Question

Partnership entries and statement of partners' equity Chart of Account Amount Descriptions ement of Partnership Equity Instructions The capital cuts of Angel Alvarez and Emma Alison have balance of 547.740 and $71.870, respectively, on January 1, 2014, the beginning of the focal year. On March 10. Alvarez Invested an additional 7.000. During the year. Alwer and Alison withdrew $31.410 and $39,630, respectively, and net income for the year was 62.000 Revenues were 483.000, and perces were 21.000. The w es of partnership make r ence to the vision of net income Required A Joure meant to close the revenues and expenses and (2) the drawing accounts on December 31. Refer to the Chart of Accounts for exact wording of accounts 8. Prepare a statement partnership equity for the current year for The partnership of Aland Also Heler to the Amount Despois provided for the exact wording of the choice for tant

Answer 1

JOURNAL Debit 483,000 ACCOUNTING EQUATION Assets Liabilities Equity Post Ref. Credit 40 A) 41 Date Description 42 31-Dec Revenues Expenses Angel Alvarez, Capital (483000-421000)*1/2 45 Emma Allison, Capital (483000-421000)*1/2 46 (To close revenues and expenses) 421,000 31,000 31,000 31,000 31,000 31,410 39,630 (31,410) (39,630) 31-Dec Angel Alvarez, Capital Emma Allison, Capital Angel Alvarez, Drawings Emma Allison, Drawings (To close drawings) 31,410 39,630 54 b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. ALVAREZ AND ALLISON Statement of Partnership Equity For the Year Ended December 31, 2014 Angel Alvarez Emma Allison Capital January 1,2044 47,740 71,570 Additional investment during the year 7,690 Net Income for the year 31,000 31,000 Withdrawls during the year (31,410) (39,630) Capital ,Deember 31,2074 55,020 62,940 Total 119.310 7,690 62,000 (71,040) 117,960