Case 2-3

Lone Pine Caf (A)*

Group 1
Andi Hakim
Cynthia Anggi
Maulina
Devina Gabriela
Edsa Nathasya
Valentina

Informations

Transaction on November 1, 2009:

The partnership was formed by
Mr. and Mrs. Henry Antoine and
Mrs. Sandra Landers (Each of 3
partners contributed $ 16,000
cash)
Signed a one-year lease to he
Lone Pine Caf, the monthly rent
was $1.500

Bank Loan = $ 21,000

Purchase of Equipment = $ 53,200

Purchase of Food & Beverages

= $ 2,800

Local Operating Licences

(for one year) = $ 1,428

Purchase of New Cash

Register = $ 1,400
The remainder of the $
69,000 was deposited in a
checking account.
The restaurant was not very
successful.
On March 31, 2010, Mr. Antoine and
Mrs. Landers had disappeared.
The court subsequently affirmed
that the partnership was dissolved

Questions 1
Prepare a balance sheet for the Lone Pine Caf as of November
2, 2009.

Lone Pine Caf

Accounting Journal
November 1, 2009

Date

Account Description

Cash
November1,2009
November1,2009
Cash

$48,000
Owner'sEquity

Debit

Credit

$21,000
AccountPayable

CafEquipment
November1,2009
Cash

$53,200
$53,200

November1,2009
Food&Beverages
Cash

$2,800
$2,800

November1,2009
NewCashRegister
Cash

$1,400
$1,400

$48,000

$21,000

PrepaidExpense$1,428
November1,2009
Cash

$1,428
Deposited$69,000incheckingaccount(nojournal)
November1,2009

Lone Pine Caf

Statement of Financial Position
As of November 2, 2009
Assets

Liabilities

Current Asets

Bank Loan

$ 21,000

Total liabilities

$ 21,000

Cash

10,172

Foods and Beverages On Hand

2,800

Prepaid expense

1,428

Total Current Assets

$ 14,400
Owners' equity

Non Current Assets

Mr. Antoine

16,000

Caf Equipment

53,200

Mrs. Antoine

16,000

New Cash Register

1,400

Mrs. Landers

16,000

Total Non Current Assets

$ 54,600

Total equity

$ 48,000

Checking Account Balance

calculation:
= Total Incoming Cash - Total Outgoing Cash
= (Partner's Capital + Bank Loan) - (Equipment + New Cash Register + Foods and Beverages + Licenses)
($ 48,000 + $ 21,000) - ($ 53,200 + $ 1,400 + $ 2,800 + $
= 1,428)
= ($ 69,000) - ($ 58,828)
= $10,172

Equipment
= Caf Equipment + New Cash Register
= $ 53,200 + $ 1,400
= $54,600

Questions 2
Prepare a balance sheet as of March 30, 2010

Informations

Transaction until March 30, 2010:

The disappearance of Mr. Henry
Antoine and Mrs. Sandra Landers
Cash Register Contained
= $ 311
Checking Account Balance
= $ 1,030
A/R Servicing Ski Instructor

Asset Depreciation = $
2,455
Food & Beverages on hand
= $ 2,430

Repaid the Bank

Loan = $ 2,100

= $ 870

Partner drew salaries at agreed-upon

amounts

Owed Supplier = $ 1,583

Clothes left by Mr. Antoine $ 750

Total Cash :
= Cash in Cash Register + Checking Account
= $ 311 + $ 1030
Prepaid Expense :
= $ 1428 * 7/12
= $ 833
Total Capital untuk Bertiga
= Total Asset (Total Liabilities)
= (Cash + A/R + Foods & Bevg + Prepaid Expense + Equipment) (Account Payable +
Bank Loan)
= ( $ 1341 + $870 + $ 2430 + $833 + ( $54600 - $ 2445) ( $ 1583 + ( $ 21000 + $
2100)
= ($ 57629) ($ 20483)

Lone Pine Caf

Statement of Financial Position
As of March 30, 2010
Assets
Current Asset
Cash
$ 1341
Account Receivable
Food & Beverages
Prepaid Expense
Total Current Asset

$ 870
$ 2430
$ 833
$ 5474

Liabilities
Current Liabilities
Account Payable
$ 1583
Non Current Liabilllities
Bank Loan
$ 18900
Total Liabilities
$ 20483
Owners Equity

Non Current Asset

Equipment
$ 54600
Less : Accum Depreciation

$ (2445)

Mr. Antoines Capital

$ 12382
Mrs. Antoines Capital
$ 12382
Mrs. Landers Capital$ 12382

Total Non Current Asset

$52155

Total Equity

Total Asset

$ 57629

$ 37146

Total Liabilities & Equity

$57629

Questions 3
Disregarding the marital complications, do you suppose that
the partners would have been able to receive their
proportional share of the equity determided in Question 2 if
the partnership was disolved on March 30, 2010? Why?

Assets
Cash
Account
Receivable
Inventory
PrepaidExpense
Cafequipment
TOTAL

Liquidation Value Estimation

CurrentStatementof
AssumedRecovery
FinancialPosition
$1,341
100%
$870
100%
$2,430
$833
$52,155
$57,629

0%
0%
30%

LiquidationValue
$1,341
$870
$0
$0
$15,646
$17,857

Based on Liquidation value estimation, their asset will not bring enough cash to pay the
liabilities and partners. On caf equipment, we assume that caf equipment worth 30% for
cash value.
The Partners would not been able to receive their proportional share of the equity.

The Lone Pine Caf has obligation to precede payment to secured creditor (in line
case in Bank), then payment to unsecured creditor (in this case is Supplier).
Payment to Partners/Shareholders will be placed in the final sequence therefore
we suppose that it is very unlikely the Partners would have been able to receive
their proportional share of the equisty ($ 12,382 each) as determined in Statement
of Financial Position as of March 30, 2010.
Anggi ini g masukin sini ya.. Soalnya ini slide untuk Q3.

Thanks!
Any questions?