ADVANCED ACCOUNTING LUPISAN 3A
March 31, 2017 | Author: Daniel Tadeja | Category: N/A
Short Description
Download ADVANCED ACCOUNTING LUPISAN 3A...
Description
AA1 -Chapter 3 (2008 edition))s
page 1
Exercise 3 – 7
Balances before liquidation Sale of other assets & distribution of loss Balances Payment of liabilities Balances Offset of loan Additional investment by Velasco Balances Asset distributed to Viola Balances July sale of assets and distribution of loss Balances Payment of liabilities Balances Possible loss on remaining other assets Cash distribution to partners
Cash P 80,000 200,000 P280,000 ( 280,000) --90,000 P 90,000 P 90,000 540,000 P630,000 (350,000) P280,000 P280,000
Other Assets P960,000 ( 300,000) P660,000 P660,000 P660,000 ( 200,000) P460,000 ( 400,000) P 60,000 P 60,000 ( 60,000) -----
Liabilities P630,000
Velasco Loan P 50,000
P630,000 ( 280,000) P350,000
P 50,000
P350,000
----
P350,000
-----
P350,000 ( 350,000) ------
-----
-----
----
P 50,000 ( 50,000)
----
Viola P470,000 ( 60,000) P410,000 P410,000
CAPITAL Velasco (P140,000) ( 20,000) (P160,000)
Vicente P30,000 ( 20,000) P10,000 P10,000
P410,000 ( 212,000) P198,000 84,000 P282,000
(P160,000) 50,000 90,000 (P 20,000) 6,000 (P 14,000) 28,000 P 14,000
P282,000 ( 36,000) P246,000
P 14,000 ( 12,000) P 2,000
P44,000 ( 12,000) P32,000
P10,000 6,000 P16,000 28,000 P44,000
Chapter 3 – Partnership Liquidation Suggested Answers
page
PROBLEMS Problem 3-1 1.
Profit and loss ratio Balances before liquidation Sale of non-cash assets and distribution of loss Payment of liquidation expenses Balances Payment of liabilities Balances Additional investment of Elma Balances Payment to partners
Elma, Erica and Edna Statement of Liquidation January 1 – 31, 2008 Non-cash Cash Assets Liabilities P 80,000 634,000 ( 24,000) P690,000 (270,000) P420,000 15,000 P435,000 ( 435,000)
P810,000 (810,000)
P270,000 P270,000 (270,000)
Elma 3/8 P60,000 (66,000) ( 9,000) (P15,000) (P15,000) 15,000
C A P I T A L Erica Edna 3/8 2/8 P290,000 P270,000 ( 66,000) ( 44,000) ( 9,000) ( 6,000) P215,000 P220,000 P215,000
P220,000
P215,000 ( 215,000)
P220,000 ( 220,000)
Chapter 3 – Partnership Liquidation Suggested Answers
page
2.
Elma , Erica and Edna
Cash Profit and loss ratio Balances before liquidation Sale of non-cash assets and distribution of loss Payment of liquidation expenses Balances Payment of liabilities Balances Offset of loan against debit balance in the capital balance of Elma Balances Payment to partners 3.
