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EXERCISES
1. Original Partners Equity Transfer of Interest Revised Partners Equity
Artuz 25,000 25,000
Cruz 25,000 (12,500) 12,500
Vera ______ 12,500 12,500
50,000 50,000
Entries:
a) Pio, Capital 24,000
Basa, Capital 36,000
Cortez, Capital 15,000
Diaz, Capital 75,000
c) Assets 16,000
Pio, Capital 4,800
Basa, Capital 8,000
Cortez, Capital 3,200
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Entry: Carlos, Capital 8,000
Bella, Capital 8,000
4. If only cash investment is involved, total agreed equity should be higher than 120,000. Trial and error:
Bella, Capital 40,000 / 40% 100,000 reject since it is lower
Carlos, Capital 50,000 / 35% 142,857 accept, higher by 2,857
Diaz, Capital 30,000 / 25% 120,000 reject, same as original PE
2) Offer of Mr Sy 60,000
Divide by 20%
Value of Partners Equity 300,000
Original Partners Equity 150,000
Asset Revaluation 150,000
7.
a) Contributions Agreed
M 50,000 50,000
J 30,000 30,000
D 20,000 20,000
L ? 20% 25,000 (125,000x20%)
0 *125,000 (100,000/80%)
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b) Contributions Agreed Asset Rev.
M 50,000
J 30,000
D 20,000
L 50,000 50,000/20%
150,000 * 200,000 = 50,000
Asset revaluation should be for original partners. Thus new partners investment = her capital credit
1)
Cash 50,000
Luna, Capital 50,000
2)
Asset 50,000
Monzon, Capital 25,000
Javier, Capital 15,000
Dakila, Capital 10,000
Cash 50,000
Luna, Capital 50,000
Monzon, Capital 5,000
Javier, Capital 3,000
Dakila, Capital 3,000
Assets 10,000
Cash 25,000
Monzon, Capital 2,500
Javier, Capital 1,500
Dakila, Capital 1,000
Luna, Capital 30,000
Assets 25,000
M, Capital 12,500
J, Capital 7,500
D, Capital 5,000
8. a) Table 6/30
Cap. Bal. NI 6/30 Agreed Eqty Asset Rev. Transfer of Int PE
Luis 50,000 22,500 (2,500) 70,000
Lani 30,000 11,250 (1,250) (13,333) 26,667
Fely 40,000 11,250 (1,250) 50,000
Vilma 13,333 13,333
Cathy 40,000 _____ 40,000 20% ______ _______ 40,000
160,000 45,000 200,000 (5,000) 0 200,000
b) Table 12/31
Revised PE
Kane a) 252,000
Clark 173,000
425,000
c) Lane, Capital 47,000
Loan Payable to Lane 10,000
Kane, Capital 3,111
Clark, Capital 3,889
Cash 50,000
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Cash 60,000
12/31 Income Summary 190,000
Madel, Drawings 47,500
Josh, Drawings 142,500
Revised PE: Madel 40,000-1,000+9,200+50+47,500 P95,750
Josh 90,000 + 27,600+ 150+ 142,500 260,250
Equipment 150,000
Capital Adjustment 150,000
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Estrera, Capital 76,923
Capital Adjustment 200,000
Liabilities 100,000
Mison, Capital 696,923
Estrera, Capital 423,077
Current Asset 900,000
Equipment 300,000
Balance Sheet
Current Assets P1, 900,000 Current Asset 900,000
Equipment 300,000 Equipment 300,000
Total Assets 1,200,000 Liabilities 100,000
Liabilities 100,000 Share Capital 1,000,000
Share Capital 2,000,000 Share Premium 100,000
Share Premium 100,000
Total Liab & Equity P2,200,000 Cash 1,000,000
Share Capital 1,000,000
MULTIPLE CHOICE
1. Total contributions of P150,000 is also total agreed equity
Contributions of Evans 30,000
Agreed Equity of Evans (1/3) 50,000
Bonus to Evans 20,000
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