REQUIRED: Prepare a schedule to allocate partnership net income of $28,000 for

AKL 1 2018.

1. Car and Lam establish an equal partnership in both equity and profits to operate a used- 5. Capital balances and profit and loss sharing ratios of the partners in the BIG
furniture business under the name of C&L Furniture. Car contributes furniture inventory Entertainment Galley are as follows:
that cost $120,000 and has fair value of $160,000. Lam contributes $60,000 cash and
Ben capital (50%) $ 700,000
delivery equipment that cost $80,000 and has a fair value of $60,000.
Irv capital (30%) 480,000
REQUIRED: Assume that the initial noncash contributions of the partners are Geo capital (20%) 300,000
recorded at fair market value. Compute the ending balance of each capital account Total $1,480,000
under the bonus and goodwill approaches.
Ben needs money and agrees to assign half of his interest in the partnership to Pet for
2. Arnold, Beverly, and Carolyn are partners who share profits and losses 40:40:20, $180,000 cash. Pet pays $180,000 directly to Ben.
respectively, after Beverly, who man-ages the partnership, receives a bonus of 10 percent
REQUIRED
of income, net of the bonus. Partnership income for the year is $198,000.
1. Prepare a journal entry to record the assignment of half of Ben’s interest in
REQUIRED: Prepare a schedule to allocate partnership income to Arnold, Beverly, the partnership to Pet.
and Carolyn. 2. What is the total capital of the BIG partnership immediately after the
assignment of the interest to Pet?
3. Mella dan Dovi mendirikan persekutuan yang bergerak dalam Toko Makanan Sehat.
Kesepakatan pembagian LR nya Mella memperoleh gaji Rp 10.000.000 dan Dovi Rp 6. Recording new partner investment The capital accounts of the Fax and Bel partnership on
5.000.000 pertahun, sisanya dibagi Mella 40 % dan Dovi 40 %. Tahun 2017 pereusahaan September 30, 2018, were:
memperoleh laba Rp 13.000.000 dan dialokasikan untuk Mella 8.800.000 dan Dovi Rp
Fax capital (75% profit percentage) $140,000
4.200.000.
Bel capital (25% profit percentage) 60,000
Pada 01 Januari 2018, mereka sepakat merubah pembagian LR nya karena Dovi tdk punya
Total capital $200,000
waktu lagi untuk ikut mengurus usaha bersamanya. Kesepakatan baru Mella memperoleh
gaji Rp 18.000.000 dan sisanya dibagi sama. Pada th 2018 diketemukan adanya kesalahan On October 1, Rob was admitted to a 40 percent interest in the partnership when he
bahawasanya Laba yang th 2017 dilaporkan terlalu kecil Rp 4.000.000. Laba persekutuna th purchased 40 percent of each existing partner’s capital for $120,000, paid directly to Fax
2018 adalah sebesar Rp 25.000.000 dimana di dalamnya termasuk Rp 4.000.000 yang and Bel.
berkaitan laba th 2017.
REQUIRED
REQUIRED: Prepare a schedule to allocate the $25,000 reported 2018 partnership Tentukan saldo modal dari Fax, Bel dan Rob setelah masuknya Rob menjadi sekutu.
income to Mella and Dovi.
7. Bow and Mon are partners in a retail business and divide profits 60 percent to Bow and 40
4. Partnership income allocation—Salary allowance and interest The partnership agreement percent to Mon. Their capital balances at December 31, 2018, are as follows:
of Dan, Hen, and Bai provides that profits are to be divided as follows: Bow capital $ 90,000
■ Bai receives a salary of $24,000, and Hen receives a salary of $18,000 for time spent Mon capital 90,000
in the business. Total capital $180,000
■ All partners receive 10 percent interest on ending capital balances.
Partnership assets and liabilities have book values equal to fair values. The partners agree
■ Remaining profits and losses are divided equally among the three partners.
to admit John into the partnership. John purchases a one-third interest in partnership
On January 1, 2018, the capital balances were Dan, $200,000; Hen, $160,000; and Bai, capital and profits directly from Bow and Mon (one-third of each of their capital
$150,000. Dan invested an additional $40,000 on July 1 and withdrew $40,000 on October accounts) for $75,000.
1. Hen and Bai had drawings of $18,000 each during the year. REQUIRED: Buat jurnal untuk mencatat masuknya John menjadi sekutu baru dan
tentukan saldo modal masing-masing sekutu setelah masuknya John.
 11. A balance sheet at December 31, 2018, for the Beck, Dee, and Lynn partnership is
8. The capital balances and profits and loss sharing percentages for the Sprint, Jog, and Run summarized as follows ( $ ) :
partnership at December 31, 2018, are as follows:
Liabilities 200,000
Sprint capital (30%) $160,000
Jog capital (50%) $180,000 Assets 800,000
Beck capital (50%) 300,000
Run capital (20%) $140,000 Loan to Dean 100,000
Dee capital (40%) 300,000
The partners agree to admit Walk into the partnership on January 1, 2019, for a 20 Lynn capital (10%) 100,000
percent interest in the capital and income of the business. 900,000 900,000

