Click To Edit Master Title Style: After Studying This Chapter, You Should Be Able To

1
Click to edit Master title style

After studying this chapter, you should
be able to:
1. Describe the basic characteristics of
proprietorships, partnerships, and
limited liability companies.
2. Describe and illustrate the accounting
for forming a partnership and for
dividing the net income and net loss
of a partnership.
1
2

After studying this chapter, you should
be able to:
for partner admission and withdrawal.
for liquidating a partnership.
5. Prepare the statement of partnership
equity.
2
3
12-1
Objective 1
Describe the basic
characteristics of
proprietorships,
partnerships, and limited
liability companies.
3
4
Proprietorship 12-1
A proprietorship is a business
enterprise owned by a single individual.
Advantages Disadvantages
• Simple to form • Difficulty in raising
• Ability to be one’s own large amounts of capital
boss • Unlimited liability
4
5
Partnership 12-1
A partnership is an association of
two or more individuals who own
and manage a business for profit.
Advantages Disadvantages
• More financial • Limited life
resources than a • Unlimited liability
proprietorship • Co-ownership of
• Additional partnership property
management skills • Mutual agency
5
6
Partnership 12-1
 An important right of partners is to
participate in the income of the
partnership.
 A partnership, like a proprietorship, is a
nontaxable entity.
 A partnership is created by a contract,
known as the partnership agreement or
articles of partnership.
6
7
12-1
Click to edit
CV (Commonditaire Master title
Vennootschap) style
In Indonesia, Limited Partnership is called CV
(Commonditaire vennootschap). CV is a
partnership consisting of one or more (active
partner) and one or more silent partner (or
passive partner). Example = CV Cemara
Group Indonesia in Medan that sells palm oil,
coconut, and spices.
7
8
12-1
Click
Firma to edit Master title style
Firma is another common form of partnership
in Indonesia. Firma or abbreviated as Fa is
widely used for professional firm such as law
firm or accounting firm. The example of a
accounting firm is KAP Purwantono, Sarwoko
and Sandjaja, and accounting firm affiliated
with Ernst and Young which is about 17
partners in the firm.
8
9
12-1
Click2 to edit Master title style
Characteristics of
Proprietorships, Partnerships,
and CV and firma
Ease of Formation
Proprietorship Simple
Partnership Moderate
CV and Firma Moderate
9
10
10
12-1
Characteristics of
Proprietorships, Partnerships, CV
and Firma
Legal Liability
Proprietorship No limitation
Partnership No limitation
CV and Firma Limited liability
10
11
11
12-1
Characteristics of
and Firma
Taxation
Proprietorship Nontaxable*
Partnership Nontaxable*
CV and Firma Nontaxable**
*Pass-through entity
**Pass-through entity by election
11
12
12
12-1
Characteristics of
and Firma
Limitation on Life of Entity

Proprietorship Yes
Partnership Yes
CV and Firma Yes
12
13
13
12-1
Characteristics of
and Firma
Access to Capital
Proprietorship Limited
Partnership Limited
CV and Firma Limited
13
14
14
12-2
Objective 2
Describe and illustrate the
accounting for forming a
partnership and for dividing
the net income and net loss
of a partnership.
14
15
Forming a Partnership 12-2

Joko Suhendro and Endang Fauzi agree to

combine their hardware businesses in a
partnership. Each is to contribute certain
amounts of cash and other assets. They
also agree that the partnership is to assume
the liabilities of the separate businesses.
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16
12-2
Joko’ Transfer of Assets, Liability, and Equity
Apr. 1 Cash 7 200 000

Accounts Receivable 16 300 000
Merchandise Inventory 28 700 000
Store Equipment 5 400 000
Office Equipment 1 500 000
Allowance for Doubtful Accounts 1 500 000
Accounts Payable 2 600 000
Joko Suhendro, Capital 55 000 000
16
17
17
12-2
A similar entry would record the assets
contributed and the liabilities
transferred by Fauzi. In each entry, the
noncash assets are recorded at values
agreed upon by the partners. These
values normally represent current
market values.
17
18
12-2

Example Exercise 12-1
Riana Hasibuan contributed equipment, inventory, and

Rp34,000,000 cash to a partnership. The equipment had a
book value of Rp23,000,000 and market value of
Rp29,000,000. The inventory had a book value of
Rp60,000,000 but only had a market value of
Rp15,000,000 due to obsolescence. The partnership also
assumed a Rp12,000,000 note payable owed by Howell
that was used originally to purchase the equipment.
Provide the journal entry for Hasibuan’s contribution to
the partnership. 18
19
19
12-2

