Partnership Formation - A Sole Proprietor and an Individual with No Business Form a Partnership

Learn the Basic Accounting for Partnership Formation (A Sole Proprietor and an Individual with No Business Form a Partnership)
Adjusting the assets and liabilities of Proprietor in accordance with the partnership agreement.
Reference: Partnership and Corporation Accounting Made Easy by Mr. Win Ballada and Ms. Susan Ballada.
#PartnershipFormation #FilipinoAccountingTutorial

[@Katherine_inthehouse]

Kung yung mga teacher ba naman ay tinuturo yung mga ganito edi sana hindi nahihirapan mga studyante hahaha dali ng example nila pero yung pinapasagutan RAWR !

[@FilipinoAccountingTutorial]

Hope this video will help you mikasa. Mag aral nang mabuti 🧡

[@lousc55]

May part 2 po ba ‘to? Sobrang helpful po sinxe nahihirapan talaga ko sa online class namin, dahil ang bilis magturo. Thank you and Godbless

[@pascuacristine3511]

Thank you sir for sharing this💖

[@benettemarie4722]

You have exactly what I always need sir and I'm more than grateful to you ಥ_ಥ.. bless you always po

[@FilipinoAccountingTutorial]

Thanks Bennette. We're hoping other videos here will help you when you in need of it. Mag aral nang mabuti 💛

[@Sheenkae]

Yung prof namin di nag tuturo tapos quiz kagad next meeting na may kasamang assignment which hindi nya dinis-cuss kaya nandito ako lol. This is very helpful thank you sir

[@FilipinoAccountingTutorial]

Welcome Kae! We are happy to help you.

[@fernandoarlent.2453]

Super thank you po sa mga free tutorials!!

[@FilipinoAccountingTutorial]

Walang anuman, Arlen 🙂 Mag aral nang mabuti ❤️

[@jbashavargas4691]

Sir thank you po sa video, baka po pwede mag request ng financial statement naman po, thanks and God bless😇

[@nicajoyguevarracpa1545]

Thankyou po for this video, it was indeed a big help!!! God bless u sir🙏❤️

[@FilipinoAccountingTutorial]

You're welcome, Nica 🙂 We're happy it help 🙂 Mag aral nang mabuti. God bless ❤️

[@mmdg1917]

Thank u po sa inyo sa effort nyu gawin ung tutorial, mas naintindihan ko po...

[@FilipinoAccountingTutorial]

Hi Kiefer! Thanks! Happy studying!

[@itsanjjj]

Thank you!! You're a life saver po!! Sobrang laking tulong po ng mga video nyoooo. 😭♥️

[@FilipinoAccountingTutorial]

We are happy to help Angela!

[@aeronespanillo4598]

THANK YOU VERY MUCH!

[@cahiligrosamindamariey.3217]

Thank you po ng marami Sir, God bless

[@FilipinoAccountingTutorial]

Welcome Rosaminda!

[@sirjhemvlog2416]

ang galing po ng explanation i am hoping more videos po about accounting

[@FilipinoAccountingTutorial]

Yes! More videos pa. Madami dami pang topic ang icocover namin. Thanks!

[@pocoljalina9457]

Salamat po sir,,Mas naiintindihan ko po ng maayos itong video niyo...Godbless po🥰

[@FilipinoAccountingTutorial]

Walang anuman, Jalina 🙂 Mag aral nang mabuti. God bless 🧡

[@COLORWITHME27]

Thank you so much sir..🙏...subrang laking tulong sa studies ko po...God Bless po

[@FilipinoAccountingTutorial]

You're welcome, bea. Masaya kami makatulong sa iyong studies 🙂 Mag aral nang mabuti ♥️

[@jsca_gray]

You are a really great teacher po Sir. Thank you so much! Exact na exact po yung example ng teacher Namin sa explanation mo at mas naiintindihan ko talaga kayo. Huhu. Sending love! 🙆‍♀️

[@FilipinoAccountingTutorial]

You're welcome, jessica 🙂 glad my video lesson is same with the illustrative problem of your teacher ♥️ Im glad also that the video lesson is nakatulong. Mag aral nang mabuti ♥️ Sending love! 🙂

[@christianpark247]

Thank you so much po, malaking tulong po. 💚💚💚💚💚💚💚

[@FilipinoAccountingTutorial]

You're welcome, Christian 🙂 Masaya kami makatulong ❤️

[@savionx2000]

Thank you very much po... Mas nagets ko na... :)

[@FilipinoAccountingTutorial]

You're welcome Clybery!

