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- 3. Monty and Neo formed a partnership, with capital contributions as follows: Monty- Cash of P2,400,000 Neo- Building with a fair market value of P2,600,000 but with a mortgage of P500,000 to be assumed by the partnership. Give journal entry. Description P.R. Debit Credit Octavia entered into a partnership. She contributes services as manager with a 25% share in the partnership net income. Give journal entry. 4. Description P.R. Debit Credit MODULE 2-IACCNTG 1 PARTNERSHIP AND CORPORATION ACCOUNTING 17SCORE: NAME: PROFESSOR: SECTION: Problem #15 Determining a New Partner's Investment Cost respectively. P150,000 Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital 260,000 P 40,000 710,000 Cash 180,000 Other Assets 160,000 P750,000 Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one. fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Abello at the time of admission.Exercise 2: Admission by Contributing Capital to Partnership Directly Dennis is being admitted into the partnership of Danilo, Romeo and Sanros. As of the date of admission, the capital balances and share in net income of the three partners are as follows: Capital Balance P30,000 P/L Ratio Danilo 30% Romeo 60,000 50 Sanros 10,000 20 Make the entries incidental to the admission of Dennis who invests P30,000 for: a. 1/5 interest in the partnership with capital credit equal to his investment. b. 1/3 interest in the partnership with total capitalization of P150,000. c. 1/5 interest in the partnership with total capitalization of P130,000. d. 30% interest in the partnership with total capitalization of P130,000. e. 25% interest in the partnership with total agreed capital of P150,000. f. 30% interest in the partnership. The partnership has asset revaluation of P10,000 g. 15% interest in the total partners' equity of P150,000.
- 2.6 Pancho invites Villa in his business. The following accounts appear in the ledger of Pancho prior to the admission of Villa: P 15,000 30,000 3,000 25,000 18,000 55,000 Cash Accounts Receivable Allowance for Impairment Loss Inventory Equipment (net) Accounts Payable Villa is to make investment of P 25,000 in cash and is equivalent to 40% of the agreed total capital of the new partnership. It is also agreed that the following adjustments slhould be made: 1. The allowance for impairment loss account should be increased by P 80o0. 2. Unused office supplies of P 500 are to be recognized. 3. Goodwill of Pancho is to be recognized. REQUIRED: a. How much is the goodwill of Pancho? b. Prepare journal entries assuming new set of books will be used.Required: 3. Prepare journal entry to record Pedro’s admission. 4. During the first year of operations, the partnership earned P650,000. After Pedro’s admission, the profitand loss sharing ratio is 40:40:20 for Juan, Pablo, and Pedro, respectively, based on capital credits.Drawings were made in these amounts: Juan, P100,000; Pablo, P130,000; Pedro – P56,000. What isthe capital balance of Pedro after the first year?Fill in the blnnks: Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes P7500 cash and merchandise invetory with a market value of P1500. a. Tim, Capital will be credited in the amount of b. Michelle's investment should be c. After accounting for the total investments of Tim and Michelle, the total assets of the partnership amounts to
- 1. 2. EXERCISE 4. Journal Entries - Cash, non-cash, and industry contributions. Prepare and upload the journal entries to record contributions of Kim and Krislam into the partnership under the following independent assumptions: 3. Page 4. 9 Cash contribution amounting to P45,000 each. Kim contributed P35,000 cash and a store equipment with carrying value of $27,000. Krislam contributed P15,000 cash and a delivery vehicle with a fair market value of P195,000. Kim and Krislam agreed that each depreciable asset is overvalued by $4,000. Kim contributed P10,000 cash and furniture and fixtures with carrying value of P32,000. Krislam contributed P5,000 cash and a building with a fair market value of P295,000 and an unpaid mortgage of P27,500. Kim and Krislam agreed that building is undervalued by P9,000. Kim contributed P25,000 cash, a store equipment with fair market value of P47,000, and delivery vehicle with a fair market value of P175,000. Krislam, an industrial partner, was to contribute…TOPIC: LUMPSUM LIDUATION (PARTNERSHIP) SHOW YOUR COMPUTATION, 1. Jack, Jill, Dick and Jane are partners with capitals of P 22,000, P 20,600, P 27,400 and P 18,000 respectively. Jack has a loan balance of P 4,000. Profits and losses are shared 40%; 30%; 20%; 10% by Jack, Jill, Dick and Jane respectively. Assuming assets were sold and liabilities paid and the balance of cash showed P 24,000. Prepare a schedule showing how the P 24,000 will be distributed to the partners. 2. The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance) P (32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 Levis, Capital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag…Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $60,000 and $40,000 respectively. Ramsey is admitted to the partnership and is given a 10% What is Orton's capital balance after admitting Ramsev 3. interest by investing $20,000. $44,800 b. $35,200 $20,000 d. $16,000 a. c. Challenging Bloom's: Application OBJ: LO: 12-03 DIF: PTS: 1 ANS: KEY: NAT: BUSPROG: Analytic
- 1. Partners Gaylee, Jandra, and Debby have capital balances of P50,000, P90,000, P20,000, respectively. They split profits in the ratio of 4:4:2, respectively. Under a safe cash distribution plan, who among the partners will get the first distribution? Justify your answer by showing your solution.2. The following condensed balance sheet is presented for the partnership of Joseph and Emman, who share profits and losses in the ratio of 60:40, respectively:Other Assets P500,000Emman, loan 20,000Total P520,000Accounts Payable P120,000Joseph, Capital 220,000Emman, Capital 180,000Total P520,000The partners decided to liquidate the partnership. If the assets are sold for P345,000, what amount of the available cash should be distributed to Emman? Show your solution.Stephanie Calamba and Allan Brillantes decided to form a partnership. They agreed that Calamba will invest P200,000 andBrillantes, P300,000. Calamba will devote full time to the business, and Brillantes on part-time only. The following plans forthe division of profits are being considered: a. Equal divisionb. In the ratio of original investmentsc. In the ratio of time devoted to the businessd. Interest of 10% on original investments and the remainder in the ratio of 3:2e. Interest of 10% on original investments, salary allowances of P340,000 to Calamba and P170,000 to Brillantes, andthe remainder equally.f. Plan (e), except that Calamba is also to be allowed a bonus equal to the 20% of the amount by which profit exceedsthe salary allowances. Determine the partners’ share in profit or loss for each of the situations above assuming:(1) Profit of P1,500,000(2) Profit of P660,000Requirement: Compute for the respective shares of the partners in | shared equally, while losses on a 70:30 ratio. The partnership PROBLEM 3: EXERCISES 1. Partners A and B share in profits and los es on a 70:30 ratio after salaries of P80,000 for A and P40,000 or B. The business earned profit of P180,000 before deduction or the salaries. Requirements: a. Compute for the partners' respective share in the profit. b. Provide the journal entries (the salar are withdrawn periodically). for annual salary 2. A and B's partnership agreement provi allowances of P160,000 for A and P80, for B. Profits are earned profit of P200,000. Reguirement: Compute for the respective shares of the partners in the profit.
