Nita and Bona's entrepreneurs agreed to invest cash to put up a business selling signature bags. They agreed to share profits based on the legal provision. The following are the ledger postings for 2019
Extracted text: 2. From the following balances found in the ledger of R-WE Toy Company, reconstruct the investment entries recorded by the bookkeeper: Debit Credit Cash P200,000 Inventory 125,000 Equipment 230,000 Furniture and Fixtures 150,000 Notes Payable P100,000 Rubio, Capital 350,000 Winston, Capital 125,000 Enriquez, Capital 130,000 Totals P705.000 P705.000
Extracted text: 1. Nita and Bona entrepreneurs, agreed to invest cash to put up a business selling signature bags. They agreed to share profits based on the legal provision. The following are the ledger postings for 2019: Nina, Capital Bona, Capital Jan. 2 500,000 Jan.2 300,000 Mar.1 200,000 Bona, Drawing 30,000 Dec.31 ? 30,000 Nina, Drawing Oct.1 30,000 Dec. 31 ? Oct.1 Nov.1 30,000 Nov.1 Dec.1 ? Dec.1 Loan Payable, Nina Dec.15 Income Summary 50,000 Dec.31 ? Dec. 31 200,000 Direction: a) In chronological order, describe the transaction that took place. b) From the above postings, determine the agreements contained in the Articles of Co- Partnership regarding requires contribution of each partner, allowable withdrawals, and profit sharing ratio. c) Give the last two entries (drawings and profit share). d) Prepare a statement of partner 's equity for 2019