[@christybuen8059]

Thank you po for explaining very clearly and well. God bless to your channel sir ❤️

[@FilipinoAccountingTutorial]

You're welcome Christy. Study well 💛

[@vienahdanicarey748]

Hello po thankyou for sharing this one, very helpful 🥺 Pero may I ask if asan po yung kasunod nito? Yung adjusted na Statement of Financial Position para po malalaman ko kung paano magproceed. Thankyouuu

[@theresejaneombid4370]

Blessing talaga vid nato 😇

[@FilipinoAccountingTutorial]

Thanks, Therese ❤️

[@zairatribiana2568]

Thaaank you po! Very helpful saken. May part 2 po ba?

[@at_lola]

Salamat Sir. Nahanap ko po yung kailangan kong topic for our exam this week. God bless po. Keep safe.

[@FilipinoAccountingTutorial]

You're welcome, Ging. Goodluck on your exam. God bless :)

[@laurajanenajito7735]

hi sir thank you po sa pag gawa ng gantong video 🥰 nakakatulong po sya saken kase nag 1st college palang po tas Accountancy po ❤️❤️ nung isang linggo pa po ako nag start manood sa inyo

[@FilipinoAccountingTutorial]

Hello Laura! You're welcome! Masaya kami makatulong. Goodluck sa buhay BS Accountancy! 👍 Marami pa kaming idadagdag ng accounting videos soon. Stay safe! 💛

[@vulnerabubble1239]

Thank you po sir, napakalinaw po ng explanation nyo❤❤❤😊

[@FilipinoAccountingTutorial]

You're welcome, vulnera 🙂 hope this video lesson will help you ♥️

[@nyenye_]

Sir, in using the books of one of the sole proprietors po in forming a partnership, why do some prefer it than opening a new set of books po?

[@emiterionicolas6965]

Thank you po, Sir for the clear discussion. Sana po may part 2 po itong video na 'to. Hihi. 😊❤

[@FilipinoAccountingTutorial]

You're welcome Emiterio. Mag aral nang mabuti. Gawin namin yung kasunod nito pag hindi na busy sa work 💛

[@nathaliclauna8865]

@@FilipinoAccountingTutorial still waiting po , btw thank you and God Bless po

[@hardcore9736]

Si Kim Raga ba to? Hehehe , wooooh galing 🤟👌☺

[@loreineberaquit7463]

Thank you so much sir God Bless po

[@FilipinoAccountingTutorial]

You're welcome Loreine 💛

[@brionesjenalynmariel6949]

Hello po ask ko lang po what if po ang ininvest na property is nagkakahalagang 25k then sabi sa problem the property is sold 50k after the formation. So ano po ang irerecord ko yung 25k or 50k? Thank you po sa response. And God bless po.

[@desireelaminero5067]

Can I ask po does Capitalist-Industrial Partner share in losses??? Thank You po !!

[@anggevlog9734]

Very helpful po .Thankyou sir.. :)

[@FilipinoAccountingTutorial]

You're welcome Joanna!

[@rinnamiguel5164]

Hello po,paano po kung yung accumulated depreciation po ay kulang? Thankyou po

[@khryspypata]

sir tama po ba, hindi kasama sa video ang closing at opening entries?

[@enselindong]

19:28 ask ko lang po sir bat sa accu. Dep po ang adjustment at hindi sa F&F account mismo? thank you sir for this, sobrang helpful po..