REQUIRED Dee keluar dari persekutuan. Persekutuan sepakat bahwa asset persekutuan (kecuali
1. buat jurnal untuk mencatat masuknya Walk’s dengan asumsi Walk’s investasi $ Piutang Dee) direvaluasi menjadi $ 1.000.000 dan Dee memperoleh pengembalian $
100.000. 310.000 dari saldo modal bersihnya. Digunakan pendekatan bonus untuk mencatat
2. buat jurnal untuk mencatat masuknya Walk’s dengan asumsi Walk’s investasi $ keluarnya Dee.
140.000.
REQUIRED: Determine the capital balances of Beck and Lynn immediately after
9. Capital balances and profit sharing percentages for the partnership of Man, Eme, and Fot Dee’s retirement.
on January 1, 2019, are as follows:
12. The capital account balances and profit and loss sharing ratios of the Byd, Box, Dar,
Man (36%) $140,000
and Fus partnership on December 31, 2018, after closing entries are as follows:
Eme (24%) 100,000
Fot (40%) 160,000 Byd (30%) $ 30,000
$400,000 Box (20%) 25,000
On January 3, 2019, the partners agree to admit Box into the partnership for a 25 Dar (40%) 25,000
percent interest in capital and earnings for his investment in the partnership of $120,000. Fus (10%) 20,000
Partnership assets are not to be revalued. Total capital $100,000
Box is retiring from the partnership, and the partners agree that he will receive a cash
REQUIRED
payment of $35,000 in final settlement of his interest. The book values of partnership
1. Determine the capital balances of the four partners immediately after the
assets and liabilities are equal to fair values, except for a building with a book value of
admission of Box.
$15,000 and a fair value of $25,000.
2. What is the profit and loss sharing ratio for Man, Eme, Fot, and Box?
REQUIRED
10. Capital balances and profit and loss sharing ratios for the Nix, Man, and Per partnership
1. Buat jurnal untuk mencatat keluarnya Box’s dengan pendekatan goodwill
on December 31, 2018, just before the retirement of Nix, are as follows:
2. Buat jurnal untuk mencatat keluarnya Box’s dengan pendekatan bonus
Nix capital (30%) $128,000
13. Bill and Ken enter into a partnership agreement in which Bill is to have a 60% interest
Man capital (30%) $140,000
in capital and profits and Ken is to have a 40% interest in capital and profits. Bill
Per capital (40%) $160,000
contributes the following:
On January 2, 2012, Nix is paid $170,000 cash upon his retirement. Cost Fair Value
Land $ 10,000 $20,000
REQUIRED:
Building 100,000 60,000
Buat jurnal untuk mencatat keluarnya Nix’s dengan asumsi:
Equipment 20,000 15,000
a. Dibentuk goodwill
b. Tidak dibentuk goodwill There is a $30,000 mortgage on the building that the partnership agrees to assume.
Ken contributes $50,000 cash to the partnership. Bill and Ken agree that Ken’s capital
 account should equal Ken’s $50,000 cash contribu-tion and that goodwill should be Peggy capital (40%) 230,000
recorded. Goodwill should be recorded in the amount of: $600,000 $ 600,000

