Advanced Accounting 2AA

On january 1, 2018 S&G Sports Partnership was formed by Simon S and Gary G
Simon contributed $300T in Bank Cash,
while Gary contributed Land worth $100T amd Buildings worth $150T & Machinery worth $50T
Additional Loan of $300T . i=6% was secured from Mega Bank
The partnership provides agreement:
Simon and Gary are entitled annual salary of $40T and $20T
Profit sharing 60%:40% = Simon:Gary Drawing of maximum $30T each
the following data was available for the year 2018 operation :

1. Building renovation at $200T, Machinen overhauled at $25T

2. Inventories were purchased for $200000, 20% is still on account
90% of inventories was sold at 80% margin of cost , of which 90% sold on Bank Cash
3. Administrative expense is 5%, Marketing expenses is 3%, while utility expenses is 0,15% of total sales
and total employee salaries paid was $20T
4. Partners drawing : Simon $20T, Gary $15T

Modal awal
Simon Gary
Cash 300
Land 100
Building 150
Machine 50
Loan 300
Total 900
Salary 40 20
Ratio/Profi Sharing Sblm operasi 60% 40%
Drawing 20 15

Buildings revonation 200

Machine overhauled 25
Buildings revonation period 20 years
Machine overhauled period 5 years

Inventory dibeli sebanyak 2,000

Bayar on Cash 80% 1,600
Masih on Account payable 20% 400
Inventory Dibeli per unit 10
Inventory dijual sebanyak 90% 1,800
Cost of Goods Sold 1,800
Profit margin 80%
Total sales 3,240
Bayar Cash 90% 2,916
Masih on Account receivable 10% 324
Inventory Dijual per unit 1.80

Administrative Expense 5% 162

Marketing Expense 3% 97
Utility 0.15% 5
Interest Expense 6% 18
Depreciation Expense Building 18
Machinery 15
Total 33
Salary Expense 20
Journal Entries Unadjusted Trial Balance
Jurnal pembentukan
Cash 300 Bank
Land 100 Accounts Receivable
Building 150 Inventory
Machine 50 Land
Simon Capital 300 Building
Gary Capital 300 Machinery
Accouns Payable
Jurnal Peminjaman Interest payable
Cash 300 Salary Payable
Loan 300 Loan from Mega Bank
Simon, Capital
Jurnal Renovasi Gary, Capital
Building 200 Simon, Drawing
Machine 25 Gary, Drawing
Cash 225 Sales
Cost of goods sold
Jurnal Pembelian Administrative expenses
Inventory 2,000 Marketing expenses
Accounts Payable 400 Salary expenses
Cash 1,600 Utility expenses
Total
Jurnal Penjualan
Cash 2,916
Accounts Receivable 324
Sales 3,240
COGS 1,800
Inventory 1,800

Jurnal Pembayaran Beban

Administrative expense 162
Marketing expense 97
Utility expense 5
Salary Expense 20
Cash 284

Simon Drawing 20
Gary Drawing 15
Cash 35
 Adjusting Entries
Debit Credit Salary expense 60
1372 Salary payable 60
324
200 Interest expense 18
100 Interest payable 18
350
75 Depreciation expense 33
400 Accumulated Depreciaiton Buildings 18
Accumulated Depreciaiton Machine 15

300
300
300
20
15
3,240
1,800
162
97
20
5
4,540 4,540
0
Adjusted Trial Balance
Debit Credit Income Statement
Bank 1,372 Sales
Accounts Receivable 324 Cost of goods sold
Inventory 200 Gross profit
Land 100 Operating expenses:
Building 350 Administrative expenses
Accumulated Depreciaiton Buildings 18 Marketing expenses
Machinery 75 Utilities expenses
Accumulated Depreciaiton Machine 15 Salary expenses
Accouns Payable 400 Interest expenses
Interest payable 18 Depreciation expenses
Salary Payable 60 Total operating expenses
Loan from Mega Bank 300 Net income
Simon, Capital 300
Gary, Capital 300 Statement of Income allocation and changes in own
Simon, Drawing 20
Gary, Drawing 15 Net income
Sales 3,240 Drawing
Cost of goods sold 1,800 Beginning Capital
Administrative expenses 162 Ending Capital
Marketing expenses 97
Utilities expenses 5
Salary expenses 80
Interest expenses 18
Depreciation expenses 33
Total 4,651 4,651
0
 Balance Sheet
3,240 Bank 1,372
1,800 Accounts Receivable 324
1,440 Inventory 200
Land 100
162 Buildings 350
97 Accumulated depreciation-buildings 18
5 Machinery 75
80 Accumulated depreciation-machinery 15
18 Accounts Payable 400
33 Interest Payable 18
ting expenses 395 Salary Payable 60
1,045 Loan from Megabank 300
Simon, Capital 907
e allocation and changes in owner's equity Gary, Capital 703
Simon Gary Total Total 2,421 2,421
627 418 1,045 0
20 15 35
300 300 600
907 703 1,610
Advanced Accounting 2AA
On january 1, 2018 S&G Sports Partnership was formed by Simon S and Gary G
Simon contributed $300T in Bank Cash,
while Gary contributed Land worth $100T amd Buildings worth $150T & Machinery worth $50T
Additional Loan of $300T . i=6% was secured from Mega Bank
The partnership provides agreement:
Simon and Gary are entitled annual salary of $40T and $20T
Profit sharing 60%:40% = Simon:Gary Drawing of maximum $30T each
the following data was available for the year 2018 operation :