[@Martina-dq3ej]

kapag po ba silent about sa accounts payable kung iaassume ng partnership still kasali pa rin po ba sa books of partnership?

[@ellewoods9821]

hello, i hope magkaroon din ng operation, dissolution & liquidation !! this is a nice tutorial!

[@FilipinoAccountingTutorial]

Hi Ylena, yes gagawan din nmin ng video tutorial yan. Noted 😊

[@ellewoods9821]

thanks po!!! might wanna das Corporation topics din 😅

[@quipanesedgarjayp.3574]

Hello Sir, pwede ko po ba malaman bakit Capital account ang entry? Medyo naguguluhan ako Sir :(

[@angelicamorales5974]

thankyou po ❤

[@jennylumodao3407]

sana ganito magturo ang accounting instructor namin😍😍😊

[@FilipinoAccountingTutorial]

😍😍😍

[@clarklangilao4814]

Thank you for this video kase magagamit po kase sa akin lalo na sa bookkeeping NC 3 especially sa partnership dyan ako nahirapan

[@FilipinoAccountingTutorial]

You're welcome, clark 🙂 Goodluck on your NC 3 bookkeeping ♥️

[@ericavergara268]

hello po, bakit po lahat ng gains, losses, income and expenses mag rereflect directly to capital?

[@jessamaesanchez7550]

Thank youu po Sir, nag breakdown na ako kasi di ko maintindihan yung libro. Buti nalang naisipan ko manoud sa channel mo, sakto same lang yung books na ginagamit natin huhu, thank youu po talaga Sir. God bless you po. 💛❤️

[@FilipinoAccountingTutorial]

You're welcome Jessa. Hope this video will help you. Mag aral nang mabuti. Marami pa tayong mga accounting videos dito sana makatulong 💛

[@jessamaesanchez7550]

Thank youuuu Sir, nakatulong po talaga yung video. Keep on creating more videos, thank youu po Sir. 💗

[@MaLyzzaKhamelSYra]

Hello po bakit sa 360 po ididivide? ung sa bandang interest payable 360 po ba talaga ang ginagamit instead of 365 days po?

[@majosefaaure7730]

bakit po hindi inoffset yung 240,000 na accounts receivable sa 10,000 na allowance for uncollectible account sa financial position po bago po imultiply sa adjustments na uncollectible na 5% po thank you.

[@nenadiaz1955]

ang galing mo po huhuuhu sana kayo prof naminnnnn sa FAR

[@FilipinoAccountingTutorial]

Thanks Nena Diaz sa pag appreciate ng aming video tutorial 😊

[@marypazabao1889]

Sir, how about the record of investment of Challoner Matero? And I hope you can also show the financial position of the newly formed partnership as well. Thank you

[@lisayaaaaaaah8612]

Medina, Capital (SFP) 314k - 14K (Adjustment)
Medina, Capital 300K
Challoner Matero investment = 300K * 1/2
Challoner Matero investment = 150k
JOURNAL ENTRY (Book of Partnership)
Cash 150K
Matero, Cap 150K

[@loki6400]

Sir, good day! Ask ko lang po if pag sinabi na "The partner will only invest his non cash assets as well as his liabilities." Hindi na po kailangan isama yung adjusted Capital pag in-open ang books of partnership? Or need po?

[@christopheropena0123]

SIR MEDYO NA CONFUSE PO AKO SA COUNTING PO NG MONTHS COVERED SA INTEREST PO

[@ninashrinepecasales3130]

Hi sir, Is there a part 2 po ba for this video? 🥺

[@eufemiaelacion6649]

Sir may kasunod pa po ba ito? Hindi ko na makita eh

[@pacspacao7129]

Thank you po♥️

[@FilipinoAccountingTutorial]

Welcome ♥️

[@cielkai9397]

Sa mga may nakakaalam, saan pa po ba pwedeng makabili ng book? Kahit second lang po okay na?

[@bhikolanassmossna6444]

Thank you po 😊

[@FilipinoAccountingTutorial]

You're welcome, Bhikolanass 🙂

[@katheraineee]

Salamat po!

