AFAR Preweok Fetanged i Ba “ea ao oa aes respectively. The partnership 1s to assume reaper, Sri by Sree eine een iano ees om 8 tS 1. What 's tne capital baisnce for each partner at the spening of busines on Auge 3b tah PES6.G6%" “Soro, 300560; 8 Ero, Paz, 120 ios © Gee ,161,200; Dario, 848,000; & fimo, 248.000 8 © Cats. P,967,500; aro, P189,000; & Eme, 217,500 ae 4, Gets 61,095,120; aro, 547.560; & Eo. P1ez.520 2 What's the capital balance for each partner a August 30, 2038, instead, f te Interest ratios given at S12 3 to Celso, Dario. and Ermo, respectively? 2, Celso, "657,072; Dano, P262.829; & Ero, P04 243. . Celso,P985,608; Dario, P492,804; & rmo8, P64, 268, . €4ts0,P1,967,500; Dano,P189,000; & Ermo, 217,508 1, Celso,P821,340; Dano, 492,804; 8 Exo, 728,538 (On January 4, 2018, Flor and Grace formed a partnership by. contrbuting cash of 324,000 and" P216,000, Fespectively. On February 3, 2018, Partner Flor contributed bn aadttonal 108,000 cash to the partnership and on August 1, 2018 Partner Flor mede 2 permanent withdrawal Of B54,000. On May 1, 2018, Partner Grace contributes machinery wit & farr market valve of P72,000 and a net ook vaiue of P60,000 when contributed. On November 2 Boas Partner Grace contribute an acitonal P36,000 cash iS the partnership. Both partners withdrew one-fourth of thei salary slionances in 2028. ‘The partnership reported 2 net income of 205,520 in Jote‘and the prof and loss agreement are as OHOWS: “a interest at 6% if allowed on average coptal ‘Salaries ot P2,160 per month to each partner: 2 ‘Bonus to ror of Lov of net income after interes, salanes, and bonus, and Page Tot? al Revie . Excel p; me rofe: « Managemen SSI \ en el te foe MINOANAG Caesar Ra het agai 1nd Tete CfAMON Rome coon Haldee ana rma are carters shaving profs and ose the rabo of 60% ond 40%, respectively. the partners Dance sheot at August 30, 2018 folowe con P 9,720 Accounts soyable 10,000 Other assets” 95:760 aide Loar 80 Tema, tan 71200 Mates, captal 64,800 Consideration of 35,100 cash for @ 30% interest copa ST" assume Jessa is admitted by purchase of 30% each of the orginal partners” interest, determine naw the 35,100 wil ‘be apportioned ta Haldee an Im, Hardee, 932,850 Havdee. 632/450 Haidee, 623,008 aidee, 32/950 tana tema, 915,900 ne tema, 16-300 8nd Irma, 12,096 Sha ime, 5/800 Assume Jessa is admitted by investing the £25,100 to fver the captal balances ofthe orginal partners 3. Hades, P{ 9,900) and Irma, P(14,850) D. Hawes, P 9,000 anairma, 14,850 2 Hedee, (24,850) ang rm, (5,900) &. Haideo,P (2.754) anarma” P1836) ‘The following balances as a¢ October 31,2018 for the snp 59,000 "Laites P1800 feta, town" 13000 Kier |” 22500 oes Laila, capital 97,500 PreweekSSIONAL SERVICES. INC im, cap 46S,000 Totals 225 on 465,000 ‘Foews Sy se ea Wee ron Us arn Oa ope donpelkg ie ep crenltoton = value Of 490,000. The estimated profit to Pee eee Semen eNe eee eet ae RAN Free promt ana toss ratio #6 3:3'4 to Kiks, Late, a Nem, respectively a, and Seer ess the retirement of Kiks, (ad's capes! eocount aft ers ©, P 144,429 ©. 149,424 ‘The accounts of the partnership of BE Bois are on hows ip of BOO at December 31, cn sooo Lapines 45.0 ; 209 SSocasn tenemo "gato rset 24,700 wane 10.800. 8, capt 343.500 Beata 3700, apis 128 300 rota P5940. Tot! 550/300 Tey divide profits and losses 3:5:2 to B, 0, and 0 Tespectively, They ave decided to liquidate the partnership at this date. BP SSetermine the amount Partner 8 and Partner D would fave recewed by the time Partner O would have Feceived a cumulative amount of P32,400. 8 PL,785 and D, P72,650 8, P1578 ang D. 70,265 8, P1875 and 0, 70.625 8, P1350 and D, P50,850 aoge VENUS and WILMA partnership's balance sheet at Denember 31, 2017, reported the folowing: "otal assets 100,000 Total liabilities 20,000 Venus, capita! 