Cebedo, BASA, Ibrahim Partnership PDF

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Partnership Dissolution...

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IONA ANDREA M. HACHERO BABA 1-D GENERAL JOURNAL DATE ACCOUNTS TITLE and EXPLANATION 2020 1) Ibrahim is paid 54,000, excess is recorded as bonus. Ibrahim, Capital Cebedo, Capital Basa, Capital Cash to record the purchase of interest and bonus 2) Ibrahim is paid 45,000, excess is recorded as bonus. Ibrahim, Capital Cash Cebedo, Capital Basa, Capital to record the purchase of interest and bonus 3) Ibrahim accepted cash of 40,500 and plant assets (equiptment) with a current fair value of 9,000 Ibrahim, Capital Cebedo, Capital Basa, Capital Plant Asset (Equiptment) Cash to record the purchase of interest and bonus Ibrahim, Capital Cebedo, Capital Basa, Capital Accumulated Depreciation (Plant Assets) to record the loss from the equiptment

P.R.

PAGE 1 CREDIT

DEBIT

Computation: 1) 4,000 x 3/5 = 2,400 4,000 x 2/5 = 1,400

₱ 50,000.00 ₱ 2,400.00 ₱ 1,600.00 ₱ 54,000.00

2) ₱ 50,000.00 ₱ 45,000.00 ₱ 3,000.00 ₱ 2,000.00

₱ 50,000.00 ₱ 1,500.00 ₱ 1,000.00 ₱ 12,000.00 ₱ 40,500.00

₱ ₱ ₱

1,500.00 1,000.00 500.00 ₱

3,000.00

5,000 x 3/5 = 3,000 5,000 x 2/5 = 2,000

3) Bonus: 52,500 - 50,000 = 2,500 2,500 x 3/5 = 1,500 2,500 x 2/5 = 1,000

Depreciation: 30,000 x 60% = 18,000 30,000 - 18,000 = 12,000 12,000 - 9,000 = 3,000...