3:25 ở APartnership For..PARTNERSHIP FORMATIONTwo Individual PartnersA. Both are Capitalist PartnersOn September 1, 2008, Rody and Lorie formed a partnership with cash contributions of PhP 300,000respectively. In addition to Rody's cash contribution, he also contributed an office equipment costingPhP 10,000, but with an agreed valuation of P7, 000. Lorie on the other hand contributed a piece of landcosting PhP 100,000, but with an agreed valuation of PhP 180,000. The land was mortgaged in a bank forPhP 50,000, and it was agreed that the partnership would absorb the mortgage liability in the bank.Tasks:1. Prepare the journal entries of the investments for both partners.B. Both are Capitalist Partners who Contributed Cash and Non-cash AssetsAga and Hap agreed to form a partnership with a profit and loss ratio of 50:50. On May 1, Agacontributed cash - PhP 200,000, office equipment with a fair market value of PhP 20,000 and asecondhand delivery vehicle bought last year for PhP 50,000 but with present fair value of PhP 30,000.On May 2, Hap contributed cash of PhP 30,000, merchandise bought 3 months ago for PhP 200,000 butwith present fair market value of PhP 210,000 and an antique furniture which cost PhP 5,000, but withfair market value of PhP 4,000,Tasks:1. Prepare the journal entries of the investments for both partners.PARTNERSHIP FORMATIONA SOLE PROPRIETORSHIP AND AN INDIVIDUAL WITH NO BUSINESS FORMA PARTNERSHIPOn April 8, 2010, Pascua who has her own retail business and Dela Cruz, decided to form a partnershipwherein they will divide profits in the ration of 40:60, respectively. The statement of financial position ofPascua is as follows:PASCUA MARKETINGBalance SheetApril 8, 2010ASSETSCashPhP4,000.00Accounts ReceivableLess: Allowance for UncollectibleAccountsPhP 160,000.0016,000.00144,000.00Merchandise InventoryEquipementLess: Accumulated DepreciationTOTAL ASSETS200,000,0050,000.0010,000.00PhP40,000.00PhP 388,000.00LIABILITIES AND CAPITALII

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On September 1, 2008, Rody and Lorie formed a partnership with cash contributions of PhP 300,000 respectively. In addition to Rody's cash contribution, he also contributed an office equipment costing PhP 10,000, but with an agreed valuation of P7, 000. Lorie on the other hand contributed a piece of land costing PhP 100,000, but with an agreed valuation of PhP 180,000. The land was mortgaged in a bank for PhP 50,000, and it was agreed that the partnership would absorb the mortgage liability in the bank. Tasks: 1. Prepare the journal entries of the investments for both partners.

On September 1, 2008, Rody and Lorie formed a partnership with cash contributions of PhP 300,000 respectively. In addition to Rody's cash contribution, he also contributed an office equipment costing PhP 10,000, but with an agreed valuation of P7, 000. Lorie on the other hand contributed a piece of land costing PhP 100,000, but with an agreed valuation of PhP 180,000. The land was mortgaged in a bank for PhP 50,000, and it was agreed that the partnership would absorb the mortgage liability in the bank. Tasks: 1. Prepare the journal entries of the investments for both partners.

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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