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Jun-01 Jun-01

Cash 500,000 Cash


Land 35,000 Inventories
Elsa Capital 535,000 Anna Capital

Jul-31 Sep-01
Cash 150,000 Anna drawing
Elsa Capital 150,000 Cash
Oct-31
Cash
Anna Capital

ELSA ANNA

Cash 650,000 300,000


Inventories 250,000
Land 35,000
Total Assets 685,000 550,000
Anna Drawing -50,000
Elsa Capital 685,000
Anna Capital 600,000
Total Liab And Partners Equity 685,000 550,000

ELSA
Jun-01 535,000 6 ₱ 267,500.00
Jul-31 150,000 5 ₱ 62,500.00
₱ 330,000.00
ANNA
Jun-01 450,000 6 ₱ 225,000.00
Sep-01 -50,000 4 -₱ 16,666.67
Oct-31 150,000 2 ₱ 25,000.00
₱ 233,333.33 ₱ 446,666.67

ELSA ANNA 800,000


Salaries 20,000 25,000 45,000
Interest on WAM
Elsa,Capital ₱ 330,000.00 ₱ 33,000.00 ₱ 33,000.00
Anna,Capital ₱ 233,333.33 ₱ 23,333.33 ₱ 23,333.33
Bonus ₱ 139,733.33 ₱ 139,733.33
Balance
Elsa,Capital ₱ 558,933.33 ₱ 279,466.67 ₱ 279,466.67
Anna,Capital ₱ 558,933.33 ₱ 279,466.67 ₱ 279,466.67
total 472,200.00 327,800.00 800,000
800,000-45,000-37458.33-28,541.67

Jan-01 Jan
Cash 500,000 Equipment
James, Capital 500,000 Mortage Payable
Jones, Capital

James Jones

Cash 500,000
Equipment 680,000
Total Assets 500,000 680,000 1,180,000
Mortgage Payable 120,000
Elsa Capital 500,000
Anna Capital 560,000 1,060,000
Total Liab And Partners Equity 500,000 680,000

JAMES JONES 575,000


Salaries 90,000 60,000 150,000
Interest on WAM
Elsa,Capital 500,000 ₱ 50,000.00 ₱ 50,000.00
Anna,Capital 560,000 ₱ 56,000.00 ₱ 56,000.00
Bonus ₱ 41,608.70 ₱ 41,608.70
Balance
Elsa,Capital ₱ 277,391.30 ₱ 92,463.77 ₱ 92,463.77
Anna,Capital ₱ 277,391.30 ₱ 184,927.54 ₱ 184,927.54
total 274,072.46 300,927.54 575,000

COMPUTATION OF BONUS
Profit before salaries, interest and bonus 575,000
Less: Salaries 150,000
Interest 106000 256,000
Profit after salaries and interest but before bonus 319,000
Profit after salaries and interest but after bonus 277391
Bonus 41,608.70

UNADJUSTED BALANCE ADJUSTMENT


A B A
Cash 28,000 62,000
Accounts Receivable 200,000 600,000 20,000
Inventories 120,000 200,000 6,000
Land 600,000
Building 500,000
Furnitures and Fixtures 50,000 35,000
Intangible assets 2,000 3,000 2,000
Total Assets 1000000 1400000
Accounts Payable 180,000 250,000
Other Liabilities 200,000 350,000
Capital 620,000 800,000 28,000
Total Liabilities and Capital 1,000,000 1,400,000

ADJUSTMENTS:
A,CAPITAL 28,000
ALLOWANCE FOR BAD DEBTS 20,000
INVENTORIES 6,000
INTANGIBLE ASSETS 2,000

B,CAPITAL 50,000
ALLOWANCE FOR BAD DEBTS 40,000
INVENTORIES 7,000
INTANGIBLE ASSETS 3,000

A B 900,000
Salaries 12,000 15,000 27,000
Interest on WAM
Elsa,Capital ₱ 592,000.00 ₱ 59,200.00 ₱ 59,200.00
Anna,Capital ₱ 750,000.00 ₱ 75,000.00 ₱ 75,000.00
Bonus ₱ 88,656.00 ₱ 88,656.00
Balance
Elsa,Capital ₱ 650,144.00 ₱ 216,714.67 ₱ 216,714.67
Anna,Capital ₱ 650,144.00 ₱ 433,429.33 ₱ 433,429.33
total 376,570.67 523,429.33 900,000
PROBLEM 1

