JOURNAL ENTRY

Nadia, Nelia, Nila and Nida Partnership

General Journal
For the Year Ended December 31, 2001

Date Account Titles and Explanation

2001
September 30 Income Summary
Nadia, Capital
Nelia, Capital
Nila, Capital
Nida, Capital
To record the share of profit to the partners.

Nida, Capital
Payable to the Estate of Nida
To record the payment to the estate of Nida.

Income Summary (45,000 - 33,750 -9,998.44)

Payable to the Estate of Nida
To record the payment to the estate.

December 31 Income Summary

Nadia, Capital
Nelia, Capital
Nila, Capital
To record the share of profit to the partners.

Nila, Capital
Notes Payable
Nadia, Capital
Nelia, Capital
To record the retirement of Nila.
da Partnership
nal
mber 31, 2001

P.R. Debit Credit

P 33,750
P 13,500
10,125
5,062.5
5,062.5

P 50,062.50
P 50,062.50

P 1,251.56
P 1,251.56

P 9,998.44
P 4,705.15
3,528.86
1,764.43

P 54,826.93
P 41,120.20
7,832.42
5,874.31
STATEMENT OF PARTNERS' CAPITAL

Nadia, Nelia, Nila and Nida Partnership

Statement of Partners' Capital
For the Year Ended December 31, 2001
 Nadia Nelia
Capital Balance, January 1 P 84,000 P 75,000 P
Distribution of Profit:
January 1 - September 30 (45,000 x 9/12 = 33,750) 13,500 10,125
October 1 - December 31 [45,000 - 33,750 - (50,062.5 4,705.15 3,528.86
x 10% x 3/1) = 9,998.44]
Transfer of Nida Capital to his Estate.
Retirement of Nila (54,826.93 x 25% = 41,120.2) 7,832.42 5,874.31
Capital Balance, Decemeber 31 P 110,037.57 P 94,528.17
artnership
apital
r 31, 2001
 Nila Nida Total
48,000 P 45,000 P 252,000

5,062.50 5,062.5 33,750

1,764.43 9,998.44

(50,062.5) (50,062.5)
(54,826.93) (-41,120.2)
- - P 204,565.74