1. Building renovation at $200T, Machinen overhauled at $25T

2. Inventories were purchased for $200000, 20% is still on account
90% of inventories was sold at 80% margin of cost , of which 90% sold on Bank Cash
3. Administrative expense is 5%, Marketing expenses is 3%, while utility expenses is 0,15% of total sales
and total employee salaries paid was $20T
4. Partners drawing : Simon $20T, Gary $15T

Modal awal
Simon Gary
Cash 400
Land 200
Building 150
Machine 50
Loan 200
Total 1,000
Salary 40 30
Ratio/Profi Sharing Sblm operasi 65% 35%
Drawing 50 50

Buildings revonation
Machine overhauled
Buildings revonation period 10 years
Machine overhauled period 5 years

Inventory dibeli sebanyak 1,200

Bayar on Cash 75% 900
Masih on Account payable 25% 300
Inventory Dibeli per unit
Inventory dijual sebanyak 80% 960
Cost of Goods Sold 960
Profit margin 70%
Total sales 1,632
Bayar Cash 90% 1,469
Masih on Account receivable 10% 163
Inventory Dijual per unit

Administrative Expense 5% 81.60

Marketing Expense 4% 65.28
Utility 3% 48.96
Interest Expense 8% 16.00
Depreciation Expense Building 15
Machinery 10
Total 25
Salary Expense 50
Journal Entries Unadjusted Trial Balance
Jurnal pembentukan
Cash 400 Bank
Land 200 Accounts Receivable
Building 150 Inventory
Machine 50 Land
Simon Capital 400 Building
Gary Capital 400 Machinery
Accouns Payable
Jurnal Peminjaman Interest payable
Cash 200 Salary Payable
Loan 200 Loan from Mega Bank
Simon, Capital
Jurnal Renovasi Gary, Capital
Building 0 Simon, Drawing
Machine 0 Gary, Drawing
Cash 0 Sales
Cost of goods sold
Jurnal Pembelian Administrative expenses
Inventory 1,200 Marketing expenses
Accounts Payable 300 Salary expenses
Cash 900 Utility expenses
Total
Jurnal Penjualan
Cash 1,469
Accounts Receivable 163
Sales 1,632
COGS 960
Inventory 960

Jurnal Pembayaran Beban

Administrative expense 81.60
Marketing expense 65.28
Utility expense 48.96
Salary Expense 50.00
Cash 245.84

Simon Drawing 50
Gary Drawing 50
Cash 100
 Adjusting Entries
Debit Credit Salary expense 70
823 Salary payable 70
163
240 Interest expense 16
200 Interest payable 16
150
50 Depreciation expense 25
300 Accumulated Depreciaiton Buildings 15
Accumulated Depreciaiton Machine 10

200
400
400
50
50
1,632
960
81.60
65.28
50
48.96
2,932 2,932
0
Adjusted Trial Balance
Debit Credit Income Statement
Bank 822.96 Sales
Accounts Receivable 163.20 Cost of goods sold
Inventory 240.00 Gross profit
Land 200.00 Operating expenses:
Building 150.00 Administrative expenses
Accumulated Depreciaiton Buildings 15.00 Marketing expenses
Machinery 50.00 Utilities expenses
Accumulated Depreciaiton Machine 10.00 Salary expenses
Accouns Payable 300.00 Interest expenses
Interest payable 16.00 Depreciation expenses
Salary Payable 70.00 Total operating expenses
Loan from Mega Bank 200.00 Net income
Simon, Capital 400.00
Gary, Capital 400.00 Statement of Income allocation and changes
Simon, Drawing 50.00
Gary, Drawing 50.00 Net income
Sales 1,632.00 Drawing
Cost of goods sold 960.00 Beginning Capital
Administrative expenses 81.60 Ending Capital
Marketing expenses 65.28
Utilities expenses 48.96
Salary expenses 120.00
Interest expenses 16.00
Depreciation expenses 25.00
Total 3,043.00 3,043.00
0
 Balance Sheet
1,632.00 Bank 822.96
960.00 Accounts Receivable 163.20
672.00 Inventory 240.00
Land 200.00
81.60 Buildings 150.00
65.28 Accumulated depreciation-buildings 15.00
48.96 55 Machinery 50.00
120.00 0.846154 Accumulated depreciation-machinery 10.00
16.00 Accounts Payable 300.00
25.00 Interest Payable 16.00
ting expenses 356.84 Salary Payable 70.00
315.16 Loan from Megabank 200.00
Simon, Capital 554.85
e allocation and changes in owner's equity Gary, Capital 460.31
Simon Gary Total Total 1,626.16 1,626.16
204.85 110.31 315.16 0
50.00 50.00 100.00
400.00 400.00 800.00
554.85 460.31 1,015.16