200,000
250,000
450,000

50,000
50,000

150,000
150,000

₱ 698,666.67 ₱ 56,333.33
₱ 558,933.33
PROBLEM 2

680,000
120,000
560,000

Salaries
Interest on WAM
Elsa,Capital 500,000
₱ 319,000.00 Anna,Capital 560,000
₱ 277,391.30 Bonus
Balance
Elsa,Capital ₱ -
Anna,Capital ₱ -
total

COMPUTATION OF BONUS
Profit before salaries, interest and bonus
Less: Salaries
Interest
115% Profit after salaries and interest but before bonus
100% Profit after salaries and interest but after bonus
15% Bonus

PROBLEM 3
ADJUSTMENT ADJUSTED BALANCE
B A B
28,000 62,000
40,000 180,000 560,000
7,000 114,000 193,000
600,000 0
0 500,000
50,000 35,000
3,000 0 0
972000 1350000
180,000 250,000
200,000 350,000
50,000 592,000 750,000 1,342,000 1,420,000
972,000 1,350,000

₱ 738,800.00 ₱ 134,200.00
₱ 650,144.00
JAMES JONES 256,000
90,000 60,000 150,000

₱ 50,000.00 ₱ 50,000.00
₱ 56,000.00 ₱ 56,000.00 ₱ -
₱ - ₱ - ₱ -

₱ - ₱ -
₱ - ₱ -
140,000.00 116,000.00 256,000

256,000
150,000
106000 256,000
0 115%
0 100%
0.00 15%
Case 1: Lorenzo purchases a 1/5 or 20% interest from the old partners for P120,000
ROSSI, CAPITAL 80,000
MARQUEZ CAPITAL 40,000
LORENZO, CAPITAL

ROSSI MARQUEZ
CAPITAL,BEG. 400,000 200,000
SALES OF INTEREST 80,000 40,000
CAPITAL,END. 320,000 160,000

Case 2: Loreno purchases 1/5 interest from old partners for P100,000
ROSSI, CAPITAL 80,000
MARQUEZ CAPITAL 40,000
LORENZO, CAPITAL

ROSSI MARQUEZ
CAPITAL,BEG. 400,000 200,000
SALES OF INTEREST 80,000 40,000
CAPITAL,END. 320,000 160,000

Case 3: Lorenzo purchases 1/5 interest from old partners for P150,000
ROSSI, CAPITAL 80,000
MARQUEZ CAPITAL 40,000
LORENZO, CAPITAL

ROSSI MARQUEZ
CAPITAL,BEG. 400,000 200,000
SALES OF INTEREST 80,000 40,000
CAPITAL,END. 320,000 160,000

Case 4: Lorenzo purchases 1/5 interest from old partners for P150,000. The P150,000 consideration by the incoming part
ROSSI, CAPITAL (475k*1/5) 95,000
MARQUEZ CAPITAL 55,000
LORENZO, CAPITAL

OTHER ASSETS 150,000


ROSSI, CAPITAL
MARQUEZ CAPITAL

ROSSI MARQUEZ
CAPITAL,BEG. 400,000 200,000
SALES OF INTEREST 75,000 75,000
475,000 275,000
95,000 55,000
CAPITAL,END. 380,000 220,000

Case 5: Lorenzo purchases 1/5 interest from old partners for P100,000. The P100,000 consideration by the incoming part
LORENZO, CAPITAL 100,000
ROSSI, CAPITAL
MARQUEZ CAPITAL

ROSSI, CAPITAL 70,000


MARQUEZ CAPITAL 30,000
OTHER ASSETS
ROSSI MARQUEZ
CAPITAL,BEG. 400,000 200,000
SALES OF INTEREST -50,000 -50,000
350,000 150,000
70,000 30,000
CAPITAL,END. 420,000 180,000
Case 6: Manu invest P100,000 for a 1/5 interest in the new firm capital of P400,000.
CASH 100,000
MANU, CAPITAL(300k+100k)x20%
TONY, CAPITAL
TIM, CAPITAL

CASH 100,000
MANU, CAPITAL(300k+100k)x20%

MANU, CAPITAL 20,000


TONY, CAPITAL
TIM, CAPITAL

CONTRIBUTED NEW FIRM CAPITAL


TONY 200,000 213,333
TIM 100,000 106,667
MANU 100,000 80,000
400,000 400,000

NET ASSET bf admission 300,000


INVESTMENT OF MANU 100,000
NET ASSET af admission 400,000
MANU's INTEREST IN NET ASSET 20%
MANU'S CAPITAL CREDIT 80000
INVESTMENT OF MANU 60,000
BONUS TO MANU 20,000

Case 7: Manu invest P60,000 for a 25% interest in the new firm capital of P360,000.
CASH 60,000
TONY,CAPITAL (30k*25%) 20,000
TIM CAPITAL (30k*25%) 10,000
MANU,CAPITAL(300k+60k)x25%

