Exercises/Problems- On July 1, 20A, Jufel Tamala and Louie Estrebilla have agreed to form a partnership business engaged in buying and selling of "tuna" fish within the vicinity of General Santos City. Their contributions among others included the following: 12-1 Cash Frozen Tuna Delivery Van Required: Tamala P250,000 180,000 Estrebilla P380,000 950,000 As agreed, Tamala's "frozen tuna" was revalued at P160,000 while Estrebilla's mortgage loan balance of P250,000 for his delivery van was treated as his "personal" obligation from Mitsubishi Gensan branch. 1. Prepare two single journal entries recording their respective contributions. 2. Prepare a Statement of Financial Position as of the date their partnership was formed.

Exercises/Problems- On July 1, 20A, Jufel Tamala and Louie Estrebilla have agreed to form a partnership business engaged in buying and selling of "tuna" fish within the vicinity of General Santos City. Their contributions among others included the following: 12-1 Cash Frozen Tuna Delivery Van Required: Tamala P250,000 180,000 Estrebilla P380,000 950,000 As agreed, Tamala's "frozen tuna" was revalued at P160,000 while Estrebilla's mortgage loan balance of P250,000 for his delivery van was treated as his "personal" obligation from Mitsubishi Gensan branch. 1. Prepare two single journal entries recording their respective contributions. 2. Prepare a Statement of Financial Position as of the date their partnership was formed.

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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