| COLLEGE OF BUSINESS AND ACCOUNTANCY ia +80" TARLAC STATE UNIVERSITY 4 ws : (3. “TARLAC GIy : sina r vine, , a i ‘SECTION. space provided alter each problem Or tiem, Only minimal records were found ike chackbook and deity equal capitol investments andl profs are divided equally. t was fou hos been capitetized for tax purposes prior to 2022. x Oltice furore & Him ti Vehicle: Va: To ‘CAR: assigned to €) MINI VAN, TOTAL scons Date: INSTRUCTION: Solve the folowing problems wilh all necessary tolutlo/s to validale your answer/s on the Problem 1. Atler 4 yoor: of exlslanco, the aecounting frm of B.C ond D hos decided to clssolvo es of June 30,2022. : record of cash receipts, Parinors have Ind ou that the folowing expencituras "AUOWANCE FOR DEPRECIATION 4,500 1,800 2 ‘ : 4.000 a ‘Cosh Receipt Were P600,000 cin ihe summary of cosh dbbuinemant wate os follows Tani zc09 7] broaias: 50006 : {Sctatorand wager 020 Drovings-C 700.00 : Represoniation rao c60 Beewings 0 120000. = Miscetoneous 70.000 ela 375,000 Sn | 7 Addillonal into; The capital accountsof the portnes as of January 1, 2022 wore éqUal, Vehicles were dsrecioied Over @ Seyeor period, white'turniture ‘and lirary over g ten yecr period. The bank bolance os of June 30, 2022 Is L P297, 980. Tho partners agreed fo disibule offce fumitue and fixture ecualy. and the vonicles wit be. felained by the parineis to whom they have beon ausknned, Ubxory wil be qvven 108, Required! Prepare a slolemen! of changes in pariner’s copilal accounts Irom Jon. 1 lo June 30, 2022 anet the final cosh eisbution fo each partner. {show suppestng solution) 12 polnls Si GE onangn in HO : Po Bix the Bet OB atin tage " BG! (on i Golem (E41) A a bat in Le (Hg Ee a Bee : + ofp fin Cash G2, 19} (00,60) : 4 P ve a ec (540) Ce) * Tehaary bb (gm “fon (6 ay d B ( lo,00~ 2m) (Aimy (iro) : Ge & Croien ~ Be) 4 x, ARE RE CSsan Al'solary payments to RR have been chorged to his rawing ae 33.000 withidrowel. Theza are the ofily Kansaclionsrecordedin, Presented below is he pertnetship's Tal Balance as of June 20, 2022, tha ganeval ledgers har ol been‘closed, y DEST CRED rant Anels 300, Property. Plan! ond Eau 1.285.800 ren| Lisbilifes ‘8% mortgage Nota F RR, Copia! KK, Capital J, Copal RR Draw 1, Brewing KK Drow 15; . EY 130,000, 1 oT Soles ‘Adimieisirative @xpeni ‘Other Miscationeous Expenioe Interest Expenses > “No Goodwil so be recognaed in the Books, 1. What I tho correct capital to be credited 10 RR at I ime of the formation July 1, 2021 ¢ (Speints) 4[Page 4ee f $00, C20 é wi Gio, 7 peg Ee sap SS, coe Ba 8 50, a Whi, “Sil ee —Gop cco aitenpie "24. e00 Foo, 2 How much mus! be the const! capital of JJ on October 1, 20217 (S points) ewes frm 3 hs ae 3. How much capital mus! be credited fo KK on Jenvary 1, 2023 (5 poins) Roeghiat dS geo, 7 pearly gage, 0, hy 2a WW, Fagsn Ady AEG A 7 Wow x bo Bec G00 200 ae” aha foe AQ = 108, 09. 09 aH 1, 4.Detemmine the corect net Income of the parinership fer the yecir ending June 30, 2022 [8 points} Ofte, fie Mice “Pein lindane oe Cngocte t Loeame + F &72,ba0 ean 177, bap 4,90 0, Woo Wom — Fi We - f3% Fa She a0 * ED Z ae OF ga000 x8%¢ Ip G00 een Kem 25% Cty S00 Qi UGjco0 v8 Yr SRO Moro x6%x Ya 670 Te AA Sa A540 Ru Aacesded Hy ROO Caspase Gon Gut es 7,00 =_— ‘SiPareNoblem § Tha accounts of, fee Pastnentip of a, band © at the and AM cal yer tn Octehaw B16 217 om os ‘con Pre 790 Met Tom en Anos take tent Gam tien Lean