[@FilipinoAccountingTutorial]

Salamat din Katherine!

[@krisha_mae_ollanas277]

thank you po .

[@FilipinoAccountingTutorial]

Salamat Joie!

[@abbeysapilan9348]

hello po may kadugtong po ba ang video na ito

[@delaislaflorencer.980]

Good day po uli sir! hehe May tanong po uli ako sana po mapansin niyo po.
Ano po pinagaiba ng notes receivable at accounts receivable? Pati po sa notes payable at accounts payable?
Godbless po.

[@hyezielkaye1337]

thank youuu po sir, so glad po i found this :)

[@FilipinoAccountingTutorial]

You're welcome, kayee. Mag aral nang mabuti 🧡

[@hyezielkaye1337]

sir quessstionnn po is it possible po to debit the accumulated depreciation sa adjustment po ng book ni sole proprietor?

[@FilipinoAccountingTutorial]

Yes, possible yan.

[@hyezielkaye1337]

Thank uuuu po.

[@jomajo9]

More vids sir. Godbless po

[@FilipinoAccountingTutorial]

Hello Jomelyn. Sure! Marami rami pa na topic ang ilalagay naMin dito. Thanks!

[@jomarpatria7728]

Hi, sir! What's the concept behind po ng "once the balance sheet is the basis in computing the AFUA, ang figure na makukuha dun ay yun po ang required na AFUA"?

[@FilipinoAccountingTutorial]

Hello Jomar. If want mo ng detailed discussion about the concept of this, please consider watching ung aming video na accounting for bad debts. Hope it helps.

[@gabriellejoshebedabarico9499]

Sana po mag gawa na kayo ng tutorial sa "Two or more sole proprietorship formed a partnership"

[@FilipinoAccountingTutorial]

Noted on this Gab 💛

[@abe.ijneps]

Wala pa po bang update para sa part 2? ☺️

[@markformon6056]

saan po yung kasunod

[@serinumamutsumi1707]

Salamat po

[@FilipinoAccountingTutorial]

Welcome!

[@dlareggerve9525]

Withrawal of partnership po sir. Pa request

[@easterfaithcajayon7723]

Paano po nasagot yung Matero offered to invest cash to get a capital credit equal to one half of the equity of Medina

[@jamescantorne3720]

amount divided by two

[@jehannparro1262]

Hello po, ask ko lang po sa computation po ng interest diba po dapat bankers rule gagamitin? days/360 kase aside sa month given din po yung date?

[@FilipinoAccountingTutorial]

Pwede naman. Difference would be immaterial kung iapply ang ganyang rule.

[@maleaccountant7198]

Sir paano po if Silent yung problem about sa mortgage. Assumed po ba ng partnership or hindi.

[@FilipinoAccountingTutorial]

Hi Lynden. Normally assumed yan

[@francisryanporquez8120]

Paano naman sir pag 2 sole proprietor nagform ng partnership??

[@emotyconne7825]

Follow lang natin yung Adjust-Close-Open.. Adjust the books of the sole proprietors (SP), kagaya ng ginawa ni sir sa vid na ito.. Instead na isang books, dalawang books yung iaadjust natin.. Then Close both SP books. Tapos Open the books of the partnership.

[@dose3041]

Pano po pag walang adjustments kasama sa question and sabi lang record the formation of partnership?

[@FilipinoAccountingTutorial]

Yes, you can record na the formation kasi wala naman adjustments.

[@ojoailahmhae8411]

thank you! 🥺🤧❤️

[@FilipinoAccountingTutorial]

You're welcome Ailah ❤️

[@ojoailahmhae8411]

@@FilipinoAccountingTutorial ❤️❤️❤️

[@kenesufernandez1281]

❤

[@chricelbernardo7036]

Thank you sir !♡ May part 2 po ?😊

[@FilipinoAccountingTutorial]

You're welcome, Chricel. Hindi pa gawa ang part 2 nito. Pero ang part 2 would be preparation of balance sheet lang so very procedural lang 🙂

[@EngelvienFlores]

Sir, sa adjustment number 3 and number 6 po bakit po nnaka credit ang capital? sabi nyo po refelcted as capital po nag any gain, losses, and income po?

