Filipino Accounting Tutorial

𝗣𝗔𝗥𝗧𝗡𝗘𝗥𝗦𝗛𝗜𝗣 𝗙𝗢𝗥𝗠𝗔𝗧𝗜𝗢𝗡

𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻𝘀:

💰 𝗖𝗮𝘀𝗵 – Recorded at face value.

💵 𝗖𝗮𝘀𝗵 𝗶𝗻 𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 – Recorded at the current exchange rate

🏣🚗 𝗡𝗼𝗻-𝗖𝗮𝘀𝗵 𝗔𝘀𝘀𝗲𝘁𝘀 – Valued using the following priority order:

1. Agreed Value (value mutually agreed by partners)
2. Fair Value
3. Appraised Value
4. Book Value

💳 𝗟𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀 – Recorded at fair value, which is its present value (since liabilities conceptually measured at present value).

𝗕𝗔𝗦𝗜𝗖 𝗦𝗧𝗘𝗣𝗦 𝗜𝗡 𝗔𝗖𝗖𝗢𝗨𝗡𝗧𝗜𝗡𝗚 𝗙𝗢𝗥 𝗣𝗔𝗥𝗧𝗡𝗘𝗥𝗦𝗛𝗜𝗣 𝗙𝗢𝗥𝗠𝗔𝗧𝗜𝗢𝗡:

1. Adjust the books of the proprietor (if an existing business is being converted into a partnership).

2. Close the books of the proprietor

3. Record the contributions of each partner in the partnership's books.

4. Prepare the statement of financial position immediately after the formation:

🎥 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗙𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗣𝗹𝗮𝘆𝗹𝗶𝘀𝘁:
https://tinyurl.com/Partnership-Formation
https://tinyurl.com/Partnership-Formation
https://tinyurl.com/Partnership-Formation

📚 𝗦𝘁𝗮𝗿𝘁 𝗬𝗼𝘂𝗿 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗝𝗼𝘂𝗿𝗻𝗲𝘆 𝘄𝗶𝘁𝗵 𝗖𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲! 🎯

" .. 𝑁𝑎𝑝𝑎𝑘𝑎𝑙𝑎𝑘𝑖𝑛𝑔 𝑡𝑢𝑙𝑜𝑛𝑔 𝑛𝑔 𝑚𝑔𝑎 𝑣𝑖𝑑𝑒𝑜𝑠 𝑚𝑜, 𝑒𝑠𝑝𝑒𝑐𝑖𝑎𝑙𝑙𝑦 𝑠𝑎 𝑚𝑔𝑎 𝑘𝑎𝑡𝑢𝑙𝑎𝑑 𝑛𝑎𝑚𝑖𝑛 𝑛𝑎 𝑎𝑠𝑝𝑖𝑟𝑖𝑛𝑔 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑎𝑛𝑡𝑠. 𝐺𝑜𝑑 𝑏𝑙𝑒𝑠𝑠 𝑝𝑜 𝑎𝑛𝑑 𝑚𝑜𝑟𝑒 𝑣𝑖𝑑𝑒𝑜𝑠 𝑡𝑜 𝑐𝑜𝑚𝑒." 🙏🏻✨

Year 2025 accounting classes are fast approaching!
Mag-aaral na naman nang mabuti ang mga aspiring accountants! 📚🙂

✅ 𝗕𝗮𝘀𝗶𝗰 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗮𝗻𝗱 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴:
👉🏻 Watch Now: https://tinyurl.com/BasicFAR

✅ 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗮𝗻𝗱 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗼𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴:
👉🏻 Watch Now: https://tinyurl.com/PartCorp1
👉🏻 Watch Now: https://tinyurl.com/PartCorp2

✅ 𝗜𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝘁𝗲 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝟭:
👉🏻 Watch Now: https://tinyurl.com/IntAcctg1
👉🏻 Watch Now: https://tinyurl.com/ReviewIntAcc

✅ 𝗜𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝘁𝗲 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝟮:
👉🏻 Watch Now: https://tinyurl.com/IntAcctg2

✅ 𝗖𝗼𝘀𝘁 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗮𝗻𝗱 𝗖𝗼𝗻𝘁𝗿𝗼𝗹:
👉🏻 Watch Now: https://tinyurl.com/Cost-Acctg

✅ 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗳𝗼𝗿 𝗦𝗽𝗲𝗰𝗶𝗮𝗹 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀:
👉🏻 Watch now: https://tinyurl.com/AcctgST

📌 𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗺𝗼𝗿𝗲 𝗽𝗹𝗮𝘆𝗹𝗶𝘀𝘁𝘀 𝗳𝗼𝗿 𝗼𝘁𝗵𝗲𝗿 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝘁𝗼𝗽𝗶𝗰𝘀 𝗵𝗲𝗿𝗲:
👉 See All: https://tinyurl.com/AcctgPlaylists