Advanced Accounting 2 IPRO Name: Seat

Problem 1
On Jan.1, 2018 S&G Sports Partnership was formed by Simon S and Gary G.
Simon contributed $250T in cash, while Gary contributed Land worth $100T and Building worth
$ 100T & Machinery worth $ 50T. Additional loan of $ 250T, i=6% was secured from Mega Bank.
The partnership provides agreement:
Simon and Gary are entitled annual salary of $25T and $ 15T
Profit sharing 52%:48%= Simon: GarDrawing of maximium $30T each.
The following data was available for the year 2018 operation:
1 Building renovation at $100T, Machine overhauled at $20T
2 Inventories were purchased for $1000000, 40% is still on account.
90% of inventories was sold at 70% margin of cost, of which 92% sold on cash.
3 Administrative expenses is 4%; Marketing expenses is 6%, while utility expenses is 0.10% of
total sales, and total employee salaries paid was $30T
4 Partners' drawing: Simon $15T, Gary $25T
Instructions: Prepare Adjusted trial balance, Income Statement, Income allocation schedule, Balance sheet
TRIAL BALANCE Income Statement
Description Debit Credit Sales 1,530
Bank 963 Cost of goods Sold 900
Account Receivable 122 Gross profit 630
Inventory 100 Administrative expenses 61
Land 100 Marketing expenses 92
Building 200 Salary expenses 70
Accum. Depr. 10 Utility expenses 2
Machinery 70 Interest expenses 15
Accum. Depr. 14 Depreciation expenses 24.0
Account Payable 400 Total Operating expenses 264
Interest Payable 15 Net Income 366
Salary Payable 40 Statement of Income allocation & changes in owners' Equity
Loan from Mega Bank 250 Simon Gary
Simon, Capital 250 Net Income 190.5644 175.9056
Gary, Capital 250 Drawing 15 25
Simon, Drawing 15 Beginning Capital 250 250
Gary, Drawing 25 Ending Capital 425.5644 400.9056
Sales 1,530 Balance Sheet
Cost of goods Sold 900 Bank 963
Administrative expenses 61 Account Receivable 122
Marketing expenses 92 Inventory 100
Salary expenses 70 Land 100
Utility expenses 2 Building 200
Interest Expenses 15 Accum. Depr. 10
Depreciation expenses 24 Machinery 70
Total 2,759 2,759 Accum. Depr. 14
Account Payable 400
Interest Payable 15
Salary Payable 40
Loan from Mega Bank 250
Simon, Capital 426
Gary, Capital 401
Total 1,555 1,555
Problem 2 25 36 39
On 5 Jan. 2019 Mark was admitted as new partner and he paid $ 400 000 for a 25%
ownership, the remaining 75% is for Simon and Gary at the ownership and profit sharing
of 52% and 48%. Accrued salary and interest were paid before Mark was admitted.
The revaluation showed that Land has increased to $ 200000 and Building to
$190 000. Other accounts remained at the same value.
Instruction: Prepare the new balance sheet using Bonus method
Balance Sheet Equal/Proportion Bonus
Bank $91.96 544.40
Account Receivable $100.00 100.000
Inventory $100.00 100.00
Land $300.00 300.00
Building $0.00 0.00
Machinery -$370.00 -370.00
Goodwill
Account Payable $15.00 15.0000
Loan from Mega Bank $425.56 425.5644
Simon, Capital $600.00 0.0000
Gary, Capital $900.00 0.0000
Mark, Capital $500.00 500.0000
Total $221.96 $2,440.56 674.4000 940.5644
Problem 3
On December 31, 2019 the Partnership had the following balance sheet. Gary would like to
withdraw from the Partnership, and asked for partnership’s assets revaluation for his retirement,
and wanted to distribute the differences between the revaluation value and the book value of the
assets to the partners' capitals according to their profit sharing ratio Simon: Gary: Mark = 6:9:5.
The following data is the revaluation of the partnership assets:
Land $ 250 000, Building $ 150 000 Machinery $ 70 000, Inventory $ 83 000,
Account Receivable $ 160 000.

