A. 1. Amos Company acquired land in exchange for 10,000 shares of its $10 par common stock.

The fair market value of the land is not determinable, but the stock is widely traded and was selling for $25 per share when exchanged for the land. At what amount should the land be recorded by Amos Company?

B. Assume that partners Andy, Bel and Candy decided to liquidate the partnership on May 1, 2005. A balance sheet was prepared as follows:

The partners divide profit or loss in the ratio of 2:4:4 respectively. Required: (Show Liquidation table) 2. Other assets were sold for P510,000. 3. Other assets were sold for P100,000. Deficient partner is solvent 4. Other assets were sold for P100,000. Deficient partner is insolvent. D. On December 31, 2005 ABC Company decided to liquidate. Additional information ASSETS Cash Other Assets P LIABILITIES AND OWNERS EQUITY 240,000 Accounts Payable P 125,000 460,000 Andy, Capital 100,000 Bel, Capital 125,000 Candy, Capital 150,000 Income Summary 200,000 700,000 Total Equities P 700,000

Total Assets a. b. c. d.

Net assets with book value of P150,000 are sold for P100,000. Bonus before tax and bonus to Candy for 10%. Net assets with book value of P200,000 are sold for P300,000. Net assets with book value of P110,000 are sold for P200,000.

Required: Supply the amount will each partner receive. INSTALLMENTS 1st 2nd 3rd Final Settlement ANDY 5.__________ 6.__________ 9.__________ 12._________ BEL 7._____________ 10.____________ 13.____________ CANDY 8.__________ 11._________ 14._________

15. Bonus to be given to candy.

C. AM81 Company admitted Patrick to be a partner. On July 24, 2009, the balance sheet of AM81 Company shows the following.

Net Assets ....P500,000 Liabilities .100,000 Jomar, Capital .....220,000 Josh, Capital ....120,000 Larraine, Capital ....60,000 The parners share profit and loss 60:30:10 respectively. 16. How much will Patrick invest to have 5% interest in the company? 17. If Patrick will invest P90,000 to have 15% interest if assets are to be revalued, how much would be the increase/decrease of such? 18. If Patrick will invest P90,000 to have 15% interest if bonus is to used, how much will be Jomars capital after bonus? 19.(cont. of #15) Josh capital after bonus? 20. (cont. of #15) Larraines capital after bonus? 21. Using information in #15, on December 31, 2009 the books showed net income of P300,000. After distribution of income, how much will be the capitals of each partners.

E. 22. What is the total stockholders' equity based on the following account balances? Common Stock........................................................................ $500,000 Paid-In Capital in Excess of Par.................................................. 40,000 Retained Earnings...................................................................... 190,000 Treasury Stock............................................................................. 20,000 F. Jessabels Company showed the following information as of December 31, 2051. Ordinary Shared (par value P100)... P2,000,000 8% Preference Shares ( par value P50) . ... 500,000 Retained Earnings- Unappropriated ... 3,000,000 The preference shares are cumulative but not participating and its been 2048 since the last dividend distribution. If Jessabels company will distribute didends December 31, 2051

23. How much will be portioned to ordinary shares? 24. How much will be portioned to preference shares? 25. How much will each ordinary share receive?