Accounting for Partnership and Corporation SOLMAN (Baysa & Lupisan, 2014) Chapter 2 PDF

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CHAPTER 2 Nature and Formation of a Partnership E 2-1 a. Cash Alonzo, Capital

400,000

b.

Accounts Receivable Allowance for Uncollectible Accounts Alonzo, Capital

500,000

Inventories Alonzo, Capital P300,000 x 80% = P240,000

240,000

Equipment Alonzo, Capital P900,000 x 6/10 = P540,000

540,000

c.

d.

E 2-2 1. Cash Accounts Receivable Merchandise Inventory Equipment Allowance for Uncollectible Accounts Accounts Payable Notes Payable Aquino, Capital 2.

Cash Asuncion, Capital

E 2-3 1. a.

b.

c.

2.

Amores, Capital Allowance for Uncollectible Accounts Merchandise Inventory Amores, Capital Prepaid Expenses Accounts Payable Amores, Capital

400,000

50,000 450,000

240,000

540,000

450,000 180,000 270,000 125,000 10,000 105,000 90,000 820,000 520,000 520,000

23,000 23,000 176,000 176,000 72,000 32,000 40,000

d.

Cash 902,500 Andrada, Capital 902,500 (P1,612,000 – P23,000 + P176,000 + P40,000 = P1,805,000  2/3 x 1/3 = P902,500)

a.

Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Allowance for Uncollectible Accounts Accounts Payable Amores, Capital

b.

Cash Andrada, Capital

208,000 460,000 1,616,000 72,000 23,000 528,000 1,805,000 902,500 902,500

Amores and Andrada Company Statement of Financial Position

PC – Chapter 2

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January 1, 2009 Assets Cash Accounts Receivable Less Allowance for Uncollectible Accounts Merchandise Inventory Prepaid Expenses Total Assets

P1,110,500 P460,000 23,000

437,000 1,616,000 72,000 P3,235,500

Liabilities and Capital Accounts Payable Amores, Capital Andrada, Capital Total Liabilities and Capital

P528,000 P1,805,000 902,500

E 2-4 1. Cash Land Building Aguirre, Capital Aranas, Capital 2.

1,000,000 800,000 750,000 1,000,000 1,550,000

Cash Land Building Aguirre, Capital Aranas, Capital

P 2-1 1. a. b.

c.

d.

e.

f. g.

2,707,500 P3,235,500

1,000,000 800,000 750,000 1,275,000 1,275,000

Merchandise, Inventory Acosta, Capital

150,000 150,000

Acosta, Capital Allowance for Uncollectible Accounts

75,000 75,000

Interest Receivable Acosta, Capital P375,000 x 6% x 2/12 = P3,750

3,750 3,750

Acosta, Capital Interest Payable P750,000 x 10% x 3/12 = P18,750

18,750 18,750

Accumulated Depreciation Acosta, Capital Furniture and Fixtures

450,000 150,000 600,000

Office Supplies Acosta, Capital

12,500

Cash Aguas, Capital

1,311,250

12,500 1,311,250

P2,700,000 + 150,000 – 75,000 + 3,750 – 18,750 -150,000 + 12,500 = 2,622,500/2 = 1,311,250

Acosta and Aguas Statement of Financial Position December 1, 2009 Assets Cash Notes Receivable

P 1,911,250 375,000

Accounts Receivable

P 2 250 000

PC – Chapter 2

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Less Allowance For Uncollectible Accounts Interest Receivable Merchandise Inventory Office Supplies Furniture And Fixtures Total Assets

225,000

2,025,000 3,750 750,000 12,500 1,200,000 P 6,277,500

Liabilities and Capital Notes Payable Accounts Payable Interest Payable Total Liabilities

P 750,000 1,575,000 18,750

Acosta, Capital Aguas, Capital Total Capital Total Liabilities and Capital

P 2,622,500 1,311,250

P 2-2 1. a.

b. c.

2.

a.

b.

c.

d. e.

P 2,343,750

3,933,750 P 6,277,500

Abril, Capital Allowance for Doubtful Accounts

9,000 9,000

Abril, Capital Accrued Expenses Accumulated Depreciation Accounts Payable Accrued Expenses Allowance for Doubtful Accounts Abril, Capital Cash Accounts Receivable Merchandise Inventory Equipment

21,000 21,000 112,500 345,000 21,000 9,000 800,000 187,500 450,000 400,000 250,000

Merchandise Inventory Arias, Capital

50,000 50,000

Arias, Capital Allowance for Doubtful Accounts

7,500 7,500

Goodwill 357,500 Arias, Capital P800,000  40% x 60% - (800,000 + 50,000 – 7,500) = 357,500 Accumulated Depreciation Equipment

357,500

37,500 37,500

Cash Accounts Receivable Merchandise Inventory Equipment Allowance for Doubtful Accounts Accounts Payable Accrued Expenses Abril, Capital

187,500 450,000 400,000 137,500 9,000 345,000 21,000 800,000

Abril and Arias Statement of Financial Position October 1, 2009 Assets Cash Accounts Receivable Less Allowance For Doubtful Accounts Merchandise Inventory

P 300,000 P 825,000 16,500

808,500 750,000

Equipment

400 000

PC – Chapter 2

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Goodwill Total Assets

357,500 P2,616,000 Liabilities and Capital

Accounts Payable Accrued Expenses Total Liabilities

P 595,000 21,000

Abril, Capital Arias, Capital Total Capital Total Liabilities and Capital P 2-3 1. Merchandise Inventory Accumulated Depreciation Allowance for Doubtful Accounts Equipment Albano, Capital

P 800,000 1,200,000

2.

Cash Accounts Receivable Merchandise Inventory Equipment Furniture and Fixtures Allowance for Doubtful Accounts Accounts Payable Abada, Capital

P 2-4 1. Accounts Receivable Merchandise Inventories Furniture and Fixtures Goodwill Allowance for Doubtful Accounts Accounts Payable Abante, Capital 2.

3.

Cash Arevalo, Capital Land Almonte, Capital

P 2-5 1. a.

b.

P 616,000

2,000,000 P2,616,000 30,000 9,000 10,000 20,000 9,000 50,000 460,000 1,080,000 120,000 90,000 40,000 540,000 1,220,000

840,000 1,000,000 600,000 250,000 240,000 450,000 2,000,000 1,000,000 1,000,000 800,000 800,000

Cash Merchandise Inventory Abueva, Capital

518,000 1,152,000

Accounts Receivable Merchandise Inventory Office Equipment Goodwill Allowance for Doubtful Accounts Accounts Payable Alano, Capital

1,792,000 256,000 160,000 198,000

1,670,000

160,000 576,000 1,670,000...