Name: Jerah Y.

Torrejos
Subject: ACP311 (29600)

Let's Check

Ex. 1 C.

Ex. 2
The amount that should be recorded as Jordan, Capital should be 55,000 because the
computer was sold immediately after the formation of the partnership which represents
the fair market value of the asset.

Ex. 3 Rodman, Capital 40,000 40,000

Will, Capital 80,000 2/3 80,000
BJ, Capital - 1/3 60,000
120,000 180000
Therefore, Jordan should contribute 60,000 cash to have 1/3 interest in the partnership.

Ex. 4 Ewing, Capital Barkley

60% 40%
300,000 70,000
90,000
-40,000
120,000

300,000 300,000
120,000 80,000 200,000
420,000 500,000
Therefore, Barkley should contribute additional 80,000 cash.

Ex. 5 BONUS METHOD

Magic, Capital 100,000 92,000
Kareem, Capital 84,000 8,000 92,000
184,000 184,000
Therefore, Kareem's identifiable assets are still debited for 84,000 pesos because
under the Bonus method the capital will increase not the identifiable asset.
Entry would be: Magic, Capital 8,000
Kareem, Capital 8,000

Ex. 6 BONUS METHOD

Kg, Capital 140,000 140,000
Paul, Capital 220,000 -60,000 160,000
Ray, Capital - -
TCC=TAC 300,000
300,000/3= 100,000
Therefore, the capital balance of Ray under Bonus method is 100,000.

Ex. 7
Tim, Capital 50,000 25,000 75,000
Tony, Capital 80,000 80,000
Manu, Capital 25,000 60,000 85,000
240,000
The question did not give the interest ratio of the partners, only the profit ratio. The
capital of Tim, Tony, and Manu are 75,000, 80,000, and 85,000 respectively.