On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following contribution: Bon Hok, a general partner, contributed cash P 150,000 and shares 45% for profits and losses. Dyon OK is a limited partner, contributed his Brand New Motorcycle costing P 150,000 and shares 40% for profits and losses Meow Meng is an industrial partner contributing his personal services and shares 15% in the partnership profits.
On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following contribution: Bon Hok, a general partner, contributed cash P 150,000 and shares 45% for profits and losses. Dyon OK is a limited partner, contributed his Brand New Motorcycle costing P 150,000 and shares 40% for profits and losses Meow Meng is an industrial partner contributing his personal services and shares 15% in the partnership profits.
On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following contribution: Bon Hok, a general partner, contributed cash P 150,000 and shares 45% for profits and losses. Dyon OK is a limited partner, contributed his Brand New Motorcycle costing P 150,000 and shares 40% for profits and losses Meow Meng is an industrial partner contributing his personal services and shares 15% in the partnership profits.
REQUIRE:
• prepare the journal entry
• post it to the appropriate partner’s account
Transcribed Image Text:On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng
agreed to form a partnership with the following contribution:
Bon Hok, a general partner, contributed cash P 150,000 and shares 45% for
profits and losses.
Dyon OK is a limited partner, contributed his Brand New Motorcycle
costing P 150,00o0 and shares 40% for profits and losses
Meow Meng is an industrial partner contributing his personal
services and shares 15% in the partnership profits.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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