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Maltiple Chone-11 On September 1, 20xx, Darren and Darryl agreed to combine their businesses and form a partniship. Their respective Post-Closing Trial Balance as at August 31, 20xx show th: following: Darren Darryl Debit Credit Debit 175,000.00 300,000.00 200,000.00 250,000.00 Credit Cash 400,000.00 Accounts Receriable 300,000.00 Anventories Prepald Exper es Furniture and Fixtures, net office Equipnitnt, net Accounts Payale Owner's Equit 5,000.00 50,000.00 45,000.00 10,000.00 35,000.00 30,000.00 300,000.00 200,000.00 750,000.00 1,050,000.00 550,000.00 750,000.00 1,050,000.00 750,000.00 They agreed to have the following adjustments in their books: A Provide 3% allowance for doubtful accounts based on Accounts Receivable. h The fair market value s of inventory amounted to: P282,000 Darren P179,000 Darryl c Darren's furniture end fixtures should be P40,000, while Darryl's office equipment is under-depreciated by P5,000. & Rent expense incurre I previously by Darren was not yet recorded amounting to PI0,000, while salary expense incurred by Darryl was not also recorded amounting to P15, J00. e. Profits and losses shal! be distributed according to their capital ratio.

Maltiple Chone-11 On September 1, 20xx, Darren and Darryl agreed to combine their businesses and form a partniship. Their respective Post-Closing Trial Balance as at August 31, 20xx show th: following: Darren Darryl Debit Credit Debit 175,000.00 300,000.00 200,000.00 250,000.00 Credit Cash 400,000.00 Accounts Receriable 300,000.00 Anventories Prepald Exper es Furniture and Fixtures, net office Equipnitnt, net Accounts Payale Owner's Equit 5,000.00 50,000.00 45,000.00 10,000.00 35,000.00 30,000.00 300,000.00 200,000.00 750,000.00 1,050,000.00 550,000.00 750,000.00 1,050,000.00 750,000.00 They agreed to have the following adjustments in their books: A Provide 3% allowance for doubtful accounts based on Accounts Receivable. h The fair market value s of inventory amounted to: P282,000 Darren P179,000 Darryl c Darren's furniture end fixtures should be P40,000, while Darryl's office equipment is under-depreciated by P5,000. & Rent expense incurre I previously by Darren was not yet recorded amounting to PI0,000, while salary expense incurred by Darryl was not also recorded amounting to P15, J00. e. Profits and losses shal! be distributed according to their capital ratio.

FINANCIAL ACCOUNTING
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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Partnership Journal Entries. Used the post trial balance as a reference for the given adjustment below. 

form a partn iship. Their respective Post-Closing Trial Balance as at August 31, On Septembee 1, 20xx, Darren and Darryl agreed to combine their businesses and Maltiple Chose-1 20x show ths following: Darren Darryl Debit Credit 250,000.00 Debit Credit Cash 175,000.00 300,000.00 200,000.00 10,000.00 35,000.00 30,000.00 400,000.00 Accounts Receriable 300,000.00 Inventories Prepald Exper: es Furniture and Fixtures, net Office Equipment, net Accounts Payale Owner's Equit 5,000.00 50,000.00 45,000.00 300,000.00 750,000.00 1,050,000.00 200,000.00 550,000.00 750,000.00 1,050,000.00 750,000.00 They agreed to have the following adjustments in their books: 1 Provide 3% allowance for doubtful accounts based on Accounts Receivable. b The fair market value s of inventory amounted to: Darren P282,000 P179,000 Darryl C Darren's furniture snd fixtures should be P40,000, while Darryl's office equipment is under-depreciated by P5,000. Rent expense incurre I previously by Darren was not yet recorded amounting to PI0,000, while salary expense incurred by Darryl was not also recorded amounting to P15,300. Frofits and losses shal! be distributed according to their eapital ratio.
Transcribed Image Text:form a partn iship. Their respective Post-Closing Trial Balance as at August 31, On Septembee 1, 20xx, Darren and Darryl agreed to combine their businesses and Maltiple Chose-1 20x show ths following: Darren Darryl Debit Credit 250,000.00 Debit Credit Cash 175,000.00 300,000.00 200,000.00 10,000.00 35,000.00 30,000.00 400,000.00 Accounts Receriable 300,000.00 Inventories Prepald Exper: es Furniture and Fixtures, net Office Equipment, net Accounts Payale Owner's Equit 5,000.00 50,000.00 45,000.00 300,000.00 750,000.00 1,050,000.00 200,000.00 550,000.00 750,000.00 1,050,000.00 750,000.00 They agreed to have the following adjustments in their books: 1 Provide 3% allowance for doubtful accounts based on Accounts Receivable. b The fair market value s of inventory amounted to: Darren P282,000 P179,000 Darryl C Darren's furniture snd fixtures should be P40,000, while Darryl's office equipment is under-depreciated by P5,000. Rent expense incurre I previously by Darren was not yet recorded amounting to PI0,000, while salary expense incurred by Darryl was not also recorded amounting to P15,300. Frofits and losses shal! be distributed according to their eapital ratio.
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