Profit and loss ratio Balances before liquidation
Sale of non-cash assets and distribution of loss Payment of liquidation expenses Balances Payment of liabilities Balances Offset of receivable against credit balance in the capital of Erica Balances
P 80,000 634,000 (24,000) P690,000 (200,000) P490,000
Statement of Liquidation January 1 – 31, 2008 Non-cash Note Payable Assets to Elma P810,000 (810,000)
P70,000
P200,000
P70,000
P200,000 (200,000)
P70,000
( 15,000) P490,000 P55,000 (490,000) ( 55,000) Elma , Erica and Edna Statement of Liquidation January 1 – 31, 2008 NR from Non-cash Cash Assets Erica P 80,000 634,000 (24,000) P690,000 (200,000) P490,000
C A P I T A L Liabilities
P110,000
P700,000 (700,000)
Elma
Erica
Edna
3/8 P60,000 (66,000) ( 9,000) (P15,000)
3/8 P290,000 ( 66,000) ( 9,000) P215,000
2/8 P270,000 ( 44,000) ( 6,000) P220,000
(P15,000)
P215,000
P220,000
P215,000 ( 215,000)
P220,000 ( 220,000)
15,000
NP to Elma P70,000
C A P I T A L Liabilities
Elma
Erica
Edna
P200,000
3/8 P60,000 (24,750)
3/8 P290,000 ( 24,750)
2/8 P270,000 ( 16,500)
( 9,000) P26,250
( 9,000) P256,250
( 6,000) P247,500
P110,000
P70,000
P200,000 (200,000)
P110,000
P70,000
P26,250
P256,250
P247,500
P70,000
P26,250
( 110,000) P146,250
P247,500
(110,000) P490,000
Chapter 3 – Partnership Liquidation Suggested Answers
Payment to partners Problem 3 – 2 (Case 1)
page
(490,000)
( 70,000)
Calma, Daza and Esteban Statement of Liquidation January, 2009 Other Cash Assets Liabilities Balances before liquidation Sale of assets & distribution of loss Balances Payment of liabilities Payment of to partners
P 20,000 250,000 P 270,000 ( 112,000) P 158,000
P 340,000 (340,000) -
( 26,250)
L O A N Daza Esteban
( 146,250)
( 247,500)
P 112,000
P 5,000
P 8,000
P 112,000 (112,000) -
P 5,000
P 8,000
C A Calma (2/5) P 95,000 (36,000) P 59,000
P
I T Daza (2/5) P 60,000 (36,000) P 24,000
A L Esteban (1/5) P 80,000 (18,000) P 62,000
P 5,000
P 8,000
P 59,000
P 24,000
P 62,000
P
I T A L Daza Esteban (2/5) (1/5) P 60,000 P 80,000 (62,000) (31,000) P( 2,000) P 49,000
Problem 3 – 2 (Case 2) Calma, Daza and Esteban Statement of Liquidation January, 2009 Other Cash Assets Liabilities Balances before liquidation Sale of assets & distribution of loss Balances Payment of liabilities Balances Offset of loan against debit balance in the capital account Payment to partners
P 20,000 185,000 P 205,000 ( 112,000) P 93,000 P 93,000
P 340,000 (340,000) -
P 112,000
P 5,000
P 8,000
P 112,000 (112,000) -
P 5,000
P 8,000
C A Calma (2/5) P 95,000 (62,000) P 33,000
P 5,000
P 8,000
P 33,000
P( 2,000)
P 49,000
P 33,000
2,000 -
P 49,000
-
L O A N Daza Esteban
(2,000) P 3,000
P 8,000
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3 – 2 (Case 3)