CONTRIBUTED NEW FIRM CAPITAL


TONY 200,000 180,000
TIM 100,000 90,000
MANU 60,000 90,000
360,000 360,000

NET ASSET bf admission 300,000


INVESTMENT OF MANU 60,000
NET ASSET af admission 360,000
MANU's INTEREST IN NET ASSET 25%
MANU'S CAPITAL CREDIT 90000
INVESTMENT OF MANU 60,000
BONUS TO MANU 30,000

Case 8: Manu invest P100,000 for a 25% interest in the agreed capital P400,000.
CASH 100,000
MANU, CAPITAL(300k+100k)x25%

CONTRIBUTED NEW FIRM CAPITAL


TONY 200,000 200,000
TIM 100,000 100,000
MANU 100,000 100,000
400,000 400,000

NET ASSET bf admission 300,000


INVESTMENT OF MANU 100,000
NET ASSET af admission 400,000
MANU's INTEREST IN NET ASSET 25%
MANU'S CAPITAL CREDIT 100000
INVESTMENT OF MANU 100,000
BONUS TO MANU 0

Case 9: Manu invest P100,000 for a 1/5 interest in the new firm capital of P500,000.
CASH 100,000
MANU, CAPITAL

TIM CAPITAL 66,667


TONY, CAPITAL 33,333
OTHER ASSET

CONTRIBUTED NEW FIRM CAPITAL


TONY 200,000 266,667
TIM 100,000 133,333
MANU 100,000 100,000
400,000 500,000

NET ASSET bf admission 400,000


INVESTMENT OF MANU 100,000
NET ASSET af admission 500,000
MANU's INTEREST IN NET ASSET 20%
MANU'S CAPITAL CREDIT 100000
INVESTMENT OF MANU 100,000
BONUS TO MANU 0

Case 10: Manu invest P100,000 in the firm and is credited for P50,000 which is to be the 1/8 of the new firm capital.
CASH 100,000
MANU, CAPITAL

MANU, CAPITAL 50,000


TONY, CAPITAL
TIM, CAPITAL

CONTRIBUTED NEW FIRM CAPITAL


TONY 200,000 266,667
TIM 100,000 133,333
MANU 100,000 100,000
400,000 400,000

REVALUATION
PARTNERS CAPITAL BALANCE, BEG
LAND
DWAYNE 39,000 14,400
CHRIS 90,000 18,000
LEBRON 42,000 3,600
171,000 36,000

CAPITAL
PARTNERS AFTER BONUS
REVALUATION
DWAYNE 53,400 -2,933
CHRIS 108,000 -3,667
LEBRON 54,600 6,600
TOTAL 216,000 0

DWAYNE 53,400 -12,711


CHRIS 108,000 -15,888.89
LEBRON 54,600 28,600
TOTAL 216,000 0
DWAYNE 53,400 1,600
CHRIS 108,000 2,000
LEBRON 54,600 -3,600
TOTAL 216,000 0

Cash
CAPITAL
PARTNERS AFTER BONUS
REVALUATION
N 20% 60,000 5,000
O 20% 80,000 5,000
P 20% 70,000 -20,000
Q 40% 40,000 10,000
R 10%
TOTAL 250,000 0

CAPITAL
PARTNERS AFTER BONUS
REVALUATION
N 20% 65,000
O 20% 85,000
P 20% 0
Q 40% 50,000
R 10% 20,000
TOTAL 220,000 0

220,000
10%
22000

200,000/90%=222,222.22*10%=22,222.22

Cash-----------------------------------P90,000
Other Assets-------------------------820,000

Accounts Payable-----------------P210,000
Lewis, Capital------------------------310,000
Pestalozzi, Capital------------------200,000
Quedotzki, Capital------------------190,000
310,000
200,000
190,000
700,000

700,000/80%=875,000X20%=175,000

200,000/20%X80%

CASH
05/31/2016 CAPITAL BALANCES BEFORE LIQUIDATION 20,000
06/30/2016 SALE OF NON-CASH ASSET 100,000 100,000
BALANCES 120,000
07/15/2016 SALE OF NON-CASH ASSET 200,000 200,000
BALANCES 320,000
5/8/2016 SALE OF NON-CASH ASSET 250,000 250,000
BALANCES 570,000
PAYMENT OF LIABILITIES 555,000
BALANCES 15,000
SALE OF NON-CASH ASSET 200,000 200,000
BALANCES 215,000
215,000

