On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following contribution: Bon Hok, a general partner, contributed cash P 150,000 and shares 45% for profits and losses. Dyon OK is a limited partner, contributed his Brand New Motorcycle costing P 150,000 and shares 40% for profits and losses Meow Meng is an industrial partner contributing his personal services and shares 15% in the partnership profits.

On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following contribution: Bon Hok, a general partner, contributed cash P 150,000 and shares 45% for profits and losses. Dyon OK is a limited partner, contributed his Brand New Motorcycle costing P 150,000 and shares 40% for profits and losses Meow Meng is an industrial partner contributing his personal services and shares 15% in the partnership profits.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 41P

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On January 1, 2022, Bon Hok, Dyon Ok and Meow Meng agreed to form a partnership with the following contribution: Bon Hok, a general partner, contributed cash P 150,000 and shares 45% for profits and losses. Dyon OK is a limited partner, contributed his Brand New Motorcycle costing P 150,000 and shares 40% for profits and losses Meow Meng is an industrial partner contributing his personal services and shares 15% in the partnership profits. Prepare the journal entry and post it to the appropriate partner's account. Let's try these: Prepare the journal entries for the following transactions: July 1- Mr. Bon Hok withdraw P20,000 cash charge to share in profits. 2 - Mr. Ok made an additional contribution of P30,000 cash. 3 Mr. Meng bought goods on account from the partnership, P 10,000 4 The partnership borrowed P50,000 from Mr. Hok. 5 Mr. Meng fully paid its account to the partnership. 6. The partnership pays 50% of its borrowings to Mr. Hok. 7 Mr. Ok permanently withdraw P 20,000 cash…
On February 1, 2022, AA and BB formed a partnership and agreed to share profits in the ratio of 4:6, respectively. AA contributed a laptop which cost him P68,000 and was estimated to have a value of P50,000 on date of formation. BB contributed cash of P250,000. How much is the capital account of BB upon formation of the partnership?
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