Balance Sheet before revaluation After Revaluation After G retirement

Bank $1,690
Account R'bles $326
Inventory $87
Prepaid expenses $20
Land $200
Buildings $180
Machinery $42
Total Assets $2,545
Account payable 150
Loan from Mega
300
Bank
Simon 630
Gary 940
Mark 525
Total Liab.&Equity 2,545
Advanced Accounting Test 2B Name: Seat
Problem 1
On Jan.1, 2018 S&G Sports Partnership was formed by Simon S and Gary G.
Simon contributed $300T in cash, while Gary contributed Land worth $100T and Building worth
$ 150T & Machinery worth $ 50T. Additional loan of $ 300T, i=6% was secured from Mega Bank.
The partnership provides agreement:
Simon and Gary are entitled annual salary of $40T and $ 20T
Profit sharing 40%:60%= Simon: Gary Drawing of maximium $30T each.
The following data was available for the year 2018 operation:
1 Building renovation at $200T, Machine overhauled at $25T
2 Inventories were purchased for $1000000, 20% is still on account.
90% of inventories was sold at 80% margin of cost, of which 90% sold on cash.
3 Administrative expenses is 5%; Marketing expenses is 3%, while utility expenses is 0.15% of
total sales, and total employee salaries paid was $20T
4 Partners' drawing: Simon $20T, Gary $15T
Instructions: Prepare Adjusted trial balance, Income Statement, Income allocation schedule, Balance sheet
TRIAL BALANCE Income Statement
Description Debit Credit Sales 1,620
Bank 846 Cost of goods Sold 900
Account Receivable 162 Gross profit 720
Inventory 100 Administrative expenses 81
Land 100 Marketing expenses 49
Building 350 Salary expenses 80
Accum. Depr. 17.5 Utility expenses 2
Machinery 75 Interest expenses 18
Accum. Depr. 15 Depreciation expenses 32.5
Account Payable 200 Total Operating expenses 263
Interest Payable 18 Net Income 457
Salary Payable 60 Statement of Income allocation & changes in owners' Equity
Loan from Mega Bank 300 Simon Gary
Simon, Capital 300 Net Income 182.988 274.482
Gary, Capital 300 Drawing 20 15
Simon, Drawing 20 Beginning Capital 300 300
Gary, Drawing 15 Ending Capital 462.988 559.482
Sales 1,620 Balance Sheet
Cost of goods Sold 900 Bank 846
Administrative expenses 81 Account Receivable 162
Marketing expenses 49 Inventory 100
Salary expenses 80 Land 100
Utility expenses 2 Building 350
Interest Expenses 18 Accum. Depr. 18
Depreciation expenses 32.5 Machinery 75
Total 2,831 2,831 Accum. Depr. 15
Account Payable 200
Interest Payable 18
Salary Payable 60
Loan from Mega Bank 300
Simon, Capital 463
Gary, Capital 559
Total 1,633 1,633
Problem 2
On 5 Jan. 2019 Mark was admitted as new partner and he paid $ 350 000 for a 25%
ownership, the remaining 75% is for Simon and Gary at the ownership and profit sharing
of 40% and 60%. Accrued salary and interest were paid before Mark was admitted.
The revaluation showed that Land has increased to $ 200000 and Machine to
$90 000. Other accounts remained at the same value.
Instruction: Prepare the new balance sheet using Bonus method
Balance Sheet Equal/Proportion Bonus
Bank
Account Receivable
Inventory
Land
Building
Machinery
Account Payable
Loan from Mega Bank
Simon, Capital
Gary, Capital
Mark, Capital
Total

Problem 3
On December 31, 2019 the Partnership had the following balance sheet. Gary would like to
withdraw from the Partnership, and asked for partnership’s assets revaluation for his retirement,
and wanted to distribute the differences between the revaluation value and the book value of the
assets to the partners' capitals according to their profit sharing ratio Simon: Gary: Mark = 6:9:5.
The following data is the revaluation of the partnership assets:
Land $ 250 000, Building $ 350 000 Machinery $ 70 000, Inventory $ 83 000,
Account Receivable $ 160 000.