440,000 wma, capital 40,000 ony > eangible assets and P5,000 nas 1 fo JS and WILMA were Bch issued ns Pi par common stOck. bert poration, aacitional paid ‘Should De crested for nes 17.000 3. pre $9000 JOINT ARRANGEMENTS, iy, ant, and 299 (00) are Ga sanvary 3, 2018, 7 estabish a joint operat es) Saree vo snare ecual Sree etre operation: rn and 1 FE ee pecans Ue aa, wnt re equipment as 9 emainna Meo Snes cones re co contribute Twin 8 cost Of "10 years ‘amount 33) va stow the ESUIBM SA cut ID ect at December 2 <, P60,000 3. P56,S00 11. Determine the net amount Hi fori Cauiprnant. JO otepene on ae” ie Mee Decarbey 3, 2038 pane pale ‘8 P45,000 «60,0 55,500 4 pae50p Now assume the book carrying value of Contripted ‘by 3) 215/000" and" net oc 200,000. = 412. AL what amount will each of the operators show the Equipment 19 30 ins (1) January 1, 2018 and in (2) December 31, 2018 Dalance sneets? (1) P63, 667 and (2) P55,500 (3) P66,667 and (2)P62,167 (1) 956,667 and (2) P6d,000 1. (1) P65,000 and (2) PSS,500 ‘trisha and eka 19 2 joint venture, contributed °26,000, tach in order to purchase merchandise whch were 3016 19 {ots at 2 closing-out sale. They agreed to divoe ver ‘once equally and each shall record ner purchases, sees, Bhd expenses. in her own Dooks. After almost ali fmerchancise had been sold, they wind up their venture ‘Te following are the venture rma ele ‘wansactons: purchases of mercnancise 30.000 P30.000 Expenses pald from Jt venture Casi 3,000 3,300 sat venture crest balances (24,000) (21,500) Undispased merchandise upon termination of JV 900 1.400 ‘at transections for the joint venture are in cash. The aenturers are to take over the unsold merchandise a cost YS betermine the amount of cash Bella woul Pesver(pay) from/to Trisha upon final cash Settlement by the ventures, (4,250) ©. P(2.150) bP 2150 4. P 1,250, CORPORATE LIQUIDATION CORTotowing were taken from the statement of amas ¢ NOWAYOUT COMPANY. assets pledged with fully secured ‘rears 155.600 eeeged with paral secured “Sie 10900 free assets $3 Freferes croton as Pan gcures creator 3m raat secures creates Eee Portis rears without OOTY ay ecured aerated amount recovered BY Par crectors a) PLL160 «912.400 BL pizi240 a, Puls me statement of affairs of Bavlout Tehoning summarized Balances: meted gars on realization Estimated losses on realizvon Of pena ‘assets ‘00.000 contingent assets 20,000 Corvent assets 960/000 ther assets 320,000 Lact tes iso000 Contingent ities 1,200. Gptal stock “480,000 Retained earnings (2ehet)EXCEL PROFESSIONAL SERVICES. INC 15. Determine the est-nated pro-rata payment on the execs CONS FRUCTIONS estreotas & a tabe 58 moran Sesetoe Neary gest eae cet ee et ees foetus os eee glee @ PO.70, 64.28%). — INSTALLMENT SALES PAIVANAN COMPANY began operations on January 1, 2018 and appropriately uses the instaiment metnod of Recouneng. The tovowng information pertains to the ‘Speratons af the company for 2018 reas. profit rate cost of instalment sales, 656,250; Gi nent. sales Sesec’ on ‘east. 25%; Collections on _ instal CASueing interest of P13,750), P371,875. 20 36. Gmerne te eter gross erat at Onceer 3 a P92,437.50

Jobs 102, 103, and 106 were started during February, 2017. > Direct materials requisitioned for February totaled 20,800 > Direct labor cost of P16,000 was incurred for February Actual factory overhead was P25,600 for February The only job still in process at February 26, 2017 was Job 104 with costs of P2,240 for direct materials anc 4,440 for direct labor. Over- oF under -applied factory overhead should be . 15,500 units. 9. 19,000 units, © 107,100 4. P102,060 44, Using the same data in Item 44, what is the EUP for Dept. 1 uncer weighted average? @. 12,500 units © 14,000 units ©. 15,500 units, 4. 