Professional Documents
Culture Documents
Owner's Equity
Brandon Capital
Nick Capital
Total Owners Equity
Total Liability and Owners Equity
Income Statement
For The Month Ended 31 January 2015
: Depreciation expense
Salary expense
ory Computer
ulated Depreciation-Building
ulated Depreciation-F/Furniture
ulated Depreciation-Machine
nt Payable - computer
nt Payable - indomarco
Practice 1b- Partnership Formation , Operation and Admitting new Partner
Journal entries
Bank-Cash 200
Capital-Nick 50
Capital-Brandon 50
Bank Loan 100
Land 100
Building 75
Fixture and furniture 25
Bank-Cash 200
Equipment 5
Machine (computer) 6.5
Accounts Payable-Computer Co. 11.5
Inventory 38
Accounts Payable-Indomarco 38
Inventory 38
Account Payable-Indomarco 38
Accounts Payable 19
Cash and Bank 19
Salary expense 4
Salary Payable- Nick 1
Salary Payable- Brandon 3
Adjusting Entries
Interest Expense 1.25
Interest Payable 1.25
Closing entry
Sales 57
Cost of good sold 38
Depreciation expense-Building 0.3125
Depreciation Expense-F/Furniture 0.20833
Depreciation Expense -Equipment/Machine 0.09583
Interest expense 1.25
Salary expense 4
Brandon Capital 8.75556
Nick Capital 4.37778
Brandon Capital 0.3
Brandon Drawing 0.3
Nick Capital 0.5
Nick Drawing 0.5
1.1 Bank Cash 1.4.1 Accumulated Depreciation - Building 2.1 Account Payable- indomarco
1.5 F/ Furniture
1.4 Building
3.1 Brandon Capital 5.1 Cost of Good Sold 5.6 Salary expense
a. Brandon and Nick agreed to withdraw their investment make it equal to Billy investment
journal
Brandon withdrawl 8.45556 Balance Sheet after Billy had been acc
Nick withdrawl 3.8778
Cash 12.33336
Cash 50
Billy, Capital 50
Journal
Brandon Capital -16.6667
Cash 50
Nick Capital 16.66667
Billy Capital 16.66667
make it equal to Billy investment
Owner's Equity
Brandon Capital
Nick Capital
Billy,C apital
Total Owners Equity
Total Liability and Owners Equity