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Muñez, CPA, MBA, MSF SEMESTRAL PAPER Part 1 Partnership
You and your friends have decided to organize a partnership for the business you intend to put. Prepare the following: 1. Articles of Co-Partnership Determine the following: 1.1 1.2 1.3 1.4 Partnership name, purpose and location; Names, citizenship and residences of the partners; Date of formation and duration of the partnership (not less than two years) The capital contribution of each partner, the procedure for valuing non-cash investments, treatment of excess contribution (as capital or as loan) and the penalties for a partner’s failure to invest and maintain the agreed capital; Rights and duties of each partner; The accounting period to be adopted, the nature of accounting records, financial statements and audits by independent certified public accountant(s); The method of sharing net income or net loss, frequency of income measurement and distribution, including any provisions for the recognition of differences in contributions; The drawings or salaries to be allowed to partners; The provision for arbitration of disputes, dissolution and liquidation.
1.8 1.9 2.
Prepare the income statement of your company for the first year with the following assumptions: 2.1 2.2 2.3 First year of operation will commence on January 1, 2011; Net Income should not be lower than P 1,000,000 as minimum level of profitability; Accounts based on the attached listing (NOTE: Please refer to Annex A for possible accounts to be used for your prospective business. Use the accounts whenever applicable);
4 1. 1.1 Admission of a new partner by purchase 3. Make an assumption if a new partner will be accepted.8.1 Amount of authorized capital stock in pesos 1.6 1. interest and bonus will be provided. The principal place of business which must be within the Philippines.5 1.8. Jephte O. nationalities and residences of the persons who shall act as directors or trustees until the first regular directors or trustees are elected and qualified. Articles of Incorporation Determine the following: 1. which shall not be less than five (5) nor more than fifteen (15).3 1. 3. MBA. nationalities and residences of the incorporators. The names.1 1. For a stock corporation: 1.2 Admission of a new partner by investment Provide the necessary accounting entries to record the admission of a new partner. Muñez. The specific purpose or purposes for which the corporation is formed. Prepare the following: 1.2. (NOTE: You will decide upon the salary rate.4 Salaries.2 1. The term of existence. interest rate and bonus rate as provided in the Articles of Co-Partnership) SAN BEDA COLLEGE ACC2A Partnership and Corporation Accounting Under the supervision of Mr. Part 2 Corporation You and your friends have decided to put up a corporation instead of a partnership.8 .2 Number of shares into which it is divided.3 In case.7 The name of the corporation.8. CPA. the shares are par value shares: 1. The names. MSF 3. The number of directors or trustees.
1 The time.5 The qualifications.4 The form for proxies of stockholders and members and manner of voting them. 2.8 The penalties for violations of the by-laws. Design your company’s stock certificate Provide accounting entries to record the initial investments of the incorporators using the journal entry method. 3. 2. and 2. the manner of issuing stock certificates.6 The time of holding the annual election of directors or trustees and the mode or manner of giving notice thereof. 2. CPA. duties and compensation of directors or trustees and the mode or manner of giving notice thereof. nationalities and residences of the original subscribers. 2. place and manner of calling and conducting regular or special meetings of the directors or trustees. SAN BEDA COLLEGE ACC2A Partnership and Corporation Accounting Under the supervision of Mr. 2. .3 The required quorum in meetings of stockholders or members and the manner of voting therein. By-Laws 2.• • • The par value of each share. Jephte O.2 The time and manner of calling and conducting regular or special meetings of the stockholders or members. The names. 2. MBA. MSF 2.10 Such other matters as may be necessary for the proper or convenient transaction of its corporate business and affairs.9 In the case of stock corporations.7 The manner of election or appointment and the term of office of all officers other than directors or trustees. 2. 2. The amount subscribed and paid by each subscriber on his subscription. 4. Muñez.
6 Statement of Retained Earnings and Statement of Changes in Shareholders’ Equity as of December 31. Philippine Stock Exchange or any other sources (library or online sources).3 Change in Ownership Part 2 – Corporation g.1 Articles of Incorporation g. SAN BEDA COLLEGE ACC2A Partnership and Corporation Accounting Under the supervision of Mr. INSTRUCTIONS: 1. b. f. .3 Stock Certificate g. Do your research from the Securities and Exchange Commission.2 By-Laws g.5. c. Use Times New Roman for the font 4.1 Articles of Co-Partnership f. Based on the first year of operation income statement prepared in Part 1. Font size: 12 5. 2. Cover Page – Name of your Company (as Partnership and as Corporation) Table of Contents Table of Illustration (if any) Table of Maps (if any) Acknowledgement (optional) Part 1 .Partnership f.5 Balance Sheet as of Date of Corporate Formation g. i.4 Accounting Entries upon Corporate Formation g. e. provide assumptions as to dividends to be paid. MSF 6. CPA. d. Cite your sources accordingly based on APA Style in manuscript preparation. Use A4 paper 3. Jephte O. Prepare the balance sheet as of date of corporate formation. 2011 References Appendices g. Correspondingly prepare the Statement of Retained Earnings and Statement of Changes in Shareholders’ Equity as of 31 December 2011. MBA. 6. Collate your semestral paper as follows: a. Pagination should be indicated at the upper right hand corner of each page. h. Muñez.2 Income Statement and Balance Sheet f.
Curriculum Vitae of each group member Groupmate’s Participation Report – specify the contribution of each group member. CPA. MBA. MSF • Schedule of Cost of Sales (Service) Direct Charges – Salaries. Jephte O. Muñez. Beginning Add: Purchases (net of purchase discounts. purchase returns and allowances) Total Goods Available for Sale Less: Merchandise / Finished Goods Inventory. on or before October 15. Rating Matrix will be provided in a separate email. End Cost of Sales SAN BEDA COLLEGE ACC2A Partnership and Corporation Accounting Under the supervision of Mr. Supplies and Facilities Direct Charges – Depreciation Direct Charges – Rental Direct Charges – Outside Services Direct Charges – Others Total Cost of Services (Sum of all Direct Charges) • Itemized Deductions Salaries and Allowances . 2010 DEADLINE: APPENDIX A SUMMARY OF ACCOUNTS TO BE USED FOR THE INCOME STATEMENT • Schedule of Cost of Sales – Merchandising / Trading Merchandise / Finished Goods Inventory. Wages and Benefits Direct Charges – Materials. k.j.
Jephte O. CPA.Fringe Benefit SSS. Medicare. HDMF and other Contributions Commission Outside Services Advertising and Promotions Rental Insurance Royalties Repairs and Maintenance Representation and Entertainment Transportation and Travel Fuel and Oil Communication SAN BEDA COLLEGE ACC2A Partnership and Corporation Accounting Under the supervision of Mr. Muñez. MBA. MSF Light and Water Supplies Interest Taxes and Licenses Losses Bad Debts Depreciation Amortization of Intangibles . GSIS.
Depletion Charitable Contribution Research and Development Amortization of Pension Trust Contribution Miscellaneous Total Allowable Expenses jomunez 09.16.2010 .
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