Question

“AB Tic. and San. Legal procedures for the establishment of Koll.Şti with a capital of 10.000 TL have been completed. The capital commitment of Partner A, one of the shareholders of the company, has been fulfilled by signing cash for 2,000 TL, check for 500 TL and the rest by signing bills. Partner B, on the other hand, invested half of his capital commitment in the company's “A Bank” account, endorsed deed for ¼, and the same value for the remaining amount, “DEF Tic. and San. A.Ş. 's shares have been transferred to the company. 500 TL + 18% VAT, which constitutes the establishment expense, has been paid by Partner A, and then this amount has been paid to the partner in exchange for a document. Make the necessary accounting records according to this information

Answer 1

Account Titles	Debit	Credit
1.Cash/Bank (2000+500)	2500
Bills receivable	2500
Partner A 's Capital		5000
2.Bank (5000*1/2)	2500
Endorsement(5000*1/4)	1250
DEF Tic. and San. A.Ş. 's shares	1250
Partner B 's Capital		5000
3.Establishment expense(500*1.18)	590
Cash		590
Or, in lieu of 3.
3.Establishment expense(500*1.18)	590
Partner A		590
Partner A	590
Cash		590