to B * 2620 B, Capital (40K) VGN Vanier we C,Cardiah (Zirh) I Required; compute for th Indes paras ust » Wy BEBE ze egeege i comicgnearm oa yyy BD BU do F201 ~LE 4b 4, GLAD a.40) AR _ tata By212 non f ABE WM Negi (71.12) (7a, 9) KY, soo Yye Adon LE, Eu 1. ff 100,000 &s ovotatie for dintoution to poner ater ot Non palngt Wabitiers aes EAM, & shed fecalver BRON Gee ae OPO ea 0 foo te Ll Om a == Wa thee etoston, brceaveet P6.s0.cnanareceatf POMS) / G80 20% 6 Gt 98,2602 Sido 7 i e Wis the fiat dstribulion, A recetved PI72.500 B should vexcte?(9 POMS} f J1sn— (618% [hy Sth = Ineo 4. lin the etttbution, Crecetved P37,500, how much és the lolol cash cititouled?(3 PINTS) aro I], ¢ eam = fixer . ' 5. itn the fist dsfibutlon ,A.recetved P7300, How much & tho olol omount rected tem wale of NCAP [3 points) Tas — saat It aA HF ten om — Ferm a 2 {és,m : . 6.11 partners recehtdd 0 lola! of P15000 2s a resuil of the liquidation. What vias the amount of lors or gain ‘ontecikation? (3 pont)” int tse — 11a — biem > fgg ap Kew a . =—_—— GiPage A, . ae, .sae Problem & R. W and B ore partners wit . FeO 00, P00 cee Caen paneN wth apa ord les tala ot 2 and exec capital balances af Pectivaly, G Is fo be admitted into the ! 75,000 tor0 25% Ineret Inthe capil roll andcies athe ems nn wn Sedowormet ot : Required: A. Prepore ojoumal entios to racord ihe adiision of Gt Asia Ravalyalion fo be wecordedl| 25 hk bot: aa elon Mare foil: 300 io — tito | Bea ng 8 i bee ack tok Frliy: casa tome ' i + ra ‘ nite teem | 2. Asiels revaluation wil not Be recorded (2.5 points) i ban I ‘in § or Gm We Bon. ye a bm 4 ae , a m G, t i a m 8, Instead of Hdveitment, G purchases his nietes! from the periness at the same P75,000, Prenore Ihe journal entries? . 1. pte ggodiyoslstevcwalontsfobarecarsed 25 pony) At Had 7070 Kk “bot Kk «OR oe) = & Gor Fauctrosd £0,000 4 PR tee “Mae Gok) = Qiet the Fier fat ¢ ph ok Be > = sup —— met | : ark [ook (ok i — hy 2. Astetsreveluation wil not be recorded (2.5 Pein} Bily Quets so Rey im § on a 1 ‘£01 2 agen Boa Mee . G Capes | Bierce Jaan Capa BD 8 veh hroblem? 88 ond OD frmed @ pernenip on June 1, 2022 by vering P4100 and #720,05 Tespmalvely Tey Gpreed lo Gis he prot Gn lasso lio > Aninlerest of 18% on the beginning copia! bolances i % Bonus of 12% on net Income atter bonus Db “Annual sola of P?ED,000 te 88 ond P112.000 monthiy salary to OD | Boiance wil be cided equaty | ach poriner i clawed to withdtew up to P7200 on the fist year and up to P96000 the following oy yeor ond ter the nest lives years, ' 1 > ‘Assume the rerulls of operations In 2022 was an Income ct 540.000 and F280,000 net loss the following vyeor, Each partner witharaws the maximum amount from the business each petlod Required: Compute for tne following 1, How much isthe capital balance of BB at Ihe end of 2023 [3 points) “ae ca :2. How much fs the net increase In / copltcl of DD from beginning io end of 20237 (Bpoints) (Oi bg tesa, F 108, f 24, 016 C4a: My S48 . . ein %, oD @ fe Gp fy toW Pho. ow | 7.076 Snes | BE Weve 3. How muéh: pews ‘capital of BB end DD: ee (3 points) Peter 1% nem basen fing ne , fre Gorm aos” ‘Siem r GES ‘) He. Sy. 3a, a) aga fe Ge. 1 34.0 Wake Fi0,500 | , BD, oa — 4. How much i the share of BB in the net loss. of the Fem (8 points) , , 3 —p Taal Qutewe UF Boca Esk, Yoo Be fam em fan Bohn eget (hag +) Cis tw) Ate, 40) Ee) AGH (2, a0) Cie GY Mss Goodtiuck an. and GODbless ~~ a[Page