Follow My Example 12-1
Cash 34,000,000
Inventory 15,000,000
Equipment 29,000,000
Notes Payable 12,000,000
Riana Hasibuan, Capital 66,000,000
For Practice: PE 12-1A, PE 12-1B 19

20
20
Dividing Income—Services of 12-2

Partners
The partnership agreement of Jamila Sari and

Chandra Mono provides for Sari to receive a
monthly allowance of Rp 5,000,000 (Rp
60,000,000 annually) and Mono is to receive
Rp 4,000,000 a month (Rp 48,000,000
annually). If there is any remaining net
income, it is to be divided equally. The firm
had a net income of Rp 150,000,000 for the
year.
20
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Division of Net Income 12-2

J. Sari C. Mono Total
Annual salary allowance Rp 60,000,000 Rp48,000,000 Rp 108,000,000
Remaining income 21,000,000 21,000,000 42,000,000
Division of net income Rp 81,000,000 Rp69,000,000 Rp 150,000,000
to journal entry
(Slide 24)
21
22
22
12-2
The entry for dividing net income is as follows:
Dec. 31 Income Summary 150 000 000

Jamila Sari, Capital 81 000 000
Chandra Mono, Capital 69 000 000
22
23
23
Dividing Income—Services of 12-2

Partners and Investments
The partnership agreement for Sari and Mono

divides income as follows:
1. Monthly salary allowance of Rp 5,000,000 for
Stone and Rp 4,000,000 for Mills.
2. Interest of 12% on each partner’s capital
balance on January 1.
3. If there is any remaining net income, it is to be
divided equally between the partners.
23
24

Net income of Rp 150,000,000 is divided.

Salary allowance Rp60,000,000 Rp48,000,000 Rp108,000,000
Interest allowance 19,200,000 14,400,000 33,600,000
24
25
25

J. Sari C. Mills Total

Salary allowance Rp 60,000,000 Rp 48,000,000 Rp108,000,000
12% x Sari’s
capital account
balance on Jan. 1 of
Rp 160,000,000
25
26
26


Salary allowance Rp 60,000,000 Rp 48,000,000 Rp 108,000,000
12% x Mono’s
capital account
balance on Jan. 1 of
Rp120,000,000
26
27
27


Salary allowance Rp 60,000,000 Rp48,000,000 Rp108,000,000
Remaining income 4,200,000 4,200,000 8,400,000
Division of net income Rp 83,400,000 Rp66,600,000 Rp150,000,000
27
28
28
12-2

Jamila Sari, Capital 83 400 00
Chandra Mono, Capital 66 600 00
28
29
29
Partnership Alternative 12-2


Jamila Sari, Member Equity 83 400 00
Chandra Mono, Member Equity 66 600 00
29
30
30
Dividing Income—Allowances 12-2

Exceed Net Income
Assume the same facts as

before except that the net
income is only
Rp100,000,000.
30
31

Net income of Rp100,000,000 is divided.

Total Rp79,200,000 Rp62,400,000 Rp141,600,000
This amount exceeds net

income by
Rp41,600,000.
31
32
32

Net income of Rp100,000,000 is
divided.
J.Sari C. Mono Total
Total Rp79,200,000 Rp62,400,000 Rp141,600,000
Deduct excess of
allowance over income 20,800,000 20,800,000 <41,600,000>
Net income Rp58,400,000 Rp41,600,000 Rp100,000,000
32
33
33
12-2

Steven Pamungkas and Cinta Bimantara formed a
partnership, dividing income as follows:
1. Annual salary allowance to Prince of Rp42,000,000.
2. Interest of 9% on each partner’s capital balance on
January 1.
3. Any remaining net income divided equally.
Pamungkas and Bimantara had Rp20,000,000 and
Rp150,000,000 in their January 1 capital balances,
respectively. Net income for the year was Rp240,000,000.
How much net income should be distributed to Pamungkas?
33
34
34
12-2

Monthly salary Rp 42,000,000

Interest (9% x Rp20,000,000) 1,800,000
Remaining income 91,350,000*
Total distributed to Pamungkas Rp135,150,000
*(Rp240,000,000 – Rp42,000,000 – Rp1,800,000 –
Rp13,500,000) x 50%