A
CAPITAL BALANCES BEFORE LIQUIDATION 50,000
LOANS FROM A 25,000
TOTAL INTEREST 75,000
DIVIDED BY PROFIT AND LOSS SHARE 10%
TOTAL 750,000
PRIORITY 1: -300,000
BALANCES 450,000
PRIORITY 2: -200,000
BALANCES 250,000
120,000

LORENZO TOTAL
- 600,000
120,000 120,000
120,000 600,000

120,000

LORENZO TOTAL
- 600,000
120,000 120,000
120,000 600,000

PAYMENT OF LORENZO
CAPITAL CREDIT GIVEN TO LORENZO
120,000
ROSSI, CAPITAL
LORENZO TOTAL MARQUEZ CAPITAL
- 600,000 LORENZO, CAPITAL
120,000 120,000
120,000 600,000

onsideration by the incoming partner is to be used to impute the fair value of the partnership prior to the admission.

150,000 150,000x1/5 750,000


750,000-600,000 150,000
75,000
95,000
55,000

LORENZO TOTAL
- 600,000
150,000 150,000
150,000 900,000
150,000
150,000 750,000

onsideration by the incoming partner is to be used to impute the fair value of the partnership prior to the admission.
70,000
30,000 100,000x1/5 500,000
500,000-600,000 -100,000

100,000
LORENZO TOTAL
- 600,000
100,000 100,000
100,000 500,000

100,000 500,000

80,000
13,333
6,667

100,000

13,333
6,667

-13,333
-6,667
20,000

90,000
20,000
10,000
-30,000
0

100,000

0
0
0
0

100,000

100,000

-66,667
-33,333
0
-100,000
e 1/8 of the new firm capital.

100,000

25,000
25,000

-66,667
-33,333
0
0

PROFIT AND LOSS


LOAN CAPITAL BALANCE, END
DISTRIBUTION
53,400 40%
108,000 50%
9,000 54,600 10%
9000 216,000

CAPITAL
RETIREMENT AFTER P/L DISTRIBUTION
RETIREMENT
50,467 0.326
104,333 0.674
61,200 0.000
61200 154800 1.000

40,689 0.306
92,111 0.694
83,200 0.000
83200 132800 1.000
55,000 0.333
110,000 0.667
51,000 0.000
51000 165000 1.000

CAPITAL
RETIREMENT AFTER P/L DISTRIBUTION
RETIREMENT
65,000 0.325
85,000 0.425
50,000 0.000
50,000 0.250

50000 200000 1.000

CAPITAL
RETIREMENT AFTER P/L DISTRIBUTION
RETIREMENT
65,000 0.295
85,000 0.386
0 0.000
50,000 0.227
20,000 0.091
0 220000 1.000
NONCASH 10% 40%
ASSET LIABILITIES LOANS FROM A A B
935,000 555,000 25,000 50,000 100,000
100,000
835,000 555,000 25,000 50,000 100,000
200,000
635,000 555,000 25,000 50,000 100,000
250,000
385,000 555,000 25,000 50,000 100,000
555,000
385,000 0 25,000 50,000 100,000
385,000 18,500 74,000
0 31,500 26,000
21,500 86,000
53,000 112,000

10% 40% 50%


B C A B C
100,000 225,000

100,000 225,000
40% 50%
250,000 450,000
-30,000
250,000 450,000
-200,000 -20,000 -100000
250,000 250,000 50,000 - 100,000
10% 40% 50%

4,500 18,000 22,500


54,500 18,000 122,500
YMENT OF LORENZO 150,000
CREDIT GIVEN TO LORENZO 120,000
30,000
85,714.28
85,714.28
NZO, CAPITAL 171,429

ior to the admission.

ior to the admission.


PROBLEM 1
PROBLEM 2

PROBLEM 3
PROBLEM 3

50% 10%
C A
225,000 05/31/201CAPITAL BALANCES BEFORE LIQUIDATION 50,000
PAYABLE TO A 25,000
225,000 TOTAL 75,000
ALLOCATION OF LOSS -18500
225,000 56,500

225,000

225,000
92,500
132,500
107,500
240,000

TOTAL

30,000
120,000
150,000

45,000
195,000
40% 50%
B C TOTAL SALE OF NON CASH ASSETS
100,000 225,000 375,000 SALE OF NON CASH ASSETS
25,000 SALE OF NON CASH ASSETS
100,000 225,000 400,000 SALE OF NON CASH ASSETS
-74000 -92500 -185000 TOTAL SALE OF NONCASH ASSETS
26,000 132,500 215,000 LESS CARRYING AMOUNT
TOTAL LOSS
100,000
200,000
250,000
200,000
750,000
935,000
-185,000