[@FilipinoAccountingTutorial]

Yes, engelvien 🙂 instead of using expense and income account, we use capital account. Kaya pag income or kabawasan sa expense, credit capital. Kapag expense or kabawasan sa income, debit capital. Hope it helps 🙂

[@alexandriafaustino2827]

Thankyou sir! How about the statement of financial position😭

[@FilipinoAccountingTutorial]

Hello Alex! More videos soon :)

[@ravenfuentesasino7936]

Hello pooooo. How can I message you po? Huhu! Paturo pooo

[@hedorlorevedeluis8271]

Thank you sir ❤️
Part 2😂

[@FilipinoAccountingTutorial]

You're welcome loreve. Dagdagan pa namin ito soon ❤️

[@justinheartcaldosocahil3692]

@@FilipinoAccountingTutorial sir saan po Yung padugtong 🥺

[@SeminarChauffeur]

Boss paano po kapag old books ang gagamitin paano po yun? Thx in advance

[@FilipinoAccountingTutorial]

Old books= Adjust lang, wala ng closing, then record investment ni new partner.

[@devonclandestine7860]

question po : bakit over /12 po yung basis for computing the accrued interest?? hindi po ba over /9 dapat, kase po and date ng balance sheet is dated on Oct 1, 2019 (Jan 1, 2019 - Oct 1, 2019 = 9 months only)

[@marcusgabrielbernardo]

cguro dahil yung credit terms, nakalagay ay "annually".. tho yung sa notes receivable part, di sya inindicate, parang sinabi din dyan na pag silent yung problem, assume na ang terms ay annually..

[@princessjoannaong1950]

sir Part 2 pooo

[@TheStudent1O1]

San na po yung close book of proprietor at yung open books of the partnership?

[@romero2810]

Sir, what if may given po na agreed valuation, un pa yung dapat sundin kahit po dapat pong i depreciate yung equipment?

[@FilipinoAccountingTutorial]

Hello Romero, sa formation ng partnership ay palaging agreed valuation ang nasusunod.

[@romero2810]

thank you so much Sir. God bless po.

[@necelpasco9358]

hello sir thanks for this tutorial. pwed po ba ung topic sa forex . d ko po tlga un maintindihan😥

[@FilipinoAccountingTutorial]

Hi nestle! Forex soon. Thanks!

[@rimiru1220]

yung mga entries po paano? yung partnership books

[@gm861]

Pareho lang po sa sole proprietorship, only that dalawa o higit pa maguging capital sa initial investment. Ang rule lang po na natatandaan ko is, wala ka dapat macacarry na depreciation sa partnership formation. Meaning, bookvalue na agad value ng ppe mo sa pag journal entry.

[@fitnessadvocate8377]

Hi po, sana masagot po. Yung sa 8:00 po, the debit should be COGS po diba if merchandising business pinag uusapan? :) and since COGS is a temporary account (expense), naderecho na siya sa capital ni Medina (for partnership) :)
Correct po ba both questions ko, sir? 😊

[@FilipinoAccountingTutorial]

Very good. Both correct ang analysis mo, Arbitrary ❤️

[@roannepelaez9191]

hello po sir, pano po naging 12k, 5% ng 240k, diba po dapat 120k 'yon?

[@FilipinoAccountingTutorial]

Hello, roanne! yes! 240K x 5% is 12k 🙂

[@potrisarip4762]

Pwede gawa po kayo ng audit of SHE.. nahihirapas po ksi ako dyan😞

[@FilipinoAccountingTutorial]

Hi Potri! Noted ito. Topic about SHE soon. Magandang topic yan. Thanks!

[@chenillellorag5803]

Mr. Matero is a Capitalist partner

[@melvinreyes5889]

Bakit po putol?

