PARCOR (BAYSA-LUPISAN 2014) Chapter 2 SOLMAN PDF

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CHAPTER 2 Nature and Formation of a Partnership E a. Cash Alonzo, Capital b. Accounts Receivable Allowance for Uncollectible Accounts Alonzo, Capital Inventories Alonzo, Capital x Equipment Alonzo, Capital x c. d. E 1. Cash Accounts Receivable Merchandise Inventory Equipment Allowance for Uncollecti...

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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.

d.

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

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)

PC – Chapter 2

2.

a.

b.

page 2

Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Allowance for Uncollectible Accounts Accounts Payable Amores, Capital 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 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 E 2-4 1. Cash Land Building Aguirre, Capital Aranas, Capital 2.

Cash Land Building Aguirre, Capital Aranas, Capital

P 2-1 1. a. b.

Merchandise, Inventory Acosta, Capital Acosta, Capital Allowance for Uncollectible Accounts

P528,000 P1,805,000 902,500

2,707,500 P3,235,500

1,000,000 800,000 750,000 1,000,000 1,550,000 1,000,000 800,000 750,000 1,275,000 1,275,000

150,000 150,000 75,000 75,000

PC – Chapter 2

c.

d.

e.

f. g.

page 3

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

P 1,911,250 375,000 P

2,250,000 225,000

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

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

P 2,622,500 1,311,250

P 2-2 1. a.

b.

Abril, Capital Allowance for Doubtful Accounts Abril, Capital Accrued Expenses

750,000 1,575,000 18,750 P 2,343,750

3,933,750 P 6,277,500

9,000 9,000 21,000 21,000

PC – Chapter 2

c.

2.

a.

b.

c.

d. e.

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

112,500 345,000 21,000 9,000 800,000 187,500 450,000 400,000 250,000 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 Abril and Arias Statement of Financial Position October 1, 2009 Assets

Cash Accounts Receivable Less Allowance For Doubtful Accounts Merchandise Inventory Equipment Goodwill Total Assets

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

P 300,000 P 825,000 16,500

808,500 750,000 400,000 357,500 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 800,000 1,200,000

P 616,000

2,000,000 P2,616,000

PC – Chapter 2

P 2-3 1. Merchandise Inventory Accumulated Depreciation Allowance for Doubtful Accounts Equipment Albano, Capital 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.

page 5

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

PC – Chapter 2

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Abueva and Alano Partnership Statement of Financial Position June 1, 2009 Assets Cash Accounts Receivable Less Allowance For Doubtful Accounts Merchandise Inventory Office Equipment Goodwill Total Assets

P P 1,792,000 160,000

518,000

1,632,000 1,408,000 160,000 198,000 P 3,916,000

Liabilities and Capital Accounts Payable Abueva, Capital Alano, Capital Total Liabilities and Capital P 2-6 1. 2.

P1,080,000 P1,100,000

P 576,000 P 1,670,000 1,670,000

3,340,000 P 3,916,000

P80,000 + P440,000 + P200,000 + P600,000 – P240,000 = P1,080,000 (P1,080,000 + P1,120,000) / 2 = P1,100,000

Multiple Choice 1. B 2. A 3. A 4. D 5. D 6. A (P80,000 + P300,000 + P900,000) – P320,000 = P960,000 7. B Aster = P489,000 – P7,500 = P481,500 Amie = P273,000 + P9,000 – P5,400 = P276,600 8. D P9,000 + (P189,000 – P10,000) + P460,000 + P140,000 = P788,000 x 2 = P1,576,000 9. A (P600,000 x 1/2) – (P230,000 – P30,000) = P100,000 10. D Total partnership capital + Total partnership liabilities = Total partnership assets P600,000 + (P30,000 + P20,000) = P650,000 11. C P600,000/2 = P300,000- (150,000-20,000)= P170,000. 12. B P90,000 + P30,000 + P130,000 – P100,000 = P150,000 13. C P240,000 + (P150,000 + P 100,000) = P490,000 14. B (P240,000 + P150,000) x 60% = P234,000 (P240,000 + P150,000) x 40% = P156,000- P150,000 =P6,000 15. B 16. C P280,000 + P440,000 + P800,000 – P320,000 = P1,200,000 17. C P720,000 + P1,200,000/2 = P960,000 18. C P960,000 – P720,000 = P240,000 19. B 20. D P720,000 + P1,200,000 = P1,920,000 x 75% = P1,440,000

PC – Chapter 2

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TM 6 1. 2. 3. 4.

