Professional Documents
Culture Documents
Sipalay Docx3
Sipalay Docx3
Prepare the necessary journal entries in the books of Mulles. Also, record the formation of the partnership in a
new set of books.
Adjusting
Old Books of Mulles
e. No entries necessary
Old Book of Mulles (Closing)
Assets
Cash 672, 500
Accounts Receivable 1,799,000
Inventory 900,000
Store Equipment 300,000
Building 1,450,000
Land 500,000
Total Assets 5, 621,500
Computation:
a. Adjusting
Accounts Receivable 2,103,000
1,799,000
Collectible 304,000
d. Adjusting
Store Equipment 390,000
Fair Value 300,000
90,000
e. No entries so no solution
Mulles, Capital
Unadjusted Capital 2,714,250
a. (304,000)
117,000
b. (112,500)
c. (29,250)
d. (90,000)
97,500
Inventory 1,012,500
- 112,500
900,000
LUCENA
Cash 2,393,000
Land 500,000
Building 1,450,000
443,000- cash to be contributed by Lucena