The document provides financial statements for the partnership of Calamba and Santiago for the year ending December 31, 2011, including statements of comprehensive income, changes in partners' equity, and financial position. It details the partners' capital accounts, distributions, salary allowances, and division of profit between Calamba and Santiago.
The document provides financial statements for the partnership of Calamba and Santiago for the year ending December 31, 2011, including statements of comprehensive income, changes in partners' equity, and financial position. It details the partners' capital accounts, distributions, salary allowances, and division of profit between Calamba and Santiago.
The document provides financial statements for the partnership of Calamba and Santiago for the year ending December 31, 2011, including statements of comprehensive income, changes in partners' equity, and financial position. It details the partners' capital accounts, distributions, salary allowances, and division of profit between Calamba and Santiago.
The document provides financial statements for the partnership of Calamba and Santiago for the year ending December 31, 2011, including statements of comprehensive income, changes in partners' equity, and financial position. It details the partners' capital accounts, distributions, salary allowances, and division of profit between Calamba and Santiago.
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The following are the balances of Calamba and Santiago as at Dec.
31, 2011:
Accounts Payable 677,820.00
Accounts Receivable 545,070.00 Accumulated Depreciation - Equipment 462,870.00 Allowance for Uncollectible Accounts 18,790.00 Cash 132,310.00 Calamba, Capital 612,000.00 Calamba, Drawing 326,400.00 Equipment 753,150.00 Transportation In 224,880.00 General Expenses (control) 149,390.00 Interest Expense 35,000.00 Merchadise Inventory, December 31 1,320,420.00 Notes Payable 299,000.00 Prepaid Insurance 7,350.00 Purchases 5,407,160.00 Purchases Discounts 43,050.00 Purchases Returns and Allowances 259,600.00 Santiago, Capital 499,600.00 Santiago, Drawing 244,800.00 Sales 7,155,000.00 Sales Returns and allowances 375,750.00 Selling Expenses (control) 385,880.00
There were no changes in the partners' capital accounts during the year. The merchandise inventory at the beginning of the year was P1,440,590. The partnership agreement provides for salary allowances of P330,000 for Calamba and P290,000 for Santiago. It also stipulates an interest allowance of 10% on invested capital at the beginning of the year, with the remainder of the profit to be divided equally. Calamba and Santiago Statement of Comprehensive Income For the year ended December 31, 2011
Sales Less: Sales Returns and Allowances Net Sales
Less: Cost of Goods Sold
Merchandise Inventory, Jan 1 ₱ 1,440,590.00 Add: Net Purchases Purchases ₱ 5,407,160.00 Purchases Returns and Allowances ₱ 259,600.00 Purchases Discounts 43,050.00 302,650.00 ₱ 5,104,510.00 Add: Transportation In 224,880.00 ₱ 5,329,390.00 Total of Cost of Goods Available for Sale ₱ 6,769,980.00 Less: Merchandise Inventory, Dec. 31 1,320,420.00 GROSS PROFIT
Division of profit Calamba Santiago Salary allowances ₱ 330,000.00 ₱ 290,000.00 Interest allowances Calamba = 612,000 x 10% 61,200.00 Santiago = 499,600 x 10% 49,960.00 Remainder of the profit to be shared equally 759,420 - 731,160 = 28,260 14,130.00 14,130.00 Total ₱ 405,330.00 ₱ 354,090.00
Calamba and Santiago
Statement of Changes in Partners' Equity For the year ended December 31, 2011 Calamba Santiago Beginning Capital ₱ 612,000.00 ₱ 499,600.00 Add: Profit 405,330.00 354,090.00 Total ₱ 1,017,330.00 ₱ 853,690.00 Less: Drawings 326,400.00 244,800.00 Ending Capital ₱ 690,930.00 ₱ 608,890.00
Calamba and Santiago
Statement of Financial Position As of Dec. 31, 2011
ASSETS Current Assets: Merchandise Inventory ₱ 1,320,420.00 Accounts Receivable ₱ 545,070.00 Less: Allowance for Uncollectible Accounts 18,790.00 526,280.00 Cash 132,310.00 Prepaid Insurance 7,350.00 Total Current Assets ₱ 1,986,360.00
Non-Current Asset Equipment 753,150.00 Less: Accumulated Depreciation 462,870.00 Total Non-Current Asset ₱ 290,280.00 TOTAL ASSETS ₱ 2,276,640.00
Partners' Equity Calamba, Capital 690,930.00 Santiago, Capital 608,890.00 Total Parners' Equity ₱ 1,299,820.00 TOTAL LIABILITIES AND PARTNERS' EQUITY ₱ 2,276,640.00 ₱ 7,155,000.00 375,750.00 ₱ 6,779,250.00
5,449,560.00 ₱ 1,329,690.00
570,270.00 ₱ 759,420.00
Total ₱ 620,000.00
111,160.00
28,260.00 ₱ 759,420.00 Adjustment for Inventory
Merchandise Inventory, end 1,320,420.00
Purchases Returns and Allowances 259,600.00 Purchases Discounts 43,050.00 Cost of Good Sold 5,449,560.00 Merchandise Inventory, beg 1,440,590.00 Purchases 5,407,160.00 Transportation In 224,880.00 7,072,630.00 7,072,630.00
