Q8. Please answer the question correctly with solution ASAP. Thank you. CABLES General Professional Partnership, a business formed by Carlo and Jamie, have thefollowing data in its books:1Carlo, CapitalFeb 28P50,000 Jan 1 Balance.P300,00020,000June 1Oct 175,000P345,000Jamie, CapitalAug 12,000 Jan 1 BalanceNov 110,000 May 1Dec 15,000Carlo, DrawingJan 1-Dec 3120,000Jamie, Drawing30,000Jan 1-Dec 31Income SummaryDec 31How much is the peso month average capital of Carlo?P410,00025,000P418,000P750,000

The average capital of partners is calculated on the basis of time period for the capital balance…

CABLES General Professional Partnership, a business formed by Carlo and Jamie, have the following data in its books: 1 Carlo, Capital Feb 28 P50,000 Jan 1 Balance. P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital 2,000 Jan 1 Balance 10,000 May 1 5,000 Carlo, Drawing 20,000 Jamie, Drawing 30,000 Income Summary Dec 31 Aug 1 Nov 1 Dec 1 Jan 1-Dec 31 Jan 1-Dec 31 P410,000 25,000 P418,000 P750,000

CABLES General Professional Partnership, a business formed by Carlo and Jamie, have the following data in its books: 1 Carlo, Capital Feb 28 P50,000 Jan 1 Balance. P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital 2,000 Jan 1 Balance 10,000 May 1 5,000 Carlo, Drawing 20,000 Jamie, Drawing 30,000 Income Summary Dec 31 Aug 1 Nov 1 Dec 1 Jan 1-Dec 31 Jan 1-Dec 31 P410,000 25,000 P418,000 P750,000

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter1: Starting A Proprietorship: Changes That Affect The Accounting Equation

Section: Chapter Questions

Problem 1ANFS

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CABLES General Professional Partnership, a business formed by Carlo and Jamie, have the following data in its books: | Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 5,000 Dec 1 Carlo, Drawing Jan 1-Dec 31 20,000 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 How much is the peso month average capital of Carlo? P410,000 25,000 P418,000 P750,000
Problem From the following ledger balances, prepare trial balance, income statement, and balance sheet:Mr. X’s capital is 500,000Drawing 20,000Purchase 200,000Loan 100,000Machinery 50,000Return to suppliers 50,000Sales 400,000Return inward 600,000Carriage outward 20,000Bad debts 5,000Sundry Drs. 100,000B/R 20,000Sundry Crs. 50,000Carriage inward 10,000Salary and wages 5,000Depreciation 20,000Cash in hand 100,000Sale of scrap 5,000Closing stock 50,000Prepaid tax 10,000Outstanding wages 5,000 do not give solution in image
The following were the balances of the partnership between Crayon and Pencil as at 31 Question 2 December 2009: DR Capital on 2 January 2009 Crayon Pencil CR 30 000 30 000 Current accounts on 1 January 2009 Crayon Pencil 1 500 200 Drawings during the year Crayon Pencil 6 000 4 400 .160 000 Land and building... Equipment... Cash and bank... .15 000 ..20 000 Bank loan.... .90 000 ..1 400 .40 000 Electricity.. Office salaries.... Advertising.. Bad debts.... .30 000 ... 700 Provision for bad debts.. 700 Debtors.... ...6 000 Creditors.... Provision for depreciation: equipment... Stock on 31 December 2009..... Gross profit for the year.... .9 500 ..2 000 .30 000 ..150 000 Additional information available includes: i. The provision for bad debts is to be increased by $50 ii. The amount of advertising includes a payment of $120 for 2004 iii. There is an electricity bill of $145 due iv. Equipment is to be depreciated at 20% on cost per annum v. Interest on capital is allowed at 20% per annum…
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70. On January 31, 20x5, partners of Lon, Mac & Nan, LLP, had the following loan and capital account balances (after closing entries for January): Loan receivable from Lon.... Loan payable to Nan... Lon, capital . Mac, capital ... Nan, capital... ... P 20,000 dr 60,000cr 30,000 dr 120,000 cr 70,000 cr The partnership's income sharing ratio was Lon, 50%; Mac, 20%, and Nan, 30%. On January 31, 20x5, Ole was admitted to the partnership for a 20% interest in total capital of the partnership in exchange for an investment of P40,000 cash. Prior to Ole's admission, the existing partners agreed to increase the carrying amount of the partnership's inventories to current tair value, a P60,000 increase. The capital account to be credited to Ole: P52,000 P60,000 b. P40,000 a. C. d. P46,000 (Adapted)
* ASIACELL . قم بال لمس ل لعودة إلى الاتصال ۳:. سؤال امتحان ش2. . . Q1:Denna company's working capital accounts at December 31, 19x6, are given below: Cash . $ 50,000 Marketable securities.. Accounts receivable (net) Inventory. Prepaid expenses. Accounts payable. Notes due within one year 30,000 200,000 210,000 10,000 150,000 30,000 Accrued liabilities 20,000 During 19x7, Denna Company completed the following transactions: x. Paid a cash dividend previously declared, $12,000. a. Issued additional shares of capital stock for cash, $100,000. b. Sold inventory costing $50,000 for $80,000, on account. c. Wrote off uncollectible accounts in the amount of $10,000. d. Declared a cash dividend, $ 15,000. e. Paid accounts payable, $ 50,000. f. Borrowed cash on a short-term note with the bank, $35,000. g. Sold inventory costing $15,000 for $10,000 cash. h. Purchased inventory on account, $60,000. i. Paid off all short-term notes due, $30,000. j. Purchased equipment for cash, $15,000. k. Sold…
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YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
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13.Surekha 's trial balance was as follows. Trial Balance for the year ended 31st March, 2008 Debit Balances Amt? Credit Balances Amt 1,50,000 By Provident Fund 10,000 By Interest on Provident 50,000 fund Investment 15,500 By Purchase return 10,000 By Sundry Creditors 5,800 By Sales 7,200 By Capital 17,500 300 To Purchases 11,000 To Sales return To Sundry Debtors To Opening Stock To Salaries 500 10,000 20,000 2,06,300 50,000 To Wages To Furniture To Machinery To Bad debts To Advertisement(for 3 years from 1" Oct.,2007) 3,000 10,000 1,000 3,000 4,500 10,000 2,97,800 To 10% Provident Fund Investment To Provident Fund contribution To Insurance To Drawings: To Deferred Revenue expenses 2,97,800 Adjustments : 1.Closing stock on 31* March 2008 -Cost price ? 70,000 2.Depreciate - Machinery by 10% and Furniture by 20% 3.Goods worth 78,000 sold by 25% profit on keep or return scheme. 4.Outstanding expenses – Wages 2,000; Salaries 35,000 5.Write off 1,000 as bad debts and provide reserve for…
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