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

........ 30..000 Goodwill....... capital ..........000 15. capital .........000 Contributed Cap...............000 / 25%) P200.......000 Total agreed capital (P50.000 9........ Cash .000 160.....000 50...........000 Agreed Capital Goodwill Helen Cathy 25% Cherry 91.........000 59........... capital ............000 + 50...000 ..... 70:30...... capital ...................000 21............... Helen Cathy 25% Cherry 120.....000 Goodwill .000 e................000 21.....................................000 Cherry............000 ____ 30.............000 50....... 15. Helen...000 Contributed Cap.....000 Goodwill to old partners.... 25..000/......000 170........000 40..... Goodwill 70...........................d...000 50......... Cathy.............P 30...............000) 170.50................................. 50.000 9....000 25......000 Cherry............ Cash .......000 200.......000 40..... 70..........000 Total contributed capital (P120...000 15....000 145.........000 50.75 Agreed Capital 70..000 50......

.000 _600................. capital...000 Contributed capital of Santos ................000 Santos' interest .......000/ 3/4) .......................... capital ...............................................................000 __10....................... P800............. P232...... 40... Cash ..... 2/3 40.............000 x 1/3 = P90................. P832...000 e.................000 ............ Contributed capital of old partners .........000 P190..........000/ 3/4) .000 b............. Total agreed capital (P630....................... (P180..000 Santos interest ..........000 c..... P210...................................000/ 3/4) ......... _600....... P800.000 d.......... Total agreed capital (P600......000 Problek 3-7 a............................................................000 Contributed capital of Santos ...................................Problem 3-6 a. _600.............. Contributed capital of Santos ...................... P200....... Total agreed capital (P600..........................................000 Less: Contributed capital of old partners ........ capital ..............................000 Less: Contributed capital of old partners ....... Less: Goodwill.. b...................... P840....................000 Noel........ _____1/4 Contribution of Santos ...................000 790..000.... 90....000) 270....... P820................................................ Total agreed capital (P624......000 Noel..... P220..............000 / 3/4) . Tony................................................................000 90................ _____1/4 Contribution of Santos ....... Total agreed capital (Contributed) ..................... Contributed capital .

.. ............000 Noel....000 ( 24........ capital Tony......000) 92..000 232....000/ 1/4) Total capital of old partner (net assets) Increase in value of land P208..c.....000 Goodwill to new partner ... P 4........... capital (P116. capital Tony....800 38..000 d.........200 36...600 Cash Noel...... Subas..000 Total agreed capital (P52... Cash . 60....000 272................... Land Subas..800 x ¼) Noel..000 Total agreed capital (P180. capital ......000 55............000 .000/ 3/4) ..000 _180........200 68.. .. 56. _236.000 + 52.... capital (P155........ 4....000) Write-down to old partners capital e......25 Total cap before inventory write-down (180........000 + P56.... capital Total resulting capital (P68.200 x 1/4) Tony..000 Total contributed capital (P180........000/ .. capital Inventory 14..... capital Subas....000 52...400 9....800 29. Capital 52.000 92.........000 Goodwill..............000 24.000) ......... P240.........

. capital (P60.... 48. Capital Tony.. capital (P8...80) 116........000 -___ 240.600) 40..... Bonus 100..000 Benny........ Andy..000 40.....000 x 2/5 Subas Tony 1/5 Noel 60..........000 36...000/.000 60.............000 4...400) 80....... capital Subas...000 x 3/4) .. .....000 x 3/5) Tony.. capital (P8.....400 1......000 Contributed Cap.000 24...000 g.000 .20 Agreed Capital 136.000 60.....000 300....600 44..000 + P55.800 f.....000 24......000 220.000 80..... 2.400 1/5 Noel 44...000 60.............. 6.. Goodwill 100.000 60.. Conny.000 + P36. capital Noel.... capital .......200) 155200 Tony (P80..000 36.......000 2. Cash Goodwill Noel..000 104..000 (2..000 x 1/4) .... Cash Subas....600 Tony 78..000 220.000 (1..000 Cash ..000 60... capital Agreed Capital Subas 97......000 60..Capital of old partner after revaluation of land: Subas (P100..000.. capital (P60.000 3-8 a.40....000 Contributed Cap.

........ capital ...... 40....... capital .....000 x 3/5) ........... .... Jack. 60....... Spade........ capital ..................000 30..... ....................................... 36. Cash .... b.......................000 Jack............ capital (P120. capital (50%) ..... Goodwill................... capital .................. capital (P60....... ...... 180..........................000 x 2/5). Land .......... 40......... Spade...................000 Cash ..........000 c..........................000 x 3/5) ...... 25.000 Spade..................................000 Jack.............000 Conny................................................... capital (P25.............................................................. capital (30%) ........000 45........ capital ...........000 Andy...000 Ace...............000 Ace........ capital (P25............................................................. 150..... .......000 d. capital..000 Spade.......... 12...............000 + P30.................. capital .. Benny...... capital ....... 24... Jack............180................. Problem Problem 3-9 a............. capital (P60..... .................................................. capital ...........000 x 1/5)..................000 6... 60........... 10................ 50.. 15..000 Ace......000 10...000 Jack..............000 Cash ................................... Spade.......................................................000 ...000 c.....000 .....................000 18.... 4................... capital ..........................................000 5.....120......000 120.............................. 20..000) ..........000 Conny........ Spade..150........... capital (20%) ..........b...............

................000 x ............... 8............ 150...000 ..................000 Spade... Land ................................................. .......... capital (30%) ... capital (P10. 4............ capital ...................... 60.....000 Spade...........000 x ................................. ...............40) ........000 x 30%)... capital (P50...000 + P20..........000 x 20%) ................000) ..................000 f. capital (P50.....000 Cash ........................... capital (50%) ....000 Ace................... Goodwill.000 Ace................................................... 40....000 Land..........000 x 60%) ............ capital (P120. capital (P60..............000 150.......000 e............ .. capital (P60......................... Jack............. 60.............. Spade................................. capital ........000 Jack. 12............000 g...... Note payable .......................... ...............Spade.....................000 Ace...................000 50..............................................................000 Cash .... 100... .............. capital (20%) .......000 120.............000 x 40%) ..... 6.. capital (P10...140.000 Spade..........000 20.........................120.60) ......... Land............ capital .............. 20...130.......................... 30..............................000 Ace........................000 18....000 12....... Cash ......000 Jack......... ..... 30...........120. ............ Jack........

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