The Statement of Financial Position of Pedro Castro on October 1, 2015 before accepting Pablo Bunag as his partner isshown below:Pedro CastroStatement of Financial PositionOctober 1, 2015ASSETSCashP 6,000.00Notes Receivable3,000.00Accounts ReceivableP 24,000.00Less: Allowance for Bad Debts1,000.0023,000.00Merchanside Inventory8,000.00Furniture and Fixtures6,000.00Less: Accumulated Depreciation600.005,400.00Total AssetsP 45,400.00LIABILITIES AND OWNERS EQUITYLiabilitiesP 4,000.00Notes PayableAccounts PayableOwner's EquityPedro Castro, CapitalTotal Liabilities and Capital10,000.00 P 14,000.0031,400.00P 45,400.00 Pablo Bunag offers to invest cash to give him a capital credit equal to one-half (1/2) of Pedro Castro's capital after givingeffect to the adjustment of the items below. Pedro Castro accepts the offer.a. The merchandise is to valued at P7,400.b. The accounts receivable is estimated to be 95% realizable.c. Interest accrued on the notes receivable enumerated below is to reflected.P1,000, 6% dated July 1, 2015P2,000, 6% dated August 1, 2015d. Interest accrued at 5% annually from April 1, 2015 on the notes payable is to be recorded.e. The furniture and fixtures is to be valued at P4,600.f. Office supplies on hand which have been charged to expense in the past amounted to P400. These are still to beused by the partnership.REQUIRED:1. Prepare the necessary journal entries in all books to record the formation of partnership if:a. The books of Pedro Castro will be retained by the partnership.b. A new set of books will be used.2. Prepare the statement of financial position of the partnership.

The Statement of Financial Position of Pedro Castro on October 1, 2015 before accepting Pablo Bunag as his partner is shown below: Pedro Castro Statement of Financial Position October 1, 2015 ASSETS Cash P 6,000.00 Notes Receivable 3,000.00 Accounts Receivable P 24,000.00 Less: Allowance for Bad Debts 1,000.00 23,000.00 Merchanside Inventory 8,000.00 Furniture and Fixtures 6,000.00 Less: Accumulated Depreciation 600.00 5,400.00 Total Assets P 45,400.00 LIABILITIES AND OWNERS EQUITY Liabilities P 4,000.00 Notes Payable Accounts Payable Owner's Equity Pedro Castro, Capital Total Liabilities and Capital 10,000.00 P 14,000.00 31,400.00 P 45,400.00

The Statement of Financial Position of Pedro Castro on October 1, 2015 before accepting Pablo Bunag as his partner is shown below: Pedro Castro Statement of Financial Position October 1, 2015 ASSETS Cash P 6,000.00 Notes Receivable 3,000.00 Accounts Receivable P 24,000.00 Less: Allowance for Bad Debts 1,000.00 23,000.00 Merchanside Inventory 8,000.00 Furniture and Fixtures 6,000.00 Less: Accumulated Depreciation 600.00 5,400.00 Total Assets P 45,400.00 LIABILITIES AND OWNERS EQUITY Liabilities P 4,000.00 Notes Payable Accounts Payable Owner's Equity Pedro Castro, Capital Total Liabilities and Capital 10,000.00 P 14,000.00 31,400.00 P 45,400.00

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 # 01:A business owned by Cristiano Ronaldo was short of cash and Ronaldo therefore decided to form a Partnership with Lionel Messi, who was able to contribute cash to the new partnership. The assets contributed by Ronaldo appeared as follows in the balance sheet of her business: cash $600: account receivable, $34900, with an allowance for doubtful accounts of $960: inventory $45600: and store equipment, $21600. Ronaldo had recorded depreciation of $1800 during his use of the store equipment in his sole proprietorship.Ronaldo and Messi agreed that the allowance for Doubtful accounts was in adequate and should be $1800.They also agreed that a fair value for the inventory was its replacement cost of $54000 and that the fair value of the store equipment was $19000.You are required to open the partnership accounts by making a general journal entry to record the investment by Ronaldo?
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