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Advanced Accounting Solution Chapter 11
Accountancy and Business Management (ABM001)
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Advanced Accounting Solution Manual Chapter 11 Problem III Contributions of cash by the operators: Cash: P360, KK Company: P180, Cerise Company: P180, Contribution by joint operators: Use of cash and loan to buy machinery & equipment and raw materials: Machinery and equipment: P96, Cash: P60, Loans payable – machinery and equipment: P36, Materials: P78, Accounts payable: P78, Labor incurrence: Payroll: P86, Cash: P84, Accrued payroll: P2, Loans from the bank: Cash: P72, Bank loans payable: P72,
Repayment of loan – machinery and equipment and other factory expenses: Loan payable – machinery and equipment: P12, Cash: P12, Accounts payable: P50, Cash: P50, Factory overhead control – heat, light and power: Factory overhead control – heat, light and power: P156, Cash: P156, Depreciation of machinery and equipment: Factory overhead control – depreciation: P9, Accumulated depreciation: P9, Transfer of materials, labor and overhead to Work-in-Process: Work-in-process: P309, Payroll: P86, Materials: P57, Factory overhead control – heat, light and power: P156, Factory overhead control – depreciation: P9, Transfer of Work-in-Process to Finished Goods Inventory: Finished goods: P216, Work-in-process: P216, Transfer of Finished Goods Inventory to Joint Operators throughout the year:
Total Current Liabilities: P30, Non-current Liabilities
- Bank loan payable: P60,
- Loan payable – machinery and equipment: P24, Total Non-current Liabilities: P84, Total Liabilities: P114, Net Assets: P168, Total Liabilities and Net Assets: P282, Joint Operator’s Equity KK Company:
- Contributions – January 1, 20x4: P180,
- Cost of inventory distributed: (P96,000) Total: P84, DD Company:
- Contributions – January 1, 20x4: P180,
- Cost of inventory distributed: (P96,000) Total: P84, Total Joint Operator’s Equity: P168,
Advanced Accounting Solution Chapter 11
Course: Accountancy and Business Management (ABM001)
