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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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PART I. PARTNERSHIP FORMATION AND OPERATIONS On April 1, 2020, three existing sole proprietors in Cotabato City agreed to form a partnership to engage in a manufacturing business. Their contributions are as follow: Jobert Manuel Leopoldo Zander Santos Limba 100,000 Cash in Bank 200,000 | P 200,000 | P Land Office Building Accumulated Depreciation-Office Building Office Equipment. Accumulated Depreciation-Office Equipment Furniture and Fixtures Accumulated Depreciation-Furniture & Fixtures Accounts Payable Mortgage Payable 250,000 600,000 120,000 200,000 40,000 150,000 70,000 3,500 15,000 10,000 10,000 100,000 The partners also agreed that the new partnership will assume their respective sole proprietorship liabilities, and agreed further that the partnership's starting capitalization should be at P2,000,000, and that they are to contribute additional cash necessary to make their individual capital to equal their profit and loss ratio of 3:3:4, respectively.
Transcribed Image Text:PART I. PARTNERSHIP FORMATION AND OPERATIONS On April 1, 2020, three existing sole proprietors in Cotabato City agreed to form a partnership to engage in a manufacturing business. Their contributions are as follow: Jobert Manuel Leopoldo Zander Santos Limba 100,000 Cash in Bank 200,000 | P 200,000 | P Land Office Building Accumulated Depreciation-Office Building Office Equipment. Accumulated Depreciation-Office Equipment Furniture and Fixtures Accumulated Depreciation-Furniture & Fixtures Accounts Payable Mortgage Payable 250,000 600,000 120,000 200,000 40,000 150,000 70,000 3,500 15,000 10,000 10,000 100,000 The partners also agreed that the new partnership will assume their respective sole proprietorship liabilities, and agreed further that the partnership's starting capitalization should be at P2,000,000, and that they are to contribute additional cash necessary to make their individual capital to equal their profit and loss ratio of 3:3:4, respectively.
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