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    Accounting - Partnership - and - Investing Bsa11111

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    Koleen Lalap
    The document outlines the capital investments and adjustments needed to form an equal partnership between Bobby and Cobby. It provides the initial capital contributions of each partner and calculates how much additional capital needs to be invested to make their shares equal. Adjusting entries are made to the individual partner's books to account for impairment losses, depreciation, and expenses before consolidating the accounts into a new set of partnership books.

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    Accounting - Partnership - and - Investing Bsa11111

    Uploaded by

    Koleen Lalap
    15 views4 pages
    The document outlines the capital investments and adjustments needed to form an equal partnership between Bobby and Cobby. It provides the initial capital contributions of each partner and calculates how much additional capital needs to be invested to make their shares equal. Adjusting entries are made to the individual partner's books to account for impairment losses, depreciation, and expenses before consolidating the accounts into a new set of partnership books.

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    ACCOUNTING_PARTNERSHIP_AND_INVESTING BSA11111

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    The document outlines the capital investments and adjustments needed to form an equal partnership between Bobby and Cobby. It provides the initial capital contributions of each partner and calculates how much additional capital needs to be invested to make their shares equal. Adjusting entries are made to the individual partner's books to account for impairment losses, depreciation, and expenses before consolidating the accounts into a new set of partnership books.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    15 views4 pages

    Accounting - Partnership - and - Investing Bsa11111

    Uploaded by

    Koleen Lalap
    The document outlines the capital investments and adjustments needed to form an equal partnership between Bobby and Cobby. It provides the initial capital contributions of each partner and calculates how much additional capital needs to be invested to make their shares equal. Adjusting entries are made to the individual partner's books to account for impairment losses, depreciation, and expenses before consolidating the accounts into a new set of partnership books.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    You are on page 1of 4

    BSA

    Investment of Partners

    1 Cash
    Furniture
    Equipment
    Para's Capital
    Luman's Capital

    2 Capital Investment By luman


    Capital Investment By Para
    Para will make additional Investment to make equal capital

    3 Luman's Agree capital


    Capital Introduced by Luman
    Addiitional Capital to be Invest by luman

    4 Para's Investment is Equal to 30% of the total capital


    Capital Investment by Para
    Total Capital of firm
    Luman's share should be
    Capital already Invest by luman
    of Partners

    Debit Credit
    55,000
    44,000
    165,000
    99,000
    165,000

    165,000
    99,000
    66,000

    275,000
    165,000

    99,000
    330,000
    231,000
    165,000
    66,000
    Koleen Czarene L. Lalap
    BSA101

    Partnership Formation

    Adjusting Entries
    Debit Credit
    A. Book of Bobby will used

    1 Adjust the Books of Bobby


    Bobby's Capital 6,300
    Allowance for impirment loss 63,000
    Bobby's Capital 31,500
    Inventory 31,500
    Prepaid Expense 8,400
    Bobby's Capital 8,400

    Closing Entries

    Allowance For Impairment loss 6,300


    Account Payable 21,000
    Bobby's Capital 254,100
    Cash 84,000
    Account Receivable 63,000
    Inventory 126,000
    Prepaid Expense 8,400

    B. Books of Cobby will be used

    1 Adjust the books of Cobby


    Cobby's Capital 10,500
    Allowance for impairment loss 10,500
    Cobby's Capital 10,500
    Inventory 10,500
    Cobby's Capital 8,400
    Accumulated Depreciation Equipment 8,400
    Cobby's Capital 6,825
    Accrued Expense 6,825

    Closing Entries

    Allowance For Impairment loss 10,500


    Accumulated Depreciation Equipment 8,400
    Accrued Expense 6,825
    Bobby's Capital 310,275
    Cash 126,000
    Account Receivable 105,000
    Inventory 42,000
    Equipment 63,000

    C. New set books will be used by the partnership


    Cash 210,000
    Account Receivable 168,000
    Inventory 168,000
    Prepaid Insurance 8,400
    Equipment 63,000
    Allowance for impairment loss 16,800
    Accumulated Depreciation Equipment 8,400
    Account Payable 21,000
    Accrued Expense 6,825
    Bobby's Capital 254,100
    Cobby's Capital 310,275

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