College of Accountancy
Accounting 2
Seatwork # 2 – Chapter 1
Mrs. Lucia A. Suello, CPA, MBA
Name:_________________________________Course/Yr:_________Sched:______________Date:________
PROBLEM
Theresa Orayan, Genevieve Jacaban, & Lilia Narag were good friends way back the
days when they worked together as employees of Aspac Bank Corporation. After retirement,
each of them were engaged in business. One day, they agree to combine their business units
into one, hoping that with a bigger amount of capital plus their experience in banking industry
they will attain success. They will call their partnership Thejali Merchandising.
Despite their capital disparities brought about by adjustments and revaluation they
proposed they agreed to share profits and losses equally.
Their respective ledger balances as of March 31, 2016 were given below:
Orayan
Jacaban
Narag
Cash
30,000
70,000
40,000
Checker:
Accounts Receivable
Allowance for doubtful accounts
Merchandise
Transportation Equipment
Accumulated depreciation
Building
Accumulated Depreciation
Land
Accounts Payable
