Problem 13

Required Debit Credit

1 Cash 60,000
Rementina, Capital 60,000

2 Quinsay, Capital 20,000

Buenaventura, Capital 8,000
Rementina, Capital 28,000

3 Cash 32,000
Rementina, Capital 32,000
Problem 14

Required Debit Credit

Inventories 60,000
Abad, Capital 30,000
Ramos, Capital 12,000
Cammayo, Capital 18,000

Cash 40,000
Abad, Capital 12,500
Ramos, Capital 5,000
Cammayo, Capital 7,500
Gonzales, Capital 65,000

Cash 40,000
Gonzales, Capital 40,000

Abad, Capital 6,000

Ramos, Capital 2,400
Cammayo, Capital 3,600
Gonzales, Capital 12,000
 Abad Ramos Camayo Total
Capital Balance Prior to Revaluation and Admission -50,000 120,000 130,000 200,000
Revaluation 30,000 12,000 18,000 60,000
Capital Balance After Revaluation -20,000 132,000 148,000 260,000 80%
Resulting Capital 325,000 100%
Gonzales' Capital 65,000 20%
Gonzales' Investment 40,000
Bonus to Gonzales 25,000

Abad Ramos Camayo Total Bonus

Capital Balance Prior to Revaluation and Admission -30,000 120,000 70,000 160,000
Revaluation 30,000 12,000 18,000 60,000
Capital Balance After Revaluation 0 132,000 88,000 220,000
Gonzales' Investment 40,000 12,000
Gonzales' Capital 260,000

Bonus to Gonzales
Agreed Capital

52,000
260,000
Problem 15

1 Morales Gamino Quito Total

260,000 180,000 160,000 600,000 75%
800,000 100%
Abello Contribution 200,000 25%

2 Abello Capital 200,000

Abello Contribution 224,000
Bonus to Old Partners 24,000

3 Total Resulting Capital 820,000 100%

Must Be Capital of Old Partners 615,000 75%
Abello Contribution 205,000 25%

4 Existing Capital of Old Partners 600,000

Asset Revaluation 20,000
Capital of Old Partners after Revaluation 580,000 75%
Capital of All Partners After Admission 773,333.33 100%
Abello Capital 193,333.33 25%
Bonus to Abello 40,000
Abello Contribution 153,333.33
Problem 16

Required
Cash 100,000
Matuginas, Capital 8,000
Sorima, Capital 12,000
Pateno, Capital 120,000

Matuiguinas Sorima Pateno Total

Salaries 10,000 15,000 20,000 45,000
Bonus 3,000 3,000
Balance 9,000 12,000 9,000 30,000
19,000 27,000 32,000 78,000

Income Summary 78,000

Matuginas, Capital 19,000
Sorima, Capital 27,000
Pateno, Capital 32,000
Problem 17

Required
Danes's capital contribution = 30000

At the time of withdrawal, she is being paid $38000 and it is specifically given that no goodwill is recorded

Share of De Chavez = 8,000x (4/5) = 6,400

Share of Castillo = 8,000 (1/5) = 1,600

Danes, Capital 30,000

De Chavez, Capital 6,400
Castillo, Capital 1,600
Cash 38,000
o goodwill is recorded
Problem 18

Required1
Gregorio's Capital 210,000
To bank 210,000

Required2
Gregorio's Capital 210,000
Goodwill 60,000
To bank 270,000
Problem 19

Required Debit Credit

1 Merchandise Inventory 280,000
Building 560,000
Revaluation 750,000
Equipment 90,000

2 Revaluation 750,000
Ventic's Capital 300,000
Joson's Capital 300,000
Daguiso's Capital 150,000
Problem 20

Required1 Cebedo Basa Ibrahim

Capital balances before withdrawal 120,000 60,000 50,000
Settlement to Ibrahim -54,000
Bonus to withdrawing partner -2,400 -1,600 4,000
Capital balances after withdrawal 117,600 58,400 -

Cebedo, Capital 2,400

Basa, Capital 1,600
Ibrahim, Capital 50,000
Cash 54,000

Required2 Cebedo Basa Ibrahim

Capital balances before withdrawal 120,000 60,000 50,000
Settlement to Ibrahim -45,000
Bonus to remaining partner -5,000
Capital balances after withdrawal 3,000 2,000
123,000 62,000 -

