partnership formation
DESCRIPTION
Partnership and CorporationTRANSCRIPT
PARTNERSHIP F
ORMATION
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PARTNERSHIPA CONTRACT WHEREBY TWO OR MORE PERSONS BIND
THEMSELVES TO CONTRIBUTE MONEY, PROPERTY, OR INDUSTRY INTO A COMMON FUND WITH THE INTENTION OF DIVIDING THE PROFITS AMONG THEMSELVES
Article 1767 Civil Code of the Philippines
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CHARACTERISTICS OF A PARTNERSHIP
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ADVANTAGES OF A PARTNERSHIP
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DISADVANTAGES OF A PARTNERSHIP
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KINDS OF PARTN
ERSHIP
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AS TO ACTIVITY
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AS TO OBJECT
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AS TO LIABILITY OF PARTNERS
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AS TO DURATION
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AS TO LEGALITY OF EXISTENCE
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AS TO PUBLICITY
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CLASSES OF PARTN
ERS
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AS TO CONTRIBUTION
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AS TO LIABILITY
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AS TO MANAGEMENT
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OTHER CLASSIFICATIONS
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ARTICLES OF CO-PARTNERSHIP
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ARTICLES OF CO-PARTNERSHIP
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ARTICLES OF CO-PARTNERSHIP
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ARTICLES OF CO-PARTNERSHIP
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PLACE FOR REGISTRATION
REQUIREMENTS FOR REGISTRATION CERTIFICATES
ISSUEDSecurities and Exchange Commission
Articles of Co-PartnershipFilled SEC Registration Form
SEC Certificate
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PLACE FOR REGISTRATION
REQUIREMENTS FOR REGISTRATION CERTIFICATES
ISSUEDSecurities and Exchange Commission
Articles of Co-PartnershipFilled SEC Registration Form
SEC Certificate
Department of Trade and Industry
Articles of Co-PartnershipSEC Certificate
Certificate of Registration of Business name ( renewable every 5 years)
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PLACE FOR REGISTRATION
REQUIREMENTS FOR REGISTRATION CERTIFICATES
ISSUEDSecurities and Exchange Commission
Articles of Co-PartnershipFilled SEC Registration Form
SEC Certificate
Department of Trade and Industry
Articles of Co-PartnershipSEC Certificate
Certificate of Registration of Business name ( renewable every 5 years)
City or Municipal Mayor’s Office
Certificate of Registration of Business Name
Mayor’s Permit and License to Operate (renewable annually)
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PLACE FOR REGISTRATION
REQUIREMENTS FOR REGISTRATION CERTIFICATES ISSUED
Bureau of Internal Revenue
SEC RegistrationArticles of Co-Partnership
BIR Registration No.Tax identification No.Registration of books, invoices, and official receipts
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PLACE FOR REGISTRATION
REQUIREMENTS FOR REGISTRATION CERTIFICATES ISSUED
Bureau of Internal Revenue
SEC RegistrationArticles of Co-Partnership
BIR Registration No.Tax identification No.Registration of books, invoices, and official receipts
Social Security System
Filled SSS Application FormList of Employees
SSS Certificate of MembershipSSS Employee ID Number
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PLACE FOR REGISTRATION
REQUIREMENTS FOR REGISTRATION CERTIFICATES ISSUED
Bureau of Internal Revenue
SEC RegistrationArticles of Co-Partnership
BIR Registration No.Tax identification No.Registration of books, invoices, and official receipts
Social Security System
Filled SSS Application FormList of Employees
SSS Certificate of MembershipSSS Employee ID Number
Philhealth Insurance Corp.
SEC RegistrationEmployee Data Record
Philhealth Employer Number and Certificate of RegistrationPhilhealth Identification Number and member Data Record
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PLACE FOR REGISTRATION
REQUIREMENTS FOR REGISTRATION CERTIFICATES ISSUED
Bureau of Internal Revenue
SEC RegistrationArticles of Co-Partnership
BIR Registration No.Tax identification No.Registration of books, invoices, and official receipts
Social Security System
Filled SSS Application FormList of Employees
SSS Certificate of MembershipSSS Employee ID Number
Philhealth Insurance Corp.