Cash Balances before liquidation Sale of assets & distribution of loss Balances Payment of liabilities Balances Offset of loan against debit balance in the capital account Balances Payment to partners Balances Additional investment by Daza Payment to partners
Calma, Daza and Esteban Statement of Liquidation January, 2009 Other Assets Liabilities
P 20,000 170,000 P 190,000 ( 112,000) P 78,000 P 78,000 ( 78,000) 3,000 P 3,000
P 340,000 (340,000) -
L Daza
O A N Esteban
P 112,000
P 5,000
P 8,000
P 112,000 (112,000) -
P 5,000
P 8,000
C A Calma (2/5) P 95,000 (68,000) P 27,000
P 5,000
P 8,000
P 27,000
-
-
(5,000) -
-
-
-
-
-
P 8,000 ( 8,000) -
P 27,000 ( 25,000) P 2,000
-
-
P 2,000
P I T A L Daza Esteban (2/5) (1/5) P 60,000 P 80,000 (68,000) (34,000) P( 8,000) P 46,000 P( 8,000) 5,000 P(3,000) P(3,000) 3,000 -
P 46,000 P 46,000 (45,000) P 1,000 P 1,000
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3- 2 (Case 4) Calma, Daza and Esteban Statement of Liquidation January, 2009 Cash Balances before liquidation Sale of assets & distribution of loss Balances Payment of liabilities Balances Offset of loan against debit balance in the capital account Balances Payment to partners Balances Additional investment by Daza Payment to partners
P 20,000 125,000 P 145,000 ( 112,000) P 33,000 P 33,000 ( 33,000) 21,000 P 21,000
Other Assets P 340,000 (340,000) -
Liabilities
L Daza
O A N Esteban
P 112,000
P 5,000
P 8,000
P 112,000 (112,000) -
P 5,000
P 8,000
C A Calma (2/5) P 95,000 (86,000) P 9,000
P 5,000
P 8,000
P 9,000
P(26,000)
P 9,000
5,000 P(21,000)
P 9,000
-
-
(5,000) -
-
-
-
P 8,000 ( 8,000) -
-
-
-
-
P 9,000
P I T Daza (2/5) P 60,000 (86,000) P(26,000)
A L Esteban (1/5) P 80,000 (43,000) P 37,000 P 37,000
P(21,000) 21,000 -
P 37,000 (25,000) P 12,000 P 12,000
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3 – 2 (Case 5) Calma, Daza and Esteban Statement of Liquidation January, 2009 Other Cash Assets Liabilities Balances before liquidation Sale of assets & distribution of loss Balances Payment of liabilities Balances Offset of loan against debit balance in the capital account Balances Additional investment by Calma and Daza Payment of liabilities, loan and capital
P 20,000 90,000 P 110,000 ( 110,000) 40,000 P 40,000
P 340,000 (340,000) -
L O A N Daza Esteban
P 112,000
P 5,000
P 8,000
P 112,000 (110,000) P 2,000
P 5,000
P 8,000
C A Calma (2/5) P 95,000 (100,000) P( 5,000)
P 5,000
P 8,000
P( 5,000)
P(40,000)
P( 5,000) 5,000 -
5,000 P(35,000) 35,000 -
-
P
2,000
(5,000) -
-
P
2,000
-
P 8,000 P 8,000
P
I T A L Daza Esteban (2/5) (1/5) P 60,000 P 80,000 (100,000) (50,000) P(40,000) P 30,000 P 30,000 P 30,000 P 30,000
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3-4 1.
Estrella, Capital Estrella, Drawing Total interest of Estrella Cash received by Estrella
P 144,000 ( 12,000) P 132,000 111,000 Share of Estrella in the loss on P 21,000
liquidation Fractional share of Estrella Total loss on liquidation
3.
÷ 2/10 P 105,000
a.
b. c.