35
35
12-3
Objective 3
Describe and illustrate
the accounting for
partner admission
and withdrawal.
35
36
Admitting a Partner 12-3

A person may be admitted to a partnership
only with the consent of all the current
partners by:
1. Purchasing an interest from one or more
of the current partners.
2. Contributing assets to the partnership.
36
37
Purchasing an Interest in a 12-3

Partnership
Partners Toni Asikin and Nani Bunga

have capital balances of
Rp50,000,000 each. On June 1, each
sells one-fifth of his equity to Joko
Cahyadi for Rp10,000,000 in cash.
37
38
12-3
The only entry required in the partnership
accounts is as follows:
June 1 Toni Asikin, Capital 10 000 000

Nani Bunga, Capital 10 000 000
Joko Cahyadi, Capital 20 000 000
38
39
39
12-3
The effect of the transaction on the partnership
accounts is presented in the following diagram:
Partnership Accounts
Asikin, Capital
10,000,000 50,000,000
Cahyadi, Capital
20,000,000
Bunga, Capital
10,000,000 50,000,000
39
40
40
Contributing Assets to a 12-3

Partnership
Partners Dudi Lintang and Guntur

Margono have capital balances of
Rp35,000,000 and Rp25,000,000
respectively. On June 1, Suci Nadera
joins the partnership by permission and
makes an investment of Rp20,000,000
cash.
40
41
12-3
The entry to record this transaction is as follows:
June 1 Cash 20 000 000

Suci Nadera, Capital 20 000 000
41
43
42
12-3
The effect of the transaction on the partnership
accounts is presented in the following diagram:
Partnership Accounts
Net Assets Lintang, Capital
60,000,000 35,000,000
20,000,000
Nadera, Capital Margono, Capital
25,000,000
20,000,000
42
44
43
LLC Alternative 12-3

June 1 Cash 20 000 000

Suci Nadera, Member Equity 20 000 000
43
45
44
Revaluation of Assets 12-3

If the asset accounts do not reflect
approximate current market values
when a new partner is admitted, the
accounts should be adjusted
(increased or decreased) before the
new partner is admitted.
44
45
12-3
Partners Dudi Lintang and Guntur
Margono have capital balances of
Rp35,000,000 and Rp25,000,000
respectively. The balance in
Merchandise Inventory is Rp14,000,000
and the current replacement value is
Rp17,000,000. The partners share net
income equally.
45
46
12-3
The revaluation is recorded as follows:
June 1 Merchandise Inventory 3 000 000

Dudi Lintang, Capital 1 500 000
Guntur Margono, Capital 1 500 000
Because the LLC alternative follows a pattern of

replacing “Capital” with “Member Equity,” the
LLC entry will not be shown again.
46
48
47
12-3

Budi Nadera invested Rp45,000,000 in the Lestari & Kulsum

partnership for ownership equity of Rp45,000,000. Prior to
the investment land was revalued to a market value of
Rp260,000,000 from a book value of Rp200,000,000. Lila
Lestari and Tami Kulsum share net income in a 1:2 ratio.
a. Provide the journal entry for the revaluation of land.
b. Provide the journal entry to admit Nadera.
47
49
48
12-3

a. Land 60,000,000
Lila Lestari, Capital 20,000,000¹
Tami Kulsum, Capital 40,000,000²
¹Rp60,000,000 x l/3
²Rp60,000,000 x 2/3
b. Cash 45,000,000
Budi Nadera, Capital 45,000,000

50
49
Partner Bonuses 12-3

On March 1, the partnership of Maryanti
Juwita and Heni Kurniasari admit Arif Dunia
as a new partner. The assets of the old
partnership are adjusted to current market
values and the resulting capital balances for
Juwita and Kurniasari are Rp20,000,000 and
Rp24,000,000 respectively.
49
50
12-3
Juwita and Kurniasari agree to admit
Dunia as a partner for Rp31,000,000.
In return, Dunia will receive a one-
third equity in the partnership and
will share income and losses equally
with Juwita and Kurniasari.
50
51
12-3
Equity of Juwita Rp20,000,000
Equity of Kurniasari 24,000,000
Dunia’s Contribution 31,000,000
Total equity after admitting Dunia Rp75,000,000
Dunia’s interest (1/3 x $75,000) Rp25,000,000
Dunia’s contribution Rp31,000,000

Dunia’s equity after admission 25,000,000
Bonus paid to Juwita and Kurniasari Rp 6,000,000
51
54
52
12-3
The entry to record the admission of Dunia to
the partnership is as follows:
Mar. 1 Cash 31 000 000
Arif Dunia, Capital 25 000 000
Maryanti Juwita, Capital 3 000 000
Heni Kurniasari, Capital 3 000 000
Rp6,000,000/2
52
55
53
Adjusting for New Partner’s 12-3

Unique Qualities or Skills
After adjusting the market values, the capital

balance of Juwita Cahyani is Rp80,000,000 and the
capital balance of Sri Darmawan is Rp40,000,000.
Elisa Chairunisa receives a one-fourth interest in
the partnership for a contribution of Rp30,000,000.
Before admitting Chairunisa, Cahyani and
Darmawan shared net income using a 2:1 ratio.
53
54
12-3
The bonus is computed as follows:
Equity of Cahyani Rp 80,000,000
Equity of Darmawan 40,000,000
Chairunisa’s Contribution 30,000,000
Total equity after admitting Chairunisa Rp150,000,000
Chairunisa’s equity interest after admission x 25%
Chairunisa’s equity after admission Rp 37,500,000
Chairunisa’s contribution 30,000,000
Bonus paid to Chairunisa Rp 7,500,000
54
57
55
12-3
The entry to record the bonus and admission of
Chairunisa to the partnership is as follows:
June 1 Cash 30 000 000

Juwita Cahyani, Capital 5 000 000
Sri Darmawan, Capital 2 500 000
Elisa Chairunisa, Capital 37 500 000
55
58
56
12-3
Chou to the partnership is as follows:
June 1 Cash 2/3 30 000 000

Juwita Cahyani, xRp7,500,00
Capital 5 000 000
Sri Darmawan, Capital0 2 500 000
56
59
57
12-3
Chou to the partnership is as follows:
June 1 Cash 30 000 000

Juwita Cahyani, Capital 5 000 000
1/3 x
Sri Darmawan, Capital 2 500 000
Rp7,500,000
57
60
58
Withdrawal of a Partner 12-3

On June 1, the partnership of X, Y, and Z
have capital balances of Rp50,000,000,
Rp80,000,000, and Rp30,000,000,
respectively. Z decides to retire from the
partnership and sells his interest to Y for
Rp35,000,000.
58
59
12-3
The following entry is required to record Z selling
his interest to Y.
June 1 Z, Capital 30 000 000
Y, Capital 30 000 000
Transfer ownership
from Z to Y.
The amount paid to Y by Z has no impact on the

partnership’s accounting records.
59
62
60
12-3
If Z had sold his interest

directly to the partnership, both
the assets and the owner’s
equity of the partnership would
have been reduced.
60
61
12-3

Luki has a capital balance of Rp45,000,000 after

adjusting assets to fair market value. Cindy
contributes Rp26,000,000 to receive a 30% interest
in a new partnership with Luki.
Determine the amount and recipient of the partner
bonus.
61
64
62
12-3

Equity of Luki Rp45,000,000

Cindy contribution 26,000,000
Total equity after admitting Cindy Rp71,000,000
Cindy’s equity interest x 30%
Cindy’s equity after admission Rp21,300,000
Cindy’s contribution Rp26,000,000

Cindy’s equity after admission 21,300,000
Bonus paid to Luki Rp 4,700,000

65
63
12-4
Objective 4
Describe and illustrate
the accounting for
liquidating a
partnership.
63
64
Liquidating Partnerships 12-4

When a partnership goes out

of business, the winding-up
process is called the
liquidation of a partnership.
64
65
Liquidation Process 12-4

1. Sell the partnership assets. This step is called
realization.
2. Distribute any gains or losses from realization
to the partners based upon their income-
sharing ratio.
3. Pay the claims of creditors using the cash from
step 1 realization.
4. After satisfying the creditors, distribute the
remaining cash to the partners based on the
balances in their capital accounts.
65
66

Febriani, Gilang, and Hasanah share income and losses
in a ratio of 5:3:2. On April 9, after discontinuing
operations, the firm had the following trial balance.
Cash Rp11,000,000
Noncash Assets 64,000,000
Liabilities Rp 9,000,000
Juju Febriani, Capital 22,000,000
Bayu Gilang, Capital 22,000,000
Anggi Hasanah, Capital 22,000,000
Total Rp75,000,000 Rp75,000,000
66
67

Between April 10 and April 30, 2006,

Febriani, Gilang, and Hasanah sell all
noncash assets for Rp72,000,000.
Thus, a gain of Rp8,000,000
(Rp72,000,000 – Rp64,000,000) is
realized.
67
68
Entries to Record the Steps in the 12-4

Liquidation Process
Step 1: Sale of assets
Cash 72 000 000

Noncash Assets 64 000 000
Gain on Realization 8 000 000
68
73
69

Liquidation Process
Step 2: Division of gain
Gain on Realization 8 000 000

Juju Febriani, Capital 4 000 000
Bayu Gilang, Capital 2 400 000
Anggi Hasanah, Capital 1 600 000
69
74
70

Liquidation Process
Step 3: Payment of liabilities
Liabilities 9 000 00
Cash 9 000 00
70
75
71

Liquidation Process
Step 4: Distribution of cash to partners

Cash 74 000 000
71
76
72
Loss on Realization 12-4

Febriani, Gilang, and Hasanah

sell all noncash assets for
Rp44,000,000. A loss of
Rp20,000,000 (Rp64,000,000 –
Rp44,000,000) is realized.
72
73

Liquidation Process
Cash 44 000 000

Loss on Realization 20 000 000
73
78
74
Loss on Realization 12-4

Febriani, Gilang and Hasanah
Statement of Partnership Liquidation
For Period April 10-30, 2008
Capital
Noncash Febriani Gilang Hasanah
Cash + Assets = Liabilities + (50%) + (30%) + (20%)
Balances before realization Rp11 000 000 Rp64 000 000 Rp9 000 000 Rp22 000 000 Rp22 000 000 Rp22 000 000
Sale of assets and division of gain +44 000 000 -64 000 000 0 -10 000 000 -6 000 000 -4 000 000
Balances after realization Rp55 000 000 Rp 0 Rp9 000 000 Rp12 000 000 Rp16 000 000 Rp18 000 000
Payment of liabilities -9 000 000 0 -9 000 000 0 0 0
Balances after payment of liabilities Rp46 000 000 Rp 0 Rp 0 Rp12 000 000 Rp16 000 000 Rp18 000 000
Cash distributed to partners -46 000 000 0 0 -12 000 000 -16 000 000 -18 000 000
Final balances Rp 0 Rp 0 Rp 0 Rp 0 Rp 0 Rp 0
74
Rp20,000,000 Loss
75

Liquidation Process
Step 2: Division of loss

75
80
76

Liquidation Process

Cash 9 000 000
76
81
77

Liquidation Process
Step 4: Distribution of cash to partners:

Cash 46 000 000
77
82
78
12-4

Prior to liquidating their partnership, Toni and

Gendis had capital accounts of Rp50,000,000 and
Rp100,000,000, respectively. The partnership assets
were sold for Rp220,000,000. The partnership had
Rp20,000,000 of liabilities. Toni and Gendis share
income and losses equally. Determine the amount
received by Gendis as a final distribution from
liquidation of the partnership.
78
83
79
12-4

Gendis’s equity prior to liquidation Rp100,000,000

Realization of asset sale Rp220,000,000
Book value of assets (Rp50,000,000 +
Rp100,000,000 + Rp20,000,000) 170,000,000
Gain on liquidation Rp50,000,000
Gendis’s share of gain (50% x
Rp50,000,000) 25,000,000
Gentry’s cash distribution Rp125,000,000

84
80
Loss on Realization—Capital 12-4

Deficiency
Febriani, Gilang, and Hasanah sell all of the

noncash assets for Rp10,000,000. A loss of
Rp54,000,000 (Rp64,000,000 – Rp10,000,000)
is realized. The share of the loss allocated to
Febriani, Rp27,000,000 (50% of
Rp54,000,000), exceeds the Rp22,000,000
balance in her capital account. Febriani
contributes Rp5,000,000 to the partnership.
80
81
12-4
Cash 10 000 000

81
87
82
12-4
Step: Payment of liabilities

82
88
83
12-4

Cash 9 000 000
83
89
84
12-4
Receipt of deficiency
Cash 5 000 000

Having the partner with a deficiency pay all or part of

the deficiency is not one of the four liquidation steps,
but it should make the other partners happy.
84
90
85
12-4
Distribution of cash to partners:

Cash 17 000 000
85
92
86
12-4
Click to edit
Master title style
Prior to liquidating their partnership, Sundari and
Baskoro had capital accounts of Rp20,000,000 and
Rp80,000,000, respectively. The partnership assets
were sold for Rp40,000,000. The partnership had
no liabilities. Sundari and Baskoro share income
and losses equally.
a. Determine the amount of Sundari’s deficiency
b. Determine the amount distributed to Baskoro
assuming Sundari is unable to satisfy the
86
93
deficiency.
87
12-4

a. Sundari’s equity prior to liquidation Rp 20,000,000
Realization of asset sales Rp 40,000,000
Book value of assets 100,000,000
Loss on liquidation Rp 60,000,000
Sundari’s share of loss (50% x
Rp60,000,000) 30,000,000
Sundari’s deficiency Rp(10,000,000)
b. Rp40,000,000 Rp80,000,000 – Rp30,000,000 share

of loss – Rp10,000,000. Sundari’s
deficiency also equals the amount
realized from asset sales. 87
94
For Practice: PE 12-6A, PE 12-6B
88
12-5
Objective 5
Prepare the
statement of
partnership equity.
88
89
Statement of Partnership Equity 12-5

The change in the owners’

capital accounts for a period of
time is reported in a statement
of partnership equity.
89
90
Financial Analysis and Interpretation 12-5

KAP Shaleh & Banu had the following information
for the last two years:
2008 2007
Revenues Rp220,000,000,000 Rp180,000,000,000
Number of employees 160 150
Revenue per Rp220,000,000,000
= = Rp137,500,000
employee, 2008 160
Revenue per Rp180,000,000,000
= = Rp120,000,000
employee, 2007 150
90
99
91
Financial Analysis and Interpretation 12-5

The revenues per employee
showed improvement in 2008.
Thus, each employee is producing
more revenues in 2008, than in
2007, which may indicate
improved productivity. Overall, it
appears the firm is properly
managing the growth in staff.
91

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1

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Limitation on Life of Entity

Forming a Partnership 12-2

Joko Suhendro and Endang Fauzi agree to

Apr. 1 Cash 7 200 000

Click to edit Master title style

Riana Hasibuan contributed equipment, inventory, and

Click to edit Master title style

For Practice: PE 12-1A, PE 12-1B 19

Dividing Income—Services of 12-2

The partnership agreement of Jamila Sari and

Division of Net Income 12-2

Division of net income Rp 81,000,000 Rp69,000,000 Rp 150,000,000

The entry for dividing net income is as follows:

Dec. 31 Income Summary 150 000 000

Dividing Income—Services of 12-2

The partnership agreement for Sari and Mono

Division of Net Income 12-2

J. Sari C. Mono Total

Division of Net Income 12-2

J. Sari C. Mills Total

Division of Net Income 12-2

J. Sari C. Mono Total

Division of Net Income 12-2

J. Sari C. Mono Total

Division of net income Rp 83,400,000 Rp66,600,000 Rp150,000,000

The entry for dividing net income is as follows:

Dec. 31 Income Summary 150 000 00

Partnership Alternative 12-2

The entry for dividing net income is as follows:

Dec. 31 Income Summary 150 000 00

Dividing Income—Allowances 12-2

Assume the same facts as

Division of Net Income 12-2

J. Sari C. Mono Total

This amount exceeds net

Division of Net Income 12-2

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Monthly salary Rp 42,000,000

For Practice: PE 12-2A, PE 12-2B 34

Admitting a Partner 12-3

Purchasing an Interest in a 12-3

Partners Toni Asikin and Nani Bunga

June 1 Toni Asikin, Capital 10 000 000

Contributing Assets to a 12-3

Partners Dudi Lintang and Guntur

June 1 Cash 20 000 000

LLC Alternative 12-3

June 1 Cash 20 000 000

Revaluation of Assets 12-3

June 1 Merchandise Inventory 3 000 000

Because the LLC alternative follows a pattern of

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Budi Nadera invested Rp45,000,000 in the Lestari & Kulsum

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For Practice: PE 12-3A, PE 12-3B 48

Partner Bonuses 12-3

Dunia’s contribution Rp31,000,000

Adjusting for New Partner’s 12-3

After adjusting the market values, the capital