The main objective of iACCOUNT: akawnting is helping students through easy access to accounting problems and solutions in a quick and convenient way that will augment the analytical skills and competencies of Accounting students aiming to become Certified Public Accountants (CPA).
Date Particulars Debit Credit 2015 Jan 6 Cash 151,500 Tugade, Capital 15,240 Masinsin, Capital 15,240 Biore, Capital 7,620 Accounts Receivable 189,600 To record the collection of accounts receivable and the allocation of loss to partner’s capital accounts.
Allowance for Uncollectible Accounts 11,100 Tugade, Capital 4,440 Masinsin, Capital 4,440 Biore, Capital 2,220 To record the closing of allowance for uncollectible accounts.
9 Cash 160,500 Tugade, Capital 53,040 Masinsin, Capital 53,040 Biore, Capital 26,520 Merchandise Inventory 293,100 T o record the selling of merchandise inventory and the allocation of loss to partner’s capital accounts.
11 Cash 3,000 Tugade, Capital 2,400 Masinsin, Capital 2,400 Biore, Capital 1,200 Prepaid Insurance 9,000 To record the refund of the prepaid insurance and the allocation of loss to partner’s capital accounts.
14 Cash 111,000 Accumulated Depreciation- Office Equipment 10,500 Accumulated Depreciation- Machinery 32,100 Accumulated Depreciation- Building 112,500 Tugade, Capital 136,800 Masinsin, Capital 136,800 Biore, Capital 68,400 Land 120,000 Office Equipment 31,500 Machinery 81,600 Building 375,000 To record the selling of property and equipment, the closing of accumulated depreciation accounts and the allocation of loss to partner’s capital accounts.
Mortgage Payable 240,000 Tugade, Capital 96,000 Masinsin, Capital 96,000 Biore, Capital 48,000 To record the transfer of mortgage on the building.
20 Notes Payable 120,000 Accounts Payable 220,500 Cash 340,500 To record the payment of the remaining liabilities. 31,360 Tugade, Capital 15,680 Biore, Capital Masinsin, Capital 47,040 To record the absorption of Tugade and Biore for the deficiency in Masinsin’s capital.
Biore, Capital 3,400 Tugade, Capital 3,400 To record the absorption of Biore for the deficiency in Tugade’s capital.
Biore, Capital 127,400 Cash 127,400 To record the distribution of the remaining cash to Biore.
ReplyDeleteLAGONOY, LORIE LYN C. BSA-1B
Date Particulars Debit Credit
2015
Jan 6 Cash 151,500
Tugade, Capital 15,240
Masinsin, Capital 15,240
Biore, Capital 7,620
Accounts Receivable 189,600
To record the collection of accounts receivable and the allocation of loss to partner’s capital accounts.
Allowance for Uncollectible Accounts 11,100
Tugade, Capital 4,440
Masinsin, Capital 4,440
Biore, Capital 2,220
To record the closing of allowance for uncollectible accounts.
9 Cash 160,500
Tugade, Capital 53,040
Masinsin, Capital 53,040
Biore, Capital 26,520
Merchandise Inventory 293,100
T o record the selling of merchandise inventory and the allocation of loss to partner’s capital accounts.
11 Cash 3,000
Tugade, Capital 2,400
Masinsin, Capital 2,400
Biore, Capital 1,200
Prepaid Insurance 9,000
To record the refund of the prepaid insurance and the allocation of loss to partner’s capital accounts.
14 Cash 111,000
Accumulated Depreciation- Office Equipment 10,500
Accumulated Depreciation- Machinery 32,100
Accumulated Depreciation- Building 112,500
Tugade, Capital 136,800
Masinsin, Capital 136,800
Biore, Capital 68,400
Land 120,000
Office Equipment 31,500
Machinery 81,600
Building 375,000
To record the selling of property and equipment, the closing of accumulated depreciation accounts and the allocation of loss to partner’s capital accounts.
Mortgage Payable 240,000
Tugade, Capital 96,000
Masinsin, Capital 96,000
Biore, Capital 48,000
To record the transfer of mortgage on the building.
20 Notes Payable 120,000
Accounts Payable 220,500
Cash 340,500
To record the payment of the remaining liabilities.
31,360
Tugade, Capital 15,680
Biore, Capital
Masinsin, Capital 47,040
To record the absorption of Tugade and Biore for the deficiency in Masinsin’s capital.
Biore, Capital 3,400
Tugade, Capital 3,400
To record the absorption of Biore for the deficiency in Tugade’s capital.
Biore, Capital 127,400
Cash 127,400
To record the distribution of the remaining cash to Biore.