EXERCISES 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: Bona, Capital Jan. 2 Nina, Capital Jan. 2 300,000 500,000 Mar. 1 200,000 Nina, Drawing 30,000 Dec. 31? Bona, Drawing 30,000 Dec. 31 ? 30,000 Oct. 1 Oct. 1 Nov. 1 30,000 Nov. 1 Dec. 1 Dec. 1 Loans Payable, Nina Income Summary Dec. 15 50,000 Dec 31 ? Dec. 31 200,000 Direction
EXERCISES 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: Bona, Capital Jan. 2 Nina, Capital Jan. 2 300,000 500,000 Mar. 1 200,000 Nina, Drawing 30,000 Dec. 31? Bona, Drawing 30,000 Dec. 31 ? 30,000 Oct. 1 Oct. 1 Nov. 1 30,000 Nov. 1 Dec. 1 Dec. 1 Loans Payable, Nina Income Summary Dec. 15 50,000 Dec 31 ? Dec. 31 200,000 Direction
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Give the last two entries (drawings and profit share).
Transcribed Image Text:EXERCISES
ledger postings for 2019:
Nina, Capital
Bona, Capital
300,000
Jan. 2
500,000
Jan. 2
Mar. 1 200,000
Nina, Drawing
30,000 Dec. 31?
Bona, Drawing
30,000 Dec. 31 ?
Oct. 1
Nov. 130,000
Dec. 1 ?
Oct. 1
Nov. 1 30,000
Dec. 1
Loans Payable, Nina
Income Summary
Dec. 15
50,000
Dec 31 ?
Dec. 31 200,000
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