Advanced Accounting Chapter 1

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CHAPTER 1

Partnership Formation and Operations

EXERCISES

Exercise 1 –1

|1.a |Campos, Capital |14,000 | | | | Allowance for Uncollectible Accounts | |14,000 | | | | | | | |Goodwill |30,000 | | | | Campos, Capital | |30,000 | | | | | | | |Accumulated Depreciation |6,000 | | | |Campos, Capital |6,500 | | | | Furniture and Fixtures | |12,500 | | | | | | | |Campos, Capital |40,000 | | | | Cash | |40,000 | | | | | | |1.b |Cash (P83,500 x 1/2) |41,750 | | | | Tomas, Capital | |41,750 | | | To record contributions of Tomas | | |

Req. 2.
Campos and Tomas Partnership
Statement of financial Position
July 1, 2008

Assets Liabilities & Owners’ Equity |Cash |P41,750 |Accounts Payable |P90,000 | |Accounts Rec’l P60,000 | |Campos, Capital |83,500 | | Less Allowance for | |Tomas, Capital |41,750 | |Uncol Accts. 24,000 |36,000 | | | |Inventory |100,000 | | | |Furniture |7,500 | | | |Goodwill |30,000 | |________ | | | |TOTAL LIABILITIES & | | |TOTAL ASSETS |P215.250 |OWNERS’ EQUITY |P215,250 |

Exercise 1-2

|1. |Cash |90,000 | | | |Accounts Receivable |36,000 | | | |Merchandise Inventory |54,000 |...
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