Accounting for Partnership and Corporation (2018 ) by Baysa-Lupisan Chapter 7 Exercise Answer key PDF

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P 7-1P 7-NOPQ TradingNOPQ Trading Statement of LiquidationStatement of Liquidation February 1 – March 31, !!"February 1 – March 31, !!"$ P % T $ L # $ P % T $ LOOtthheerr NNoobb&&ee NNoobb&&ee OOrrbboo'' PPiimmeennttee&& QQuuee((oonn ##aa''hh $$''''eett'' LLiiaabbii&&am...

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P 7-1 NOPQ Trading Statement of Liquidation February 1 – March 31, !!"

 a& an c e' be fo rre e &iquida tio n

#a ' h P1 !! , 3 !

February2 S a& e of of a ''e t'  / " , 3 ! di'tribution of &o'' P ayme nt of & ia bi & itie' ) 1, - !+ Paym Payment ent of &iqu &iquidati idation on ) 0,  ! + e45en'e'  a&an ce' P13 , .! Pa Paym ymen entt to )'ch6 1+  a& an c e'

5artne ner' r'

March2 S a& e of a''e t'  di'tribution of gain P ayme nt of & ia bi & itie' Paym Payment ent of &iqu &iquidati idation on e45en'e'  a&an ce' Pa Paym ymen entt to 5artne ner' r' )'ch6 +  a& an c e', March 31

Oth e r $'' e t' L ia bi &iti e' P1 "3 ,- 3 ! P 1 ,3. !

).. ,! .!+

P1 ,/ !

P P 1 , / ! 3,.1!

# $ P % T $ L Or b o' Pime nte& ) 3!*+ ) 3! *+ P".,/0 P1!" P1!",! ,!! !

Q ue (on ) !* + P, P,0! 0 !

) 3, 3 /0 +

) - , ! +

) -, !+

) 3, 3/ 0+

) 1, . // +

) , /. .+

) ,/ .. +

) 1 , ./ /+

P 3 ,.1 !

P 1- ,!! ! ) , " 0! +

P1",1 0

P00,""  ) /" , !+

P1!1 P1!1,,-3

P, P,00 0 0

P 3,. 1 !

P ,!!

P1",1 0

P3", 

. ".

1,! //

1 ,!/ /

.".

) 1, / . +

) , 1 /+

) , 1/ +

) 1 , / .+

)// ,0 -!+

) 3, . 1!+ ) , 3 0! + P /! , "-!

Nob &e ) !*+ P/,1 !

) 1 , -! +

) 1 !, ! . !+

/ 0 , 33 !

No b& e L oa n P 1- ,!! !

). , 31 !+ P3", P3",   P, P,00 00

) 3 , .1 !+

P 0,. !

) / !, " - !+

P ,! ! ) , ! ! +

P 0,. !

P 10,3 / P30,!0  ) 1, 0 /+ ) 13 , ..+

P30, P30,!!-  P, P,!"0 !"0

P 1. ,-  /

P/, P/,0 0. . P1., P1.,-/ -/

P/,0 .

)1 3, . .+

) - , - / +

NOPQ Trading #o6 Schedu&e To $ccom5any Statement of Liquidation $mount' to be Paid to Partner' Februart 0, !!"

#a5ita& ba&ance' before ca'h di'tribution $dd Loan ba &a nce' Tota& 5artner'7 intere't 8e'tricted intere't – 5o''ib&e &o'' if nothing i' rea&i(ed on remaining a''et' a&anc e' 8e'tricted intere't – additiona& 5o''ib&e &o'' if Que(on i' unab&e to 5ay hi' d eficiency )!23!2 3!+ Free intere't – 5ayment' to 5artn er'

Payment to a55&y on Loan  #a5ita& Tota& ca'h di'tribution

Nob&e P1",1 0 1-,!!! P3/,1 0

Orbo' P00,"" 

Pimente& Que(on P1!1,-3 P  ,00

P00,"" 

P1!1,-3 P  ,00

)- ,/"/+ )30,/1 +

)3 0,/1+

)- ,/ "/+

P 0,.3/

P-!,1

P .3, "1 )P,.1.+

) .-/+ P ,"0!

) "01+ P/", !

) "01+ P.,31!

),.1.+

P/ ", ! P/", !

P.,3 1!

P 99999 P 99999

P , "0!

P ,"0!

P.,3 1!

PC – Chapter 7



Loan



#a5ita&

Tota& ca'h di'tribution

page 4

P ,!! 1,0/ P 0,0//

P13,. . P13,. .

P13, .. P13, ..

P -,-/ P -,-/

PC – Chapter 7

P 7-2 16 :anuary 2

page 5

a6

#a'h

11,!!! $ccount' 8ecei;ab&e

b6

c6

d6

February2

a6

8eye', #a5 ita& Sam 'on, #a5ita& To&edo, #a5ita&  #a' h $ccount' Pa yab&e  #a'h To&edo, #a5ita& To&edo, #a5ita&  #a'h #a'h

11,!!! ,!! 1,1!! 1,1!! /, /!! 30,!!! 3 0,!! ! ", !!! ,!!! 1 .,!! ! 3.,!!!

$ cco unt' 8ecei;ab&e b6

8eye', #a5ita& Sam 'on, #a5ita& To&edo, #a5ita&

3.,!!! 1,/!! !! !! ,0!!

c6

$ccount' Pa yab&e  #a' h 8eye' , #a5it a& S am'o n, #a5ita& To&edo, #a5 ita&

3",!!! 3 0,!! ! -!! -! -!