F F F T

TM 7 1. 2. 3. 4. 5. 6. 7. 8.

Limited partnership Industry, skill, talent or service Capitalist industrial partner Mutual agency De facto partnership Memorandum entry Nontrading partnership Partnership

TM 8 1. A 2. B 3. D 4. B

5. 6. 7. 8.

5. 6. 7. 8.

T T F T

C D D B

9. 10. 11. 12.

9. D 10. D 11. A 12. C

T T F T

13. 14. 15. 16.

9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

13. 14. 15. 16.

A B C C

T T F F

17. 18. 19. 20.

F T T T

Agreed value Dormant partner Articles of Co-Partnership Secret partner Securities and Exchange Commission Limited or LTD. Limited partner Loan Payable Capital share Bonus Arrive at Agreed value or FMV General professional partnership

17. 18. 19. 20.

A C C D

TM 9 Problem A 1.

2.

3.

Cash Land Building Furniture and Fixtures Accounts Payable Alvis, Capital Ancheta, Capital

800,000 375,000 1,250,000 625,000

Cash Land Building Furniture and Fixtures Accounts Payable Alvis, Capital Ancheta, Capital

800,000 375,000 1,250,000 625,000

Cash Land

250,000 1,375,000 1,425,000

250,000 1,400,000 1,400,000 800,000 375,000

PC – Chapter 2

Building Furniture and Fixtures Goodwill Accounts Payable Alvis, Capital Ancheta, Capital

page 8

1,250,000 625,000 50,000 250,000 1,425,000 1,425,000

Problem B 1.

a.

b.

c.

a.

b.

c.

2.

a.

b.

3.

a.

Ablan, Capital Accounts Receivable

50,000

Ablan, Capital Inventories

27,500

Ablan, Capital Other Assets

10,000

Amias, Capital Accounts Receivable

75,000

Amias, Capital Inventories

33,500

Amias, Capital Other Assets

18,000

50,000

27,500

10,000

75,000

33,500

18,000

Accounts Payable Notes Payable Ablan, Capital (P3,209,880 – P50,000 – P27,500 – P10,000) Cash Accounts Receivable Inventories Land Furniture and Fixtures

894,700 1,000,000 3,122,380

Accounts Payable Notes Payable Amias, Capital (P3,641,760 – P75,000 – P33,500 – P18,000) Cash Accounts Receivable Inventories Buildings Furniture and Fixtures

1,218,250 1,725,000 3,515,260

Cash Accounts Receivable Inventories Land

55,000 1,122,680 572,675 3,015,000

55,000 1,122,680 572,675 3,015,000 251,725

111,770 2,764,450 1,267,010 2,141,335 173,945

PC – Chapter 2

b.

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Furniture and Fixtures Accounts Payable Notes Payable Ablan, Capital

251,725

Cash Accounts Receivable Inventories Buildings Furniture and Fixtures Accounts Payable Notes Payable Amias, Capital

111,770 2,764,450 1,267,010 2,141,335 173,945

894,700 1,000,000 3,122,380

1,218,250 1,725,000 3,515,260

Ablan and Amias Partnership Statement of Financial Position May 1, 2009 Assets Current Assets Cash Accounts Receivable Inventories Noncurrent Assets Land Buildings Furniture and Fixtures Total Assets

P

166,770 3,887,130 1,839,685

P 3,015,000 2,141,335 425,670

P 5,893,585

5,582,005 P 11,475,590

Liabilities and Capital Notes Payable Accounts Payable Total Liabilities

P 2,725,000 2,112,950

Ablan, Capital Amias, Capital Total Capital Total Liabilities and Capital

P 3,122,380 3,515,260

P 4,837,950

6,637,640 P 11,475,590...