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Problem3-5

a. Cash. . .. ............................................................ 40,000


Cherry capital .............................................
Agreed Capital
Helen
70,000
Cathyt
50,000
25% Cherry
40,000
120,000/.75
160,000

40,000

Contributed Cap.
70,000
50,000
40,000
160,000

b
Cash . ............................................................ 50,000
Cherry, capital ........................................
Helen, capital ..........................................
Cathy, capital ..........................................

25%

Helen
Cathy
Cherry

Agreed Capital
70,000
50,000
42,500
170,000

42,500
5,250
2,250

Contributed Cap.
Bonus
70,000
5,250
50,000
2,250
50,000
(7,500)
170,000

c.
Cash . ............................................................ 25,000
Helen, capital ............................................... 7,875
Cathy, capital .............................................. 3,375
Cherry, capital ........................................

25%

Agreed Capital
Helen
70,000
Cathy
50,000
Cherry
36,250
145,000

36,250

Contributed Cap.
Bonus
70,000
( 7,875)
50,000
( 3,375)
25,000
11,250
145,000

d. Cash
............................................................50,000
Goodwill............................................................ 30,000
Cherry, capital ........................................
Helen, capital ..........................................
Cathy, capital ..........................................

50,000
21,000
9,000

Total agreed capital (P50,000 / 25%)


P200,000
Total contributed capital (P120,000 + 50,000) 170,000
Goodwill to old partners, 70:30......................P 30,000
Agreed Capital
Goodwill
Helen
Cathy
25% Cherry

91,000
59,000
50,000
200,000

Contributed Cap.
70,000
50,000
50,000
170,000

21,000
9,000
____
30,000

e.
Cash ............................................................ 25,000
Goodwill ....................................................... 15,000
Cherry, capital ........................................

Helen
Cathy
25% Cherry
120,000/.75

Agreed Capital
70,000
50,000
40,000
160,000

40,000

Contributed Cap. Goodwill


70,000
50,000
25,000
15,000
145,000
15,000

Problem 3-6
a. Total agreed capital (P600,000 / 3/4) ......................... P800,000
Santos interest .............................................................. _____1/4
Contribution of Santos ................................................ P200,000
b. Total agreed capital (P630,000/ 3/4) .......................... P840,000
Santos' interest ............................................................. _____1/4
Contribution of Santos ................................................ P210,000
c. Total agreed capital (P624,000/ 3/4) .......................... P832,000
Less: Contributed capital of old partners ................. _600,000
Contributed capital of Santos .................................... P232,000
d. Total agreed capital (P600,000/ 3/4) ..........................
Less: Goodwill..............................................................
Contributed capital .....................................................
Contributed capital of old partners ...........................
Contributed capital of Santos ....................................

P800,000
__10,000
790,000
_600,000
P190,000

e. Total agreed capital (Contributed) ............................ P820,000


Less: Contributed capital of old partners ................. _600,000
Contributed capital of Santos .................................... P220,000

Problek 3-7
a. Tony, capital..................................................... 40,000
Noel, capital .................................................
b. Cash
............................................................ 90,000
Noel, capital .................................................
(P180,000) 270,000 x 1/3 = P90,000.
2/3

40,000

90,000

c. Cash .. .. ............................................................ 56,000


Goodwill............................................................ 4,000
Noel, capital .................................................

60,000

Total agreed capital (P180,000/ 3/4)


. P240,000
Total contributed capital (P180,000 + P56,000) ....... _236,000
Goodwill to new partner .................................
P 4,000
d. Subas, capital
Tony, capital
Inventory

14,400
9,600

Cash
Noel, Capital

52,000

24,000

52,000

Total agreed capital (P52,000/ .25


Total cap before inventory write-down (180,000
+ 52,000)
Write-down to old partners capital

e. Land
Subas, capital
Tony, capital
Subas, capital (P155,200 x 1/4)
Tony, capital (P116,800 x )
Noel, capital
Total resulting capital (P68,000/ 1/4)
Total capital of old partner (net assets)
Increase in value of land

P208,000
232,000
( 24,000)

92,000
55,200
36,800
38,800
29,200
68,000
272,000
_180,000
92,000

Capital of old partner after revaluation of land:


Subas (P100,000 + P55,200)
155200
Tony (P80,000 + P36,80)
116,800
f. Cash
Subas, Capital
Tony, capital
Noel, capital
Agreed Capital
Subas
97,600
Tony
78,400
1/5 Noel
44,000
220,000

g. Cash
Goodwill
Noel, capital
Subas, capital (P60,000 x 3/5)
Tony, capital (P60,000 x 2/5

Subas
Tony
1/5 Noel
60,000/.20

Agreed Capital
136,000
104,000
60,000
300,000

40,000
2.400
1,600
44,000
Contributed Cap. Bonus
100,000
(2,400)
80,000
(1.600)
40,000
4,000
220,000

60,000
60,000
60,000
36,000
24,000
Contributed Cap. Goodwill
100,000
36,000
80,000
24,000
60,000
-___
240,000
60,000

3-8
a. Conny, capital ..................................................40,000.
Andy, capital (P8,000 x 3/4) ............................ 6,000
Benny, capital (P8,000 x 1/4) .......................... 2,000
Cash . ............................................................

48,000

b. Goodwill............................................................ 10,000
Conny, capital .................................................. 40,000
Cash . ............................................................
.................................. 25,000
Conny, capital .................................................. 40,000
Andy, capital (P25,000 x 3/5) .....................
Benny, capital (P25,000 x 1/5)....................
Cash ............................................................
Problem
Problem 3-9
a. Spade, capital ...................................................120,000
Jack, capital .................................................

50,000

c.

b.

15,000
5,000
45,000

120,000

............................. 60,000
Ace, capital...................................................
Jack, capital .................................................
Spade, capital ..............................................

12,000
18,000
30,000

Spade, capital (P120,000 + P30,000) ..............150,000


Jack, capital .................................................

150,000

c. Spade, capital ...................................................180,000


Cash . ............................................................

180,000

Ace, capital (P60,000 x 2/5)............................. 24,000


Jack, capital (P60,000 x 3/5) ........................... 36,000
Spade, capital ..............................................

60,000

d. Land .. .. ............................................................ 20,000


Ace, capital (20%) .......................................
Jack, capital (30%) .....................................
Spade, capital (50%) ...................................

4,000
6,000
10,000

Spade, capital ...................................................130,000


Ace, capital (P50,000 x .40) ............................. 20,000
Jack, capital (P50,000 x .60) ........................... 30,000
Cash . ............................................................
Land. ............................................................

60,000
120,000

e. Goodwill............................................................ 30,000
Spade, capital ...................................................120,000
Cash . ............................................................

150,000

f.

............................. 60,000
Spade, capital ...................................................120,000
Ace, capital (P60,000 x 20%) .....................
Jack, capital (P60,000 x 30%)....................
Cash . ............................................................

12,000
18,000
150,000

g. Land .. .. ............................................................ 40,000


Ace, capital (20%) .......................................
Jack, capital (30%) .....................................
Spade, capital (50%) ...................................

8,000
12,000
20,000

Spade, capital (P120,000 + P20,000) ..............140,000


Ace, capital (P10,000 x 40%) .......................... 4,000
Jack, capital (P10,000 x 60%) ........................ 6,000
Land. ............................................................
Note payable ................................................

100,000
50,000

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