PC – Chapter 7

page 6



#a' h

 ",!! !

P 7-2 8eye', Sam'on and To&edo Partner'hi5 Statement of Liquidation February 1 – March 31, !!"

Ot her

a&ance' before &iquidation

To &edo

#a' h $' 'et' Liabi& itie' P1",!! P1" 1,!! ! P,! !! !

:anuary2 #o&&ection ' fro m 11,!! cu'tomer' ! Payment of &iquidation ) /,/ !!+ e45en'e' P ayme nt of &iabi &itie ' )30,! !!+ a&an ce' P00,.! ! Payment to 5artner' ) 1.,!! )'ee 'chedu&e+ !+ a&an ce' P,.! ! February2 #o&&ection ' fro m 3.,!!! cu'tomer' Payment of &iquidation ) ,0 !!+ e45en'e' Payment of &iabi&itie'  ) 30,! !!+ di't6 of gain a&ance' P.,0! ! Payment to 5artner' ) 1",0 !!+ )'ee 'chedu&e+

Lo an P ",!!!

# $ P % T $ L Sa&6 8eye ' Sam 'on Pay to 8eye' P P-!,!! P0,!! .,!!! ! !

To &edo

P/!,!! !

)11,!!!+

P",!!!

)30,!! !+ P3",! !!

P",!!!

P3",! !!

P ",!!! ) ",!! !+

)  ,!!+

) 1,1!!+

) 1,1!!+

P .,!!!

P/,0! !

P.,"! !

P30,"! ! ) ,!!!+

P .,!!!

P/,0! !

P.,"! !

P31,"! !

) 1 ,/!!+

) !!+

) !! +

-!!

- !

-!

P/.,"! ! ) 1,/!!+

P.,/! ) 3,!!+

P31,/! ) 0,! !+

)3.,!!!+

)3 ",!! !+ P/3,!!!

P.,! !! ) .,! !!+

PC – Chapter 7

a&an ce'

page 8

P/0,!! !

March2 #o&&ection' from cu't6  3-,!!! di't6 of &o'' Payment of &iquidation ) /,! !!+ e45en'e' a&an ce' P",!! ! Payme nt to 5ar tner' )  ", !! !+

P/3,!!!

P/- ,-! !

P,!

P,!

)/3,!!!+

) /,!!!+

) ,!!!+

) ,!! !+

)  ,!!!+

) 1,!!!+

) 1,!!!+

P3",-! ! )3",-!!+

P1",P1",! ! )1",-!+ )1",-!+

8eye', Sam'on and To&edo Partner'hi5 #a'h Priority Program :anuary 1, !!"

8eye' P - !,!!! .,!!! P -.,!!! ¸ -!* P11,!!!

Sa m'on P0,!!!

To &edo P /!,!!! ",!!! P0,!!! P/",!!! ¸ -* ¸-* P11,!! ! P1 ".,! !!

#a5it a& ba&ance' b efore & iquid ation $dd Loan ba&an ce' Tota& 5artner'7 intere't Profit and &o'' ratio Lo '' ab'o r5tio n ba&ance $&&ocation % – #a'h to To&edo reducing L$ to an amount re5orted for 8eye' and Sam'on, reduction of P0/,!!! require' 5ayment )-* 4 )0 /,!!!+ P0/,!!!+ a&ance' P11 ,!!! P 11 , !!! P11 ,!!! $&&ocation %% – Further ca'h di'tribution' may be made in the 5rofit and &o'' ratio

SCHEDULE OF CASH DISTRIBUTION:

:anuary2

#a'h a;ai&ab&e $&&ocation %2 Pay ab &e to To& edo

F ebruary 2

#a 'h a; ai &a b&e $&&ocation % – a&ance Pay ab &e to To &e do $&&ocation %% Payab&e according to P  L ra tio

$m ou nt P1.,!! !

8 eye'

Sam'on

1.,!!!

To &edo

P 1.,! ! !

P1", 0! ! -,!!!

P1 /,0 !

-,! !!

P,/ !!

P3, !!

P3,!!

P$rbe, ?erde and @aAe #a'h Priority Program :anuary 1, !!" P$ rbe

P /-,!! !

P3!,!! !

?e rde

P13,!! !

P1! ,!!!

P"!,!!!

P /! ,!! !

P/-, !! !

) 1-,! !!+ P1-,!! !

@a Ae

P13,!! !

P1! ,!!!

P"!,!!!

P /! ,!! !

) /! ,!! !+ P0 3, !!!

3!,! !!

LO$N >rbe

)1-,!!!+

P3 3, !!!

February2 Sa&e o f a''et' Paym ent t o 5artn er ' a&anc e'

$5ri&2 Sa&e of a''et'  di'tribution of &o'' a&anc e'

Ot her $''et' P330,!!!

)1, - !+ P3 , !

) 1-,!!!+ P13,!! !

)3,-! ++ P1! ,!!! P 0. ,-! P /! ,!! !

) "! ,!! !+ P1" 3, !!!

)3,- !+

)1 3,!!!+

)3,- !! + ) 0, 3- !+ P".,-!! P-," ! !

)1,/ !!+ P30,.! !

)1"3 ,!! !+

)01,-! !+ ) /0,"!!+

)3 ,.! !+

P1 -,!!!

P" ,! !!

P .,!!!

)1-,!!!+

)",!!! +

). ,!! !+

P 7-4 Ba;ier,...