Advanced accounting by baysa lupisan chapter 01

EXERCISES Exercise 1 –1 Assets Liabilities & Owners’ Equity Less Allowance for Uncol Accts... Computation of average capital:... Capital balances before paymentRequired capital balance

EXERCISES Exercise 1 –1

Assets Liabilities & Owners’ Equity

Less Allowance for

Uncol Accts 24,000 36,000 Tomas, Capital 41,750

Computation of average capital:

10% bonus on net profit after interest 8,331 8,331

Exercise 1-6

Capital balances before payment

Required capital balances based on

-Journal entry on the partnership books

Cabral, Capital 12,0002.

Capital balances before additional

Required capital balances based on

* P120,000/40% = P300,000; P100,000/35% = P285,174; P100,000/25% = P400,000Journal entry on the partnership books

Distribution of 2008 net profit

P201,000 P199,000 P400,000Distribution of 2008 corrected net profit

Assets

Interest on beginning capital P180,000 P180,000 P360,000

Remainder – 60%, 40% ( 137,850) ( 91,900) ( 229,750)

Cost of Goods Sold:

Cost of Goods Sold 210,000

Add Distribution of net income for 2008:

Capital, December 31, 2007 P 60,000 P 24,000 P12,000 P 96,000

Schedule 1 - Distribution of 2006 net loss

Schedule 2 - Distribution of 2007 net profit

Schedule 3 - Distribution of 2008 net profit

Capital balances before closing

Add Distribution of net profit:

ChavezCapital

RomanCapital

Valdez

Distribution of loss on realization*

Problem 1 - 12

Canlas, David, Estrella and FajardoStatement of Changes in Partners’ Capital Accounts

For the Year Ended December 31, 2008

Distribution of net income

20% of gross fees from respective

20% of fees after April 1 after

Balance -Canlas-40%, David-35%,

Problem 1-13

Buendia (40%)

= P25,000 + P300,000 = P325,000

Bonus = 20 (P120,000 + Bonus) = P24,000 + 20 Bonus

Average capital of Banson - P150,000

Total int on ave capital= (P130,000 + P207,500 + P150,000) 10%

= P228,000 - P123,000 - P7,500 - P58,100 x 65% P25,610

Mariano Lucas total

P40,000 + 10% X + P1,000 + 1/3 (X – P89,650 – 10% X – P6,350 = P61,000P40,000 + 10% X + P1,000 + 1/3 (90% X – P96,000) = P61,000

P40,000 + 10% X + P1,000 + 30% X – P32,000 = P61,00010% X + 30% X = P61,000 – P40,000 – P1,000 + P32,00040% X = P52,000