Balance Sheet before revaluation After Revaluation After G retirement

Bank $1,690
Account R'bles $165
Inventory $87
Prepaid expenses $20
Land $200
Buildings $315
Machinery $68
Total Assets $2,545
Account payable 145
Loan from Mega Bank 300
Simon 630
Gary 945
Mark 525
Total Liab.&Equity 2,545
0.0000 0.0000 0.0000 78.044
0.0000 0.0000 17.934
0.0000 0.0000 60.11
0.0000
Advanced Accounting 2C Name: Seat
Problem 1
On Jan.1, 2018 S&G Sports Partnership was formed by Simon S and Gary G.
Simon contributed $400T in cash, while Gary contributed Land worth $200T and Building worth
$ 100T & Machinery worth $ 50T. Additional loan of $ 300T, i=5% was secured from Mega Bank.
The partnership provides agreement:
Simon and Gary are entitled annual salary of $30T and $ 40T
Profit sharing 55%:45%= Simon: Gary Drawing of maximium $30T each.
The following data was available for the year 2018 operation:
1 Building renovation at $100T, Machine overhauled at $10T
2 Inventories were purchased for $1500000, 25% is still on account.
92% of inventories was sold at 75% margin of cost, of which 80% sold on cash.
3 Administrative expenses is 4%; Marketing expenses is 5%, while utility expenses is 0.2% of
total sales, and total employee salaries paid was $25T
4 Partners' drawing: Simon $25T, Gary $20T
Instructions:
Instructions: Prepare Adjusted trial balance, Income Statement, Income allocation schedule, Balance sheet
TRIAL BALANCE Income Statement
Description Debit Credit Sales 2,415
Bank 1,105 Cost of goods Sold 1,380
Account Receivable 483 Gross profit 1,035
Inventory 120 Administrative expenses 97
Land 200 Marketing expenses 121
Building 200 Salary expenses 75
Accum. Depr. 10 Utility expenses 25
Machinery 60 Interest expenses 15
Accum. Depr. 12 Depreciation expenses 22.0
Account Payable 375 Total Operating expenses 354
Interest Payable 15 Net Income 681
Salary Payable 70 Statement of Income allocation & changes in owners' Equity
Loan from Mega Bank 300 Simon Gary
Simon, Capital 400 Net Income 374.451 306.369
Gary, Capital 350 Drawing 25 20
Simon, Drawing 25 Beginning Capital 400 350
Gary, Drawing 20 Ending Capital 749 636.369
Sales 2,415 Balance Sheet
Cost of goods Sold 1,380 Bank 1,105
Administrative expenses 97 Account Receivable 483
Marketing expenses 121 Inventory 120
Salary expenses 75 Land 200
Utility expenses 25 Building 200
Interest Expenses 15 Accum. Depr. 10
Depreciation expenses 22 Machinery 60
Total 3,947 3,947 Accum. Depr. 12
Account Payable 375
Data Interest Payable 15
Capital Simon Gary Salary Payable 70
Land 200 Loan from Mega Bank 300
Building 100 Simon, Capital 749
Machinery 50 Gary, Capital 636
 Cash 400 Total 2,168 2,168
Total 400 350
Profit Sharing 55% 45% Journal Entries Debit Credit
Annual Salary 30 40 FORMATION
Maximum drawing 30 30 Cash 400
2018 Drawing 25 20 Simon, Capital 400
Loan from Mega Bank 300 Land 200
Annual interest rate 5% Building 100
Annual Interest expense 15 Machinery 50
Building Machine Gary, Capital 350
Revaluation 100 10 Cash 300
Useful Life 20 5 Loan from Mega Bank 300
Annual depreciation expense 10 12
Inventories Purchased 1500 2018 OPERATION
Paid on account 25% 375 Building 100
Paid cash 75.00% 1125 Machinery 10
Inventories sold 92% 1380 Cash 110
Profit Margin 175% 1.75 Inventory 1500
Sales 2415 Account Payable 375
Sold on account 20.0% 483 Cash 1125
Sold cash 80% 1932 Cash 1932
Admin expense 4% 96.6 Account Receivable 483
Mark expense 5% 120.75 Sales 2415
Util. Expense 0.20% 4.83 Cost of goods Sold 1380
2018 employee salaries 25 Inventory 1380
Total 247.18 administrative expenses 96.6
marketing expenses 120.75
utility expenses 4.83
Salary expenses 25
Cash 247.18
Simon, Drawing 25
Gary, Drawing 20
Cash 45