Cash Eugenio, Capital Esteban, Capital Estrella, Capital Other Assets
463,000 52,500 31,500 21,000
Liabilities Cash
200,000
Esteban, Loan Eugenio, Capital Esteban, Capital Estrella, Capital Cash
40,000 79,500 102,500 111,000
568,000
200,000
333,000
2. Eugenio , Esteban and Estrella Statement of Liquidation January 1 – 31, 2008
Balances before liquidation Sale of other assets & distribution of loss Balances Payment of liabilities Balances Payment to partners
Cash P 70,000 463,000 P 533,000 (200,000) P 333,000 ( 333,000)
Other Assets P 568,000 ( 568,000)
Liabilities P 200,000 P 200,000 ( 200,000)
Esteban, Loan P 40,000 P 40,000
Eugenio (5/10) P 132,000 ( 52,500) P 79,500
P 40,000 ( 40,000)
P 79,500 ( 79,500)
CAPITAL Esteban Estrella (3/10) (2/10) P 134,000 P132,000 ( 31,500) ( 21,000) P 102,500 P 111,000 P 102,500 (102,500)
P 111,000 ( 111,000)
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3 - 6 QRS Partnership Statement of Liquidation July to September, 2008
Balances before liquidation July: Sale of assets Payment of liabilities Payment of liquidation expenses Payment of loan Balances August: Sale of assets Payment of liquidation expenses Payment of loan and capital Balances Sept.: Sale of assets Payment of liquidation expenses Additional loss to Roman & Silva Payment to partners
Accounts Payable P1,215,000
Roman, Loan P150,000
Other Assets P2,010,000 ( 1,530,000)
( P
Cash 150,000 1,170,000 1,215,000) 7,500) 97,500 67,500) 30,000 66,000 7,500) 88,500 58,500) 30,000 165,000 7,500) 187,500
-
-
P
41,400
P
187,500
-
-
P
41,400
P ( ( P ( P ( P ( P
Quizon P300,000 ( 180,000)
C A P I T A L Roman Silva P270,000 P225,000 ( 108,000) ( 72,000)
( 1,215,000) P 480,000
-
P 480,000 ( 105,000)
-
P 375,000
-
P 375,000 ( 375,000)
-
P150,000 ( 67,500) P 82,500 P 82,500 ( 41,100) P 41,400
( 3,750) P116,250
( 2,250) P159,750
( 1,500) P151,500
P116,250 ( 19,500) ( 3,750) P 93,000
P159,750 ( 11,700) ( 2,250) P145,800
P 93,000 ( 105,000) ( 3,750) (P 15,750) 15,750 -
P145,800 ( 63,000) ( 2,250) P 80,550 ( 9,450) P 71,100
P151,500 ( 7,800) ( 1,500) P142,200 ( 17,400) P124,800 ( 42,000) ( 1,500) P 81,300 ( 6,300) P 75,000
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3 - 5 JKLM Trading Statement of Liquidation February 1 - March 31, 2008
Balances before liquidation February: Sale of assets & distribution of loss Payment of liabilities Payment of liquidation expenses Balances Payment to partners (sch. 1) Balances March: Sale of assets & distribution of gain Payment of liabilities Payment of liquidation expenses Balances Payment to partners (sch. 2) Balances, March 31
Cash P 100,320 49,320 ( 17,750) ( 8,220) P 123,670 ( 120,060) P 3,610 ( ( P ( P
48,330 3,610) 7,380) 40,950 40,950) ---------
Other Assets P 193,530
Liabilities P 21,360
Jocson Loan P 15,000
( 66,060)
C A Jocson P 24,120
P I Kaimo P 96,480
T A Legarda P 109,020
L Manabat P 27,870
( 3,348)
( 5,022)
( 5,022)
( 3,348)
( 1,644) P 19,128
( 2,466) P 88,992 (49,770) P 39,222
( 2,466) P 101,532 ( 62,310) P 39,222
( 1,644) P 22,878
( 17,750) P 127,470
P 3,610
P 127,470
P 3,610
P 15,000 ( 7,980) P 7,020
( 44,850)
P 19,128 696
1,044
1,044
P 22,878 696
( 3,610) P 82,620
p --------
P 82,620
P --------
P 7,020 7,020 P -------
( 1,476) P 18,348 ( 1,824) P 16,524
( 2,214) P 38,052 (13,266) P 24,786
( 2,214) P 38,052 ( 13,266) P 24,786
( 1,476) P 22,098 ( 5,574) P 16,524
