store for a number of years. She wishes to Activity4. Sole Proprietor and an Individual with No Business Form a partnership.Mintes has successfully operated a sari-sari store for a number of years. She wishes toexpand the business, but to do so she needs additional capital, which she is unable tosupply. She therefore enters into an agreement with Sablay to recognize and continue herbusiness as a partnership called "MS." The partners agree that after revaluation of certainassets, Mintes is to invest her on-going business in the partnership and additional cash fromher personal assets to bring her total investment to P50,000.Sablay is to contribute a computer costing P30, 000 with a fair market value of P25,000,merchandise inventory worth P10,000 and cash capital sufficient to make his totalinvestment equal to that of Mintes. The accumulated depreciation of the computer is P8,000.The post-dosing trial balance of Mintes just prior to the formation of the partnershipappeared as follows:DebitP 2,0005,00010,0008,000CreditCashAccounts receivableMerchandise inventoryStore equipmentAccumulated depreciation - store equipmentAccounts payableMintes, capitalP 1,6006,40017.000P25,000 P25,000The partners agree that the realizable value of accounts receivable is 80%, the merchandiseinventory should be revalued at P9,000 and the accumulated depreciation should beincrease to P3,000.Requirements:А.in the books of Mintes.В.Mintes.С.Journalize adjustmentsClose the books ofRecord the investmentsin the MS partnership's books.D.Prepare the balancesheet of MS Partnership.

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Answered: Activity3. Journal Entries: First Time…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q