ADJUSTING
Salary Expense 70
Salary Payable 70
Interest Expense 15
Interest Payable 15
Depreciaton Expense 22
Acc. Depr-building 10
Acc. Depr-machinery 12
Problem 2
On 5 Jan. 2019 Mark was admitted as new partner and he paid $ 350 000 for a 20%
ownership, the remaining 80% is for Simon and Gary at the ownership and profit sharing
of 55% and 45%. Accrued salary and interest were paid before Mark was admitted.
The revaluation showed that Land has increased to $ 300000 and Machine to
$50 000. Other accounts remained at the same value.
Instruction: Prepare the new balance sheet using Bonus method
Balance Sheet Equal/Proportion Bonus
Bank $1,419.82 1,419.82
Account Receivable $483.00 483.000
Inventory $120.00 120.000
Land $300.00 300.000
Building $190.00 190.000
Machinery $50.00 50.000
Goodwill $112.18
Account Payable $375.00 375.0000
Loan from Mega Bank $300.00 300.0000
Simon, Capital $880.00 830.6408
Gary, Capital $720.00 679.6152
Mark, Capital $400.00 377.5640
Total 2,675 2,675 2,563 2,563

Problem 3
On December 31, 2019 the Partnership had the following balance sheet. Gary would like to
withdraw from the Partnership, and asked for partnership’s assets revaluation for his retirement,
and wanted to distribute the differences between the revaluation value and the book value of the
assets to the partners' capitals according to their profit sharing ratio Simon: Gary: Mark = 6:9:5.
The following data is the revaluation of the partnership assets:
Land $ 250 000, Building $ 350 000 Machinery $ 70 000, Inventory $ 83 000,
Account Receivable $ 160 000.

Balance Sheet before revaluation After Revaluation After G retirement

Bank $1,690 $1,690 724.3
Account R'bles $165 $160 $160
Inventory $80 $83 $83
Prepaid expenses $20 $20 $20
Land $300 $250 $250
Buildings $180 $350 $350
Machinery $42 $70 $70
Total Assets $2,477.00 $2,623.00 $1,657.30
Account payable 127 127 127
Loan from Mega Bank 300 300 300
Simon 630 674 674
Gary 900 966
Mark 520 557 557
Total Liab.&Equity 2,477.00 2,623.00 1,657.30
 Asset Revaluation Jan 2019
Land Machine
MV 300 50
BV 200 48
Total 100 2 102
Simon Gary
Beg. Capital 749 636
before admitting new partner Revaluation 56.1 45.9
1,020 End. Capital 806 682
483
120 Salary Payable 70
300 Interest Payable 15
190 Cash 85
50
Proportion Method
375 Profit SharingCapital
300 Simon 44% 880
806 Gary 36% 720
682 Mark 20% 400
100% 2000 112
2,163 2,163
Bonus
Profit SharingCapital
Simon 44% 830.6408
Gary 36% 679.6152
Mark 20% 377.564
100% 1,888