[@eckiezerlano7011]

Bakit po baliktad ung sa module namin, nakadebit po ang Inventory tascredit po ang Capital. Need lang po ng explanation hehe

[@FilipinoAccountingTutorial]

Hello Eckiez. Siguro kaya baliktad sa module nyo is increase naman ang inventory. Kaya debit inventory credit capital. Hope it helps 🙂

[@maximomanalo7232]

Anong book po ang gamit nyo?

[@FilipinoAccountingTutorial]

Hi Maximo! Nsa details sa ibaba ng video ung reference na book na ginamit namin.

[@hxnnxnbvzxr]

hi po ano po gamit niyong book for this? sino po author

[@FilipinoAccountingTutorial]

Hi Hannah, anjan sa description ng video ang details ng book at author

[@luvpinas123]

Kuya may excel spreadsheet po ako na nag-rerecord ng trial balance para hindi na manu-mano yung pagka-calculate noon. Message mo nalang ako pag gusto mo. Para na din makatulong sa kapwa accountant ;) Regards mula sa Australia.

[@FilipinoAccountingTutorial]

Hello Noname! Malaking tulong yan kung ise-share mo sa mga aspiring accountants. Madaming philippine accounting fb groups. Salamat!

[@krisha1171]

Pls gawa pa po kayo ying cost accounting naman po pls? D ko po talaga siya magets. Nahihirapan din po kasi ko sa cost accounting e. Salamat po

[@FilipinoAccountingTutorial]

Hello! Mag uupload din kami ng videos sa cost accounting 1 and 2 soon. Thanks!

[@krisha1171]

Thank you po ng marami

[@christopheropena0123]

THANK U SIR, BTW PO UNG SA JUL1-OCT1 PO 3 MONTHS LANG PO TALAGA SINCE OCT 1 PO NAG END ACCOUNTING PERIOD KAYA 'DI PO NACOVER UNG PANG OCT.?

[@hakim6940]

for me, opo . masasama ang month of october if nag end siya oct 30.

[@christopheropena0123]

OPO ALAM KO NA KO BALI JUL1-OCT1 3 MONTHS LANG KAPAG OCT 31 NAG END BALI 4 MONTHS SKSKSKSKS

[@cassieramos9135]

Hello po, tatanong ko lang po sana kung pwede bang service(expertise) yung ii-invest sa partnership? And masu-suwelduhan pa rin po ba kapag ganon?
Thank you po

[@chibineko7292]

Hello, Cassie! Yes pwedeng service ang investment ng partner, Industrial partner ang tawag sakanya. As for the salary, it depends on the article of co-partnership kung anong stated na agreement doon. If walang agreement, the Industrial partner should be paid with just and equitable amount.

[@cassieramos9135]

@@chibineko7292 oh okay po noted. Thank you so much pooo!

[@janneljamisola5634]

Sir, how about a partnership formation when two sole proprietors form a partnership po?

[@FilipinoAccountingTutorial]

Hello Jannel. We will upload partnership formed by proprietors soon kapag hindi na ganun kabusy sa work. Hope this video will help you 💛

[@janneljamisola5634]

Thank you so much po ☹️❤️

[@eynjelrie]

Paano po kapag Trial Balance yung binigay na book for sole proprietorship????

[@FilipinoAccountingTutorial]

Probably, yun na rin yung "balance sheet" for partnership formation purposes. Hope it helps, eynjelrie 🙂

[@eynjelrie]

@@FilipinoAccountingTutorial THANK YOU PO❤️

[@FilipinoAccountingTutorial]

You're welcome, eynjelrie 🙂 mag aral nang mabuti ♥️

[@bravouniform5658]

Sir, 2003 pa ako nag graduate pero nakalimutan ko na ang business com. Please, tutor nyo naman sana ito, please.🙏

[@FilipinoAccountingTutorial]

Hi Elijah! Noted ito. Gagawa kami video about business com soon. Thanks!

[@bravouniform5658]

Antabayanan ko yan, Sir. Salamat in advance.