tnerships. Is thChapter 2-Nature and Formation of a PartnershipEXERCISESExercise 2-1 (Cash and Non-cash Contributions)Give the entry to record the investment of Alonzo into the partnership under each of thefollowing independent assumptions:a.ers int b.conter c.How d.doesCash of P400,000.63Accounts receivable of P500,000 with an allowance for uncollectible accounts ofP50,000.Inventories that cost P300,000 using the moving average method accepted by thepartnership at its FIFO value of 80% of average cost.Equipment that cost P900,000 with a book value of P300,000 after four years of usewithout salvage value. The equipment should have been depreciated over a 10-yearuseful life.Exercise 2-2 (Cash and Net Asset Contributions)

Ship Is th Chapter 2-Nature and For Exercise 2-1 (Cash Give the entry to reco following independen a. Es int b. Conter c. Iowa d. oes Cash of P400,0 Accounts recei- P50,000. Inventories that partnership at it Equipment that without salvage useful life.

Ship Is th Chapter 2-Nature and For Exercise 2-1 (Cash Give the entry to reco following independen a. Es int b. Conter c. Iowa d. oes Cash of P400,0 Accounts recei- P50,000. Inventories that partnership at it Equipment that without salvage useful life.

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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Please don't provide answer in image format thank you Terrilson Trading is a company in the business of manufacturing parts for train wagons. Terri and Nilson formed this company in 2015 after they were both retrenched from their employment. The following information pertains to the business activities of the partnership for the year ended 31 August 2022. Extract from the statement of financial position as at 31 August 2022: 2022 2021 R R Land and buildings (at cost) 1,010,600 660,600 Equipment (at cost) 624,900 569,400 Accumulated depreciation: Equipment 175,200 74,400 Long-term loan 283,600 198,200 Members’ contributions 1,276,500 1,080,100 Retained earnings 231,200 79,700 Loans to members 98,100 34,100 Loans from members 118,700 - Distribution to members payable 78,200 108,600 Inventory 59,100 33,200 Dividend receivable 21,600 101,200 Trade payables control 137,000 66,900 Accrued security expenses 7,700 3,400 Current tax payable 62,200 40,000 Accrued rental income 6,200…
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I. Non-cash assets amounted toa. P125,000b. P140,000c. P130.000d. P145,000
Ideu, the d. P3,200 b. Р3,920 C. P4,500 d. P17,800 42. liquidate. All assets of the partnership just prior to liquidation follows: were liquidated. The condemsed statement of financial position Assets Cash Other assets liabilities and capital P140, 000 10, 000 45, 000 105, 000 200, 000 P500,000 P100, 000 liabilities Matias, loan Matias, capital Pagayanon, capital Pescasiosa, capital Total 400, 000 Total P500, 000 Other assets were sold for P247, 500 realizing a loss of P152, 500. Parties agreed to fully terminate the partnership's business thus, necessitating distribution of cash to partners and in case of capital deficiency, contribution of additional cash. The three partners were all solvent and could answer any capital deficiency. Name the partner and give the corresponding additional cash he had to invest due to his net capital deficiency to finally settle to the liquidation of the partnership. Pagayanon, P44,000 b Pescasiosa, P30, 500 Matias, P16,000 Matias, P6,000 a C
Required: Prepare a Cash Priority Program
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Provide complete solutionsa. ₱48,000 b. ₱100,000 c. ₱136,000 d. ₱160,000
I - PROBLEM SOLVING: Eugene and Alfred are partners in their Ghost Fighting business. Alfred is the managing partner. As of December 2020, their capital account showed the following: Eugene Capital_ 45000 300000 1-Jan Alfred Capital 90000450000 1-Jan 1-Jul -Apr 1-Dec 30000 30000 1-Apr 1-Dec 105000 150000 1-Jun 105000 1-Nov 195000 1-0ct 75000 435000 195000 795000| CASE I: Assuming the partnership earned a net profit of P360,000. CASE II: Assuming the partnership incurred a net los of P60,000 Required: On your answer sheet (yellow pad), using the following agreements, distribute the profit and losses in Case I & II to Eugene & Alfred. Make a journal entry after your computation. 1) Equally 2:4 ratio to Eugene and Alfred, respectively 3) 2) 4) 5) 6) Based on average capital balances 60%:40% ratio respectively Based on beginning capital balances Based on ending capital balances Using Case I only, the partners agreed to divide the net profit by: a) allowing 10% interest on average…
The following information is presented for Setlagole Catering, a business in providing luxury catering services to the areas around the Dr Ruth Segomotsi Mompati District Mun Time left 1:59:1 North West province. These are the balances when they commenced a simultaneous liquidation of the partnership: EXTRACT OF BALANCES R Trade payables 53,900 Trade receivables 87,300 Catering equipment (cost) 189,000 Vehicles (at cost) 180,000 Catering equipment (accumulated depreciation) 123,979 Vehicles (accumulated depreciation) 67,500 Building (at cost) 250,000 The following transactions took place as part of the liquidation: 1. Debtors were offered a 5% settlement discount. Only 94% of the debtors settled their balances and the remainder of the debtors book was sold to a debt agency at 65% discount. 2. The creditors were all settled at a settlement discount of 11%. 3. The vehicle and the building were auctioned off for R112 000 and R283 300 respectively 4. The catering equipment was sold to…
“P” and “Q” entered into a joint venture to construct a house for a price of L 8,00,000. For this purpose “P” put L 2,00,000 and “Q” L 1,50,000 into joint bank A/c opened for this purpose.The payments as follows :Materials L 60,000Salary & wages L 1,40,000 Plant & Machinery L 20,000These payments were made from joint bank A/c, but in addition “P” supplied cement bags valued L10,000. The house was constructed and paid the contract price.The plant and machinery taken over by “Q” @ L 10,000 and unused materials was taken by “P” @ L 5,000. They shared the profit in the ratio of 2:1.Show 1) Joint venture A/c2) Joint Bank A/c3) Co-ventures A/c answer with all work please