a $10,000
Gini is retiring from the partnership, and the partners agreed that she should receive
b $15,000
$200,000 cash as payment in full for her share of partnership assets. If the goodwill
c $16,667
implied by the settlement with Gini is recorded on the partnership books, total
d $20,000
partnership assets after Gini’s withdrawal should be:
14. Thomas dan Mark adalah para sekutu dengan saldo modal $ 50.000 dan $ 60.000.
Mereka sepakat masuknys Jay menjadi sekutu baru dengan memperoleh 1/3 hak dan a $566,667
pembagian LR dengan investasi $ 65.000. Jika pendekatan goodwill digunakan untuk b $500,000
mencatat masuknya Jay, maka : c $430,000
a Jay’s capital will be $58,333 d $400,000
b Total capital will be $175,000
c Mark’s capital will be $70,000 18. Shirley purchased an interest in the Tony and Olga partnership by paying Tony
d Goodwill will be recorded at $15,000 $40,000 for half of his capital and half of his 50 percent profit sharing interest. At the
time, Tony’s capital balance was $30,000 and Olga’s capital balance was $70,000. Shirley
15. On December 31, 2018, Tina and Webb, who share profits and losses equally, have should receive a credit to her capital account of:
capital balances of $170,000 and $200,000, respectively. They agree to admit Zen for a
one-third interest in capital and profits for his invest-ment of $200,000. Partnership a $15,000
net assets are not to be revalued. Capital accounts of Tina, Webb, and Zen, respec- b $20,000
tively, immediately after Zen’s admission to the partnership are: c $25,000
d $33,333
a $170,000, $200,000, and $200,000
b $165,000, $195,000, and $200,000 19. Lin and Que are partners with capital balances of $50,000 and $70,000, respectively,
c $175,000, $205,000, and $190,000 and they share profits and losses equally. The partners agree to take Dun into the
d $185,000, $215,000, and $200,000 partnership for a 40% interest in capital and profits, while Lin and Que each retain a
30% interest. Dun pays $60,000 cash directly to Lin and Que for his 40% interest, and
16. Finney and Rhoads have capital balances of $100,000 and $80,000, respectively, and Partnerships—Formation, Operations, and Changes in Ownership Interests 551goodwill
they share profits equally. The partners agree to accept Chesterfield for a 25 percent implied by Dun’s payment is recognized on the partnership books. If Lin and Que
interest in capital and profits for her investment of $90,000. If goodwill is recorded, transfer equal amounts of capital to Dun, the capital balances after Dun’s admittance
the capital account balances of Finney and Rhoads immediately after Chester-field’s will be:
admittance to the partnership will be: a Lin, $35,000; Que, $55,000; Dun, $60,000
a Finney, $100,000; Rhoads, $120,000 b Lin, $45,000; Que, $45,000; Dun, $60,000
b Finney, $111,250; Rhoads, $91,250 c Lin, $36,000; Que, $36,000; Dun, $48,000
c Finney, $145,000; Rhoads, $125,000 d Lin, $26,000; Que, $46,000; Dun, $48,000
d Finney, $120,000; Rhoads, $120,000
Use the following information in answering questions 20 and 21
17. The balance sheet of the Fred, Gini, and Peggy partnership on December 31, 201 8, McC and New are partners with capital bal-ances of $70,000 and $50,000,
together with profit sharing ratios, revealed the following: respectively, and they share profit and losses equally. Oak is admitted to the
part-nership with a contribution to the partnership of $50,000 cash for a one-
Cash $240,000 Fred capital (30%) $ 200,000
third interest in the partnership capital and in future profits and losses.
Other assets 360,000 Gini capital (30%) 170,000
20. If the goodwill is recognized in accounting for the admission of Oak, what amount of
goodwill will be recorded? a $56,250
b $60,000
a $60,000 c $62,500
b $20,000 d $75,000
c $10,000
d $6,667

21. If no goodwill is recognized, the capital balances of McC and New immediately after
the admission of Oak will be:
25. Elton and Don are partners who share profits and losses in the ratio of 7:3,
a McC, $65,000; New, $45,000 respectively. On November 5, 2018, their respective capital accounts were as follows:
b McC, $66,667; New, $46,666
c McC, $67,500; New, $47,500 Elton $ 70,000
d McC, $70,000; New, $50,000 Don 60,000
$130,000
22. Arthur Plack, a partner in the Brite Partnership, has a 30% participation in
On that date they agreed to admit Kravitz as a partner with a one-third interest in
partnership profits and losses. Plack’s capital account had a net decrease of $60,000
the capital and profits and losses upon his investment of $50,000. The new
during the calendar year 2018. During 2011, Plack withdrew $130,000 (charged against
partnership will begin with a total capital of $180,000. Immediately after Kravitz’s
his capital account) and contributed property valued at $25,000 to the partnership.
admission, what are the capital balances of Elton, Don, and Kravitz, respectively?
What was the net income of the Brite Partnership for 2018?

a $60,000, $60,000, $60,000

a $150,000
b $63,000, $57,000, $60,000
b $233,333
c $63,333, $56,667, $60,000
c $350,000
d $70,000, $60,000, $50,000
d $550,000

23. Fox, Greg, and Howe are partners with average capital balances during 2018 of 26. William desires to purchase a one-fourth capital and profit and loss interest in the
$120,000, $60,000, and $40,000, respectively. Partners receive 10% interest on their partnership of Eli, George, and Dick. The three partners agree to sell William one-fourth
average capital balances. After deducting salaries of $30,000 to Fox and $20,000 to of their respective capital and profit and loss interests inexchange for a total payment
Howe, the residual profit or loss is divided equally. In 2018 the partnership sustained a of $40,000. The capital accounts and the respective percentage interests in profits and
$33,000 loss before interest and salaries to partners. By what amount should Fox’s losses immediately before the sale to William are as follows:
capital account change? Eli capital (60%) $ 80,000
George capital (30%) 40,000
a $7,000 increase Dick capital (10%) 20,000
b $11,000 decrease $140,000
c $35,000 decrease
All other assets and liabilities are fairly valued, and implied goodwill is to be recorded
d $42,000 increase
prior to the acquisition by William. Immediately after William’s acquisition, what
should be the capital balances of Eli, George, and Dick, respectively?
24. Beck, an active partner in the Beck and Cris partnership, receives an annual bonus of
25% of partnership net in-come after deducting the bonus. For the year ended a $60,000, $30,000, $15,000
December 31, 2018, partnership net income before the bonus amounted to $300,000. b $69,000, $34,500, $16,500
Beck’s 2011 bonus should be: c $77,000, $38,500, $19,500
d $92,000, $46,000, $22,000