Required3 (plant assets are revalued)

Cebedo Basa Ibrahim
Capital balances before withdrawal 120,000 60,000 50,000
Revaluation of equipment -1,500 -1,000 -500
Capital balances after revaluation 118,500 59,000 49,500
Settlement to Ibrahim -49,500
Capital balances after withdrawal 118,500 59,000 -

Cebedo, Capital 1,500

Basa, Capital 1,000
Ibrahim, Capital 500
Plant Assets (net) 3,000

Book value of the equipment 12,000

Fair value of equipment -9,000
Revaluation (overvaluation) 3,000

Ibrahim, Capital 49,500

Cash 40,500
Plant Assets (net) 9,000

Required3 (plant assets are disposed)

Cebedo Basa Ibrahim
Capital balances before withdrawal 120,000 60,000 50,000
Revaluation of equipment -1,500 -1,000 -500
 Capital balances after revaluation 118,500 59,000 49,500
Settlement to Ibrahim -49,500
Capital balances after withdrawal 118,500 59,000 -

Cash 9,000
Cebedo, Capital 1,500
Basa, Capital 1,000
Ibrahim, Capital 500
Plant Assets (net) 12,000

Book value of the equipment 12,000

Fair value of equipment -9,000
Loss on disposal 3,000

Ibrahim, Capital 49,500

Cash 49,500
Problem 21

Required
a. Retirement of partner.

Galvan Capital 70,000

Cash 50,000
Gain on retirement of partner 20,000

Gain on retirement of partner 20,000

Rivadelo, Capital 5,000
Del Mundo, Capital 5,000
Samson, Capital 10,000

Rivadelo, Capital (20,000 x 2/8) 5,000

Del Mundo, Capital (20,000 x 2/8) 5,000
Samson, Capital (20,000 x 4/8) 10,000

b Admission of partner
Net asset after retirement of Galvan is $ 200,000. ( $ 60,000 + $ 5,000 Rivadelo capital + $ 80,000 + $ 5,000 Del Mun
Mamitag is contributing $ 20,000 for 10% share in net assets.
$ 200,000 × 10% = 20,000

Cash 20,000
Mamitag, Capital 20,000

Rivadelo, Capital (2,000 x 2/8) 500

Del Mundo, Capital (2,000 x 2/8) 500
Samson, Capital (2,000 x 4/8) 1,000
pital + $ 80,000 + $ 5,000 Del Mundo capital + $ 40,000 + $10,000 Samson ).
Problem 22

Required
1 Burgos Albao Cero Pascual
Capital balances before settlement 500,000 250,000 350,000 250,000
Payment to Cero -250,000
Bonus to remaining partners 33,333.33 33,333.33 -150,000 33,333.33
Capital balances after settlement 533,333.33 283,333.33 - 283,333.33

Cero, Capital 350,000

Burgos, Capital 33,333.33
Albao, Capital 33,333.33
Pascual, Capital 250,000.00
Cash

2 Burgos Albao Cero Pascual

Capital balances before settlement 500,000 250,000 350,000 250,000
Payment to Cero -500,000
Bonus to remaining partners -50,000 -50,000 150,000 -50,000
Capital balances after settlement 450,000 200,000 - 200,000

Cero, Capital 350,000

Burgos, Capital 50,000
Albao, Capital 50,000
Pascual, Capital 50,000
Cash 500,000

3 Burgos Albao Cero Pascual

Capital balances before settlement 500,000 250,000 350,000 250,000
Purchase of interest -350,000 350,000
Capital balances after settlement 500,000 250,000 - 600,000

Cero, Capital 350,000

Pasqual, Capital 350,000
(to record purchase of interest)
 Total
1,350,000
-250,000

1,100,000

Total
1,350,000

850,000

Total
1,350,000

1,350,000
Problem 23

Required

Opening equity = 200000+24000-40000 184,000

Common stock = 10000 x 1 x 2 20,000
Additional paid in capital = 184000-20000 164,000

Asset 184,000
Shareholder's equity 184,000

Common stocks 20,000

Shareholders Equity 20,000