Asset Revaluation Dec 2019

Land Building Machinery
MV 250 350 70
BV $300 $180 $42
Total -$50 $170 $28

Profit SharingBeg. Capital Revaluatio

Simon 0.3 630 43.8
Gary 0.45 900 65.7
Mark 0.25 520 36.5
20 2,050 146
Goodwill

Invenory Acc Rec

83 160
$80 $165
$3 -$5 $146

End. Capital
674
966
557
2,196
Advanced Accounting Test 2A Name:
Problem 1
On Jan.1, 2018 S&G Sports Partnership was formed by Simon S and Gary G.
Simon contributed $350T in cash, while Gary contributed Land worth $150T and Building worth
$ 150T & Machinery worth $ 50T. Additional loan of $ 300T, i=7.5% was secured from Mega Bank.
The partnership provides agreement:
Simon and Gary are entitled annual salary of $30T and $ 25T
Profit sharing 60%:40%= Simon: GaryDrawing of maximium $30T each.
The following data was available for the year 2018 operation:
1 Building renovation at $150T, Machine overhauled at $30T. Depreciation year 20 and 5,respectively.
2 Inventories were purchased for $1800000, 30% is still on account.
95% of inventories was sold at 60% margin of cost, of which 92% sold on cash.
3 Administrative expenses is 6%; Marketing expenses is 4%, while utility expenses is 0.3% of
total sales, and total employee salaries paid was $35T
4 Partners' drawing: Simon $30T, Gary $20T
Instructions: Prepare Adjusted trial balance, Income Statement, Income allocation schedule, Balance sheet
TRIAL BALANCE Income Statement
Description Debit Credit Sales 2,736
Bank 1,360 Cost of goods Sold 1,710
Account Receivable 219 Gross profit 1,026
Inventory 90 Administrative expenses 164
Land 150 Marketing expenses 109
Building 300 Salary expenses 90
Accum. Depr. 15 Utility expenses 8
Machinery 80 Interest expenses 23
Accum. Depr. 16 Depreciation expenses 31.0
Account Payable 540 Total Operating expenses 425
Interest Payable 22.5 Net Income 601
Salary Payable 55 Statement of Income allocation & changes in owners' Equity
Loan from Mega Bank 300 Simon Gary
Simon, Capital 350 Net Income 360.4152 240.2768
Gary, Capital 350 Drawing 30 20
Simon, Drawing 30 Beginning Capital 350 350
Gary, Drawing 20 Ending Capital 680.4152 570.2768
Sales 2,736 Balance Sheet
Cost of goods Sold 1,710 Bank 1,360.31
Administrative expenses 164.16 Account Receivable 218.880
Marketing expenses 109.440 Inventory 90
Salary expenses 90 Land 150
Utility expenses 8.2080 Building 300
Interest Expenses 22.5 Accum. Depr. 15
Depreciation expenses 31 Machinery 80
Total 4,385 4,385 Accum. Depr. 16
Account Payable 540
Interest Payable 23
Salary Payable 55
Loan from Mega Bank 300
Simon, Capital 680
Gary, Capital 570
Total 2,199 2,199
Problem 2
On 5 Jan. 2019 Mark was admitted as new partner and he paid $ 500 000 for a 25%
ownership, the remaining 75% is for Simon and Gary at the ownership and profit sharing
of 60% and 40%. Accrued salary and interest were paid before Mark was admitted.
The revaluation showed that Land has increased to $ 200000 and Machine to
$90 000. Other accounts remained at the same value. Difference between new and old capital
will be assigned as Goodwill
50 26
Instruction: Prepare the new balance sheet using Bonus method
Balance Sheet Equal/Proportion Bonus
Bank $1,783 1,783
Account Receivable $219 219
Inventory $90.00 90
Land $200.00 200
Building $285.00 285
Machinery $90.00 90
Goodwill 173
Account Payable $540.00 540
Loan from Mega Bank $300.00 300
Simon, Capital $900.00 822
Gary, Capital $600.00 548
Mark, Capital $500.00 457
Total $2,840.0 $2,840.0 2,667 2,667

Problem 3
On December 31, 2019 the Partnership had the following balance sheet. Gary would like to
withdraw from the Partnership, and asked for partnership’s assets revaluation for his retirement,
and wanted to distribute the differences between the revaluation value and the book value of the
assets to the partners' capitals according to their profit sharing ratio Simon: Gary: Mark = 9:6:5.
The following data is the revaluation of the partnership assets:
Land $ 250 000, Building $ 320 000 Machinery $ 60 000, Inventory $ 83 000,
Account Receivable $ 150 000. Goodwill will be written off.
Balance Sheet Before revaluation After Revaluation After G retirement
Bank $1,690.000 $1,690.00 $1,106.894 $0.000
Account R'bles $165.000 $150.00 150 -$15.000
Inventory $87.000 $83.00 83 -$4.000
Land $200.000 $250.00 250 $50.000
Buildings $270.000 $320.00 320 $50.000
Machinery $48.000 $60.00 60 $12.000
Goodwill $73.308 $0.00 $0 -$73.308
Total Assets $2,533.308 $2,553.00 $1,970 $19.7
Account payable $80.500 $80.50 81
Loan for Mega Bank $300.000 $300.00 $300
Simon $629.850 $638.71 $638.711 $8.86
Gary $944.775 $950.68 $950.683 $5.91
Mark $578.183 $583.11 0 $4.9230
Total Liab.&Equity $2,533.308 $2,553.00 1,970
45.6 726 900 822.0114
 30.4 601 600 548.0076
2000 500 500 456.673
1,827 173.308 1826.692