THEY APPOINTED MARAWI AS MANAGING PARTNER, WHO WILL RECEIVE A SALARY OF P 10,000 PER MONTH. MITOR WILL BE AN INDUSTRIAL PARTNER WHO WILL RECEIVE A JUST SUM OF 10% OF THE NET PROFITS. MISERIA ON THE OTHER HAND , CHOSE TO BE A LIMITED PARTNER AND THE LIQUIDATING PARTNER. THE PROFITS WILL BE DIVIDED ACCORDING TO THEIR CAPITAL CONTRIBUTION AFTER DEDUCTING THE SALARIES OF MANAGING PARTNER MARAWI AND 10% SHARE OF MITOR. REQUIRED:PREPARE THE TRIAL BALANCE ACTIVITY 1:PARTNERSHIP FORMATION:5 TIP COLLEGE FRIENDS MAWI, MILAGRO, MIRASOL, MISERIA AND MITOR DECIDE TO FORM A PARTNERSHIPTHEY DECIDED TO NAME THEIR PARTNERSHIP AS 4 MARIAS LAUNDRY SHOP LTD.THEIR INITIAL CAPITAL CONTRIBUTIONS WERE AS FOLLOWS:TOTALMARAWICASH500,000.00MILAGROPERSONAL COMPUTER40,000.00PRINTER10,000.00FURNITURES50,000.00100,000.00MIRASOL6 WASHING MACHINES200,000.00MISERIASERVICE VEHICLE500,000.001,300,000.00

Given: Capital contribution of partners are as follows : Maravi - Cash…

Answered: PREPARE THE TRIAL BALANCE

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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Question

100%

THEY APPOINTED MARAWI AS MANAGING PARTNER, WHO WILL RECEIVE A SALARY OF P 10,000 PER MONTH. MITOR WILL BE AN INDUSTRIAL PARTNER WHO WILL RECEIVE A JUST SUM OF 10% OF THE NET PROFITS. MISERIA ON THE OTHER HAND , CHOSE TO BE A LIMITED PARTNER AND THE LIQUIDATING PARTNER. THE PROFITS WILL BE DIVIDED ACCORDING TO THEIR CAPITAL CONTRIBUTION AFTER DEDUCTING THE SALARIES OF MANAGING PARTNER MARAWI AND 10% SHARE OF MITOR.

REQUIRED:

PREPARE THE TRIAL BALANCE

ACTIVITY 1:
PARTNERSHIP FORMATION:
5 TIP COLLEGE FRIENDS MAWI, MILAGRO, MIRASOL, MISERIA AND MITOR DECIDE TO FORM A PARTNERSHIP
THEY DECIDED TO NAME THEIR PARTNERSHIP AS 4 MARIAS LAUNDRY SHOP LTD.
THEIR INITIAL CAPITAL CONTRIBUTIONS WERE AS FOLLOWS:
TOTAL
MARAWI
CASH
500,000.00
MILAGRO
PERSONAL COMPUTER
40,000.00
PRINTER
10,000.00
FURNITURES
50,000.00
100,000.00
MIRASOL
6 WASHING MACHINES
200,000.00
MISERIA
SERVICE VEHICLE
500,000.00
1,300,000.00

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