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Patungan, Airene T.

ACCTG009 19-Jan-19

Russel Jen Kenna Mitch


Beginning balances 120,000 88,000 109,000 60,000
Loss on A/R -4,920 -1,640 -3,280 -6,560
Loss on Land, Bldg., and Equipment -30,900 -10,300 -20,600 -41,200
Cash distribution -31,800 -58,600 -50,200 -
Loss on inventory -9,000 -3,000 -6,000 -12,000
Cash distribution -35,500 -11,833 -23,667 -
Liquidation expenses -3,300 -1,100 -2200 -4,400
Total 4,580 1,527 3,053 -4,160
Mitch insolvent -2,080 -693 -1,387 4,160
Total balances 2,500 834 1,666 -

Journal Entries

*Net Income P 377,000


Russel, Capital P 120,000
Jen, Capital 88,000
Kenna, Capital 109,000
Mitch, Capital 60,000

*Cash P 65,600
Russel, Capital P 4,920
Jen, Capital 1,640
Kenna, Capital 3,280
Mitch, Capital 6,560

*Cash P 150,000
Russel, Capital 30,900
Jen, Capital 10,300
Kenna, Capital 20,600
Mitch, Capital 41,200
Land P 85,000
Building and Equipment 168,000

*Russel, Capital P 31,800


Jen, Capital 58,600
Kenna, Capital 35,000
Mitch, Capital 15,200
Cash P 140,600

* No journal entry for Mitch' insolvency


* Liabilities P74,000
Cash P74,000

*Cash P71,000
Russel, Capital 9,000
Jen, Capital 3,000
Kenna, Capital 6,000
Mitch, Capital 12,000
Inventory P 101,000

* Russel, Capital P35,500


Jen, Capital 11,833
Kenna, Capital 23,667
Cash P71,000

*Russel, Capital P3,300


Jen, Capital 1,100
Kenna, Capital 2,200
Mitch, Capital 4,400
Cash P11,000

*Russel, Capital P2,080


Jen, Capital 693
Kenna, Capital 1,387
Mitch, Capital P4,160

*Russel, Capital P 2,500


Jen, Capital 834
Kenna, Capital 1,666
Cash P5,000

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