Task A:

Instruction: Solve the problem and make a Statement of Changes in Equity for a

Partnership.

TIE Accounting Services is owned and managed by Joesam, Genesis and Chris. It

shows partner's capital balance as of January 1, 2018 in the amount of P 200,000,

P 400,000, and P 600,000. Additional investments were made during the year

amounting to P 200,000 for Joesam and P 400,000 for Genesis respectively. A net

income of P 100,000 was earned and partner's profit sharing was 20%-30%-50%.

Partner's drawings were P 25,000 and P 35,000 for Joesam and Genesis.

Task B: Solve the following. SHOW YOUR SOLUTIONS.

1.) Cristela invested an initial capital amounting P50,000 in order to put up her

janitorial services company. During the first year of operations (2018), the

company had a net income of P25,000. Because of this, she invested

additional capital amounting to P50,000 in 2018. In the second year (2019),

the company had a net income of P100,000 and Maristela withdrew P10,000

for personal use. Compute for the ending capital balance of her business for

the year 2018.

2.) Krystal trading is owned by Ms. Krystal. As of January 1, 2018, her capital

balance was P 200,000. She also invested additional inventories of Ph 100,000

during the year. Krystal Trading earned a net income of P 75,000. As of December 31, 2018, her capital balance was P 325,000. How much was Ms. Krystal's withdrawal for 2018?

3.) Records show the ending owner's equity amounting to P 100,000. Additional

investments during the year totaled Ph 55,000 and withdrawals amounted to

Ph 20,000. Compute for the company's net income for the year assuming

beginning equity is P30,000.

4.) During first year of operations of Cring's Spa Business (2018), the company

had a net income of Ph 40,000. She invested additional Ph 50,000 to grow the business. In 2019, it earned Ph 60,000. As of December 31, 2019, her capital balance was Ph 200,000 and drawings amounted to Ph 15,000. How much was Cring's capital balance beginning?

5.) During the first year of operations of Ley's Laundry Shop in 2019, she

invested Ph 50,000 to grow the business. In 2019, it earned Ph 60,000. As of

December 31, 2019, her balance amounted to Ph 200,000 and her drawings

totaled Ph 15,000. How much was Ley's equity beginning?

6.) Altima trading is owned by Ms. Alma Tima. As of January 1, 2018, her capital

balance was P 200,000. She also invested additional inventories of Ph 100,000

during the year. The business earned a net income of Ph 75,000. As of

December 31, 2018, her capital balance was Ph 325,000. How much was Ms.

Alma's withdrawal for 2018?

7.) DanCol Paralegal Services provides paralegal consultancy to several clients. It

is owned by Private Inspector (PI) Dante Colina. His equity balance as of

January 1, 2018 was P 360,000. Due to the company's cash shortage problem,

he invested additional cash of Ph 180,000. Furthermore, Dancol Paralegal

Services earned a net income of Ph 135,000. His equity balance as of December

31, 2018 was P 585,000. How much was Dante Colina's withdrawal for the

year?

8.) Kristela invested P100,000 to start her laundry business. During the first year

of operations (2016), it had a net income of P15,000. Juana invested additional

P100,000 to grow it. In 2017, it earned P50,000. As of December 31, 2017, her capital balance is P200,000. How much is Kristela's withdrawal?

9.) Beginning owner's equity amounted to P 200,000. The net loss for the year

totaled P 45,000, additional investment P 100,000 and drawings P 25,000. Compute

the equity ending for the year.

10.) Kaloy invested an initial capital amounting to P50,000 in order to put up his

janitorial services company. During the first year of operations (2016), it had a loss

of P25,000. Because of this, Kaloy invested additional capital of P50,000 in 2017. In

the second year (2017), it had a net income of P100,000 and Kaloy withdrew P10,000

for personal use. Compute for Kaloy's ending capital balance for the year 2017.

11.) Ending owner's equity amounted to P70,000. Additional investments during

the year amounted to P30,000 and withdrawals P50,000. Compute for the company's net income for the year assuming beginning equity is P10,000.