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ТОTAL 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

ТОTAL 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

FINANCIAL ACCOUNTING
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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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:

JOURNALIZE THE INITIAL INVESTMENTS OF 4 MARIAS LAUNDRY SHOP LTD.

(ASSUMING ALL EXPENSES WERE PAID IN CASH AND THE BUSINESS OPERATED FOR 12 MONTHS)

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
Transcribed Image Text: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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