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.
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.
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 53P
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Transcribed Image Text: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 from the prtnersip.
8. Assuming at the end of the accounting period, the partnership earns profit of P80,000 and
decided to distribute the profits to the partners.
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