19,000 units JOINT PRODUCTS BY PRODUCTS RAINBOW CORPORATION manufactures products W, X, ¥, and Z from a joint process. Additional information is at allows Denartmany cont m alocated on tre S088 of spsce. The iF processeo fotowing informacion is avatable rumtnes Unts Sales Additonal Ses ae cae products Produced Value st "costs Value ot fee) ey ee eae Spite eal puepanscor extant Pont Point Spumainsa ®, 4.000 1.000 20,000 20.000 $0,000 6,000 80,000 7,500 90,000 ai‘Gang the stap- metned ane scsuming that tumen $1000 0/000 900 70,009 fesoureat is Siocated nie tne amosnt of tomes 4)900 40/000 © 41900 $0,000 Revources cost siceaod to Sales Deportment na’ eo ee ed Rertia eorzes? & Fsgieod @, F25,006) 45. Assuming @ joint production cost of P160,000 and tne PROCESS costiNG SAN MIGUEL COMPANY employs a process cost system. A Watt, Rau ‘paces "through ree departments eaameerroly, and tnishing ~ bafore ft completed, ‘The Fewster aagartment information tor May "olows, tn ieten iment Mey t unis. 800 use of the relative sales value at the spitt-off-point, what joint costs were allocated to each product? w x ¥ z 2. 40,000 40,000 P49,000 40,000 B P53,333 —pa4,000-—P35,556 26,657 © P6000 © a6,545—P33,455 20,000 3 P6400 PaB,000 32,000 PL6.000 " AFAR.Preweek —SIONAL SERVICE! 46. Assume the sales values at the SOP wnat are the allacated costs under fe not avaiable Life Co. manufactures products x ang Y from a joint Drocess that aso yields @ by-product. Z Revenue from Soles of 2 treated as a reduction of joint costs, Agational information s as follows SRevoeices 20°90 10.800 so.gso A some ors , 5 3° 5 262.000 Snore 300,000 150,000 # 10,000 © "P a60.900 Joint costs were allocated using the sales vaiue at spit-off mpetnoe 7 The Joint costs allocated to product x were: 2 "2 75,000 © P 100,000 2.» 250,000 4. 168,000 Noas. 48. Under the principles of the New Government Accounting system, which of the following statements 's incorrect? 2. An obligation incurred for electricity expense is recognized by @ Journal entry debiting the expense {and crediting tne expense payable . Construction in Progress account 1s credited to r Kecognize the Building account upon completion and tumover, ¢ Cash = National Treasury-MDS 's debited upon receipt of the Notice of Cash Allocation from DBM 4. The remittance to the National Treasury of unused cash advances will be debited to the Subsidy Income from the National Government and credited to Cash-Collecting Officer NPO The following information was available, from the Chris German Hospital in Angat, Bulacan, comprised by conor contributions, received during 2036, for its various hospital exenses. The hospital 's 2 private not-for-profit entity Chat serves the health needs of indigent patients. pare | Enoended during 2018 100,000 Not expanded as at 1B 300.000 B. Contnbutions under the authorry Board of Trustees Expended during 2018 Not expended as at 12/30/18 Tota! ms 43. How much total unrestricted revenues mous oe recognized in the Statement of Actwtes of osteo Hosortal? 2 P500,000, ¢ 700,000 775,000, 6 675,000 REVERSE ACQUISITION ‘The following are the balance sheets of Entity A and Ennry 3s of June 30, 2038, Enety A Entity 8 Current assets Pp 500 Non-current assets 1,300 Totals P 11800 Capital stock 100 shares > 300 660 shares Retained earnings 800 Current habiities 300 Non-current liabiities 400 Totals P 1,800 On uly 1, 2028, A acquired all tne issued shares of ©. giving in exchange 2.5 A shares for each ordinary share of B in order for B to obtain @ public listing The fair value of each ordinary share of B at July 1, 2037 's P40, wnile me ‘quoted market price of A's ordinary snares is P16 The fair values of A's sdentifiable net assets at acquisition ate are the same as their carrying amounts, exces rnoncurrent assets whose fair value was P1,500. On other hand, the fair values of the net assets of 8 are ‘approximately their carrying amounts 50. Calculate the goodwill (excess) resutting combination a P 400 cP 360 bP 300 4. (400) " AFAR. Preweek