SEC RegistrationEmployee Data Record
Philhealth Employer Number and Certificate of RegistrationPhilhealth Identification Number and member Data Record
PAG_IBIG Fund SEC RegistrationArticles of Co-Partnership
PAG-IBIG Fund Certificate of MembershipPAG-IBIG Fund Employer ID No.
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ASSETSCurrent Assets
Cash P 993,000.00 Trade and other receivables ( note1) 42,000.00 Prepaid expenses ( Note 2) 56,000.00
1,091,000.00 Non- Current Assets
Plant, property and equipment (Note 3) 585,000.00 Total assets P 1,676,000.00
LIABILITIES AND PARTNERS' EQUITYCurrent Liabilities
Trade and other payables (note 4) P 64,000.00 Partners' Equity
Marie, capital P 806,000.00 Rodario, capital 806,000.00 1,612,000.00
TOTAL LIABILITIES & PARTNERS' EQUITY P 1,676,000.00
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Unadjusted Adjusted Increase/(Decrease)Trade and other receivables* 5,000.00 8,000.00 (3,000.00) Supplies inventory 38,000.00 36,000.00 (2,000.00) Building 300,000.00 280,000.00 (20,000.00) Sewing Equipment 225,000.00 220,000.00 (5,000.00) Furniture and fixtures 82,000.00 85,000.00 3,000.00
(27,000.00)
# Trade and other receivables
Accounts receivable 50,000.00 50,000.00 Allowance for doubtfulAccounts 5,000.00 8,000.00 Net realizable value 45,000.00 42,000.00
FORMS OF INVESTMENTCASH – FACE VALUENON- CASH ASSETS – AGREED VALUE / FAIR MARKET VALUUE /
BOOK VALUESERVICES
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EXERCISE 1-4 CASE A
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DR CRCash 500,000.00 Equipment 45,000.00
Rose, capital 545,000.00 Investment of Rose
EXERCISE 1-4
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Furniture and fixtures 100,000.00 Guada, capital 100,000.00
Investment of Guada
EXERCISE 1-4
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Marie, capitalMarie invested her management expertisein the business.
EXERCISE 1-4 CASE B
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Building 1,500,000.00 Office equipment 30,000.00
Mortgage payable 300,000.00 Romy, capital 1,230,000.00
Investment of Romy
CASE B
Cash 550,000 Office equipment 220,000 Furniture and fixtures 50,000
Vic, capital 820,000 Investment of Vic
Computation:Romy, capital 1,230,000.00 Romy's interest 60%Total partners' equity 2,050,000.00 Vic' interest 40%Vic, capital 820,000.00 Vic's investment 270,000.00 Vic's additional investment 550,000.00
EXERCISE 1-4
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CASE CDEBIT CREDIT
Cash 205,000.00 Accounts receivable 95,000.00 Allowance for doubtful accounts 10,000.00 Office supplies 12,000.00 Office equipment 320,000.00 Furniture and fixtures 140,000.00 Rosario, capital 320,000.00 Guadalup, capital 225,000.00 Maria, capital 217,000.00
772,000.00 772,000.00
RGM PARTNERSHIPSTATEMENT OF FINANCIAL POSITION
JULY 4, 2012
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ASSETS
Current AssetsCash P 205,000.00 Trade and other receivables (Note 1) 85,000.00 Office supplies 12,000.00
Total 302,000.00 Non-current assets
Plant property and eequipment note 2) 460,000.00 Total Assets P 762,000.00
PARTNERS' EQUITYRosario, capital P 320,000.00 Guadalupe, capital 225,000.00 Maria, capital 217,000.00
P 762,000.00