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3 - 8 Req. 2 Neri, Ordan and Pacia Statement of Liquidation January 1 - March 31, 2008
Balances before liquidation January: Collections from customers Payment of liquidation expenses Payment of liabilities Balances Payment to partners (see schedule) Balances February: Collections from customers Payment of liquidation expenses Payment of liabilities & dist. of gain Balances Payment to partners (see schedule) Balances March: Collections from customers & dist. of loss Payment of liquidation expenses Payment to partners
Cash P 19,000
Other Assets P 191,000
112,000 ( 4,400) ( 38,000) P 88,600 ( 16,000) P 72,600
(112,000)
36,000 ( 2,800) (38,000) P 67,800 ( 19,800) P 48,000
( 36,000)
Liabilities P 77,000
P 79,000
( 38,000) P 39,000
P 79,000
P 39,000
Pacia, Loan P 9,000
P 9,000 ( 9,000) -
P 43,000
( 39,000) -
-
P 43,000
-
-
35,000
( 43,000)
( 4,000) P( 79,000)
-
-
-
Sal. Pay. to Neri P 6,000
C A P I T Neri Ordan P 50,000 P 28,000
A L Pacia P 40,000
( 2,200)
( 1,100)
( 1,100)
P 6,000
P 47,800
P 26,900
P 6,000
P 47,800
P 26,900
P 38,900 ( 7,000) P 31,900
P 6,000 ( 6,000) -
( 1,400) 500 P 46,900 ( 1,400) P 45,500
700) 250 P 26,450 ( 3,700) P 22,750
700) 250 P 31,450 ( 8,700) P 22,750
( 4,000)
( 2,000)
( 2,000)
( 2,000) P 39,500
( 1,000) P 19,750
( 1,000) P 19,750
-
(
(
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3 -8 Requirement No 1
Neri, Ordan and Pacia Cash Priority Program January 1, 2008
Neri Capital balances before liquidation P 50,000 Add Loan balances 6,000 Total partners’ interest P 56,000 Profit and loss ratio ÷ 50% Loss absorption balance P112,000 allocation I - Cash to Pacia reducing LAB to an amount reported for Neri and Ordan. Reduction of P84,000 requires payment of 25% of P 84,000 Balances P112,000 Allocation II - Further cash distributions may be made in the profit and loss raio SCHEDULE OF CASH DISTRIBUTION: Amount January: Cash available P 16,000 Allocation I: Payable to Pacia 16,000 February:
Cash available Allocation I: Payable to Pacia Allocation II Payable according to P & L ratio
Neri -
Ordan
Pacia
---------
P 16,000
P 19,800 5,000 P 14,800 -
P 5,000 P 7,400 P 7,400
P 3,700 P 3,700
3,700 P 8,700
Ordan P 28,000
Neri
P 28,000 ÷ 25% P112,000
Pacia P 40,000 9,000 P 49,000 ÷ 25% P196,000
P112,000
( 84,000) P112,000
_______ --------
Ordan
Pacia
_______ ---------
P 21,000 P 21,000
Chapter 3 – Partnership Liquidation Suggested Answers
page
Problem 3 - 7 Requirement 3 Tabora, Ureta and Veloso Statement of Liquidation January 1 to April 30, 2008
Balances before liquidation January: Sale of assets Payment to partners Balances February: Sale of assets Payment to partners Balances March: Sale of assets Payment to partners Balances April: Sale of assets & distribution of loss Balances Payment to partners
Cash 15,000 (15,000) 40,000 ( 40,000)
Other Assets P 338,000
30,000 P 30,000 (30,000)
O
A N Ureta Veloso P 30,000 P 13,000
C A P I T A L Tabora Ureta Veloso P 120,000 P 90,000 P 40,000
P 45,000
(15,000) P15,000
P 13,000
P 120,000
P 90,000
P 40,000
( 21,250) P 23,750
(15,000) -
P 13,000
P 120,000
( 3,750) P 86,250
P 40,000
(23,750) -
-
(13,000) -
( 23,500) P 96,500
( 28,350) P 57,900
( 1,400) P 38,600
-
-
-
( 81,500) P 15,000 P 15,000
( 48,900) P 9,000 P 9,000
(32,600) P 6,000 P 6,000
( 15,000) P 323,000 ( 40,000) P 283,000
90,000 ( 90,000) -
L Tabora P 45,000
( 90,000) P 193,000 ( 193,000) -
Chapter 3 – Partnership Liquidation Suggested Answers
page
View more...
Comments
