Professional Documents
Culture Documents
Actg12b
PROBLEM NO. 1: JOURNAL ENTRIES
280,000
Inventory
1) Cash
510,000
Land
Accounts Receivable
1,350,000
Notes Payable
Inventory
P
350,000
1,790,000
Equipment
Allowance for Uncollectible Accounts
Accounts Payable
Espanol, Capital
2) Cash
1,790,000
1,790,000
2) Cash
Quino, Capital
Computations:
Book
Cash
280,000
280,000
Inventory
600,000
510,000
Land
650,000
1,350,000
Notes Payable
(350,000)
F. Labausa, Capital
Adjusted
(350,000)
P
1,790,000
Computations:
Cash
Accounts Receivable
Allowance for Unc. Accounts
Inventory
Equipment
Accumulated Depreciation
Accounts Payable
Land
Espanol, Capital
300,000
450,000
Calaguas, Capital
FISH R' US
P
750,000
Statement of Financial Po
January 01, 2016
2) Cash
Building
100,000
Assets
600,000
Mortgage Payable
400,000
Cash
300,000
Accounts Receivable
Inventory
Computations:
1) Cash
Book
Land
300,000
Adjusted
280,000
Calaguas, Capital
P
P
100,000
Total Assets
450,000
Book
2) Land
300,000
Equipment
750,000
Adjusted
100,000
Accounts Payable
Building
Notes Payable
Dela Cruz, Capital
520,000
600,000
(400,000)
(400,000)
P
300,000
Espanol, Capital
Quino, Capital
Total Liabilities and Owners' Equity
13 July, 2016
F FISH R' US
36,000
150,000
460,000
124,000
ble Accounts
10,000
30,000
730,000
nt of Espanol
730,000
P
730,000
nt of Quino
Book
36,000
Adjusted
36,000
150,000
150,000
(16,000)
(10,000)
440,000
460,000
135,000
124,000
(75,000)
(30,000)
(30,000)
P
730,000
766,000
H R' US
Financial Position
y 01, 2016
ssets
150,000
10,000
140,000
460,000
124,000
P
1,490,000
30,000
d Owner's Equity
730,000
730,000
Equity
1,490,000
Merchasndise Inventory
72,000
Caballes, Drawing
241,000
Prepaid Expenses
17,000
Office Equipment
276,000
10,500
Accounts Payable
191,000
404,500
San Mateo
P 450,000 x 2/3
Caballes
P 450,000 x 1/3
June 30 Cash
404,500
Caballes, Capital
404,500
PROBLEM # 4
Computation of Capital
Book Value
Accounts Receivable
72,000
FMV/Adjusted
P
Merchasndise Inventory
(10,500)
223,400
241,000
Prepaid Expenses
17,000
17,000
Office Equipment
459,000
276,000
Land
153,000
Notes Payable
191,000
72,000
Capital Account
(191,000)
P
404,500
Balances
Years Unchang
ABLES, CAPITAL
Jan. 1
Portion of the
275,000
12
Average Capital
GALANG, CAPITAL
Jan. 1
200,000
Sep. 1
275,000
Average Capital
Assets
Cash
Accounts Receivable
Less: Allwnce for Unc. Accounts
404,500
72,000
10,500
61,500
Merchandise Inventory
241,000
Prepaid Expenses
17,000
Office Equipment
276,000
Total Assets
P
Liabilities and Owner's Equity
P 800,000 x 275K/50
Caballes
P 800,000 x 225K/50
1,000,000
Journal Entry:
Accounts Payable
191,000
404,500
Ables, Drawing
Galang, Capital
404,500
Galang, Drawing
1,000,000
15 July, 2016
ry and Drawings
450,000
P
300,000
150,000
x 2/3
x 1/3
300,000
150,000
450,000
GALANG
tion of the
Average Capital
rs Unchanged
12
12
Balances
P
275,000
275,000
133,333
12
x 275K/500K
91,667
P
225,000
500,000
440,000
x 225K/500K
360,000
P
800,000
800,000
P
440,000
360,000