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    CMPC 131 Answer

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    Kharen Valdez
    The document contains 4 long problems involving the accounting of partnerships, joint operations, installment sales, and departmental exam questions. It includes financial information like capital balances, asset values, profit and loss allocations, cash settlements, and installment receivable balances. The problems require calculating amounts like net partnership shares, realized gross profits, capital account balances, and losses on sales of noncurrent assets.

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    CMPC 131 Answer

    Uploaded by

    Kharen Valdez
    109 views5 pages
    The document contains 4 long problems involving the accounting of partnerships, joint operations, installment sales, and departmental exam questions. It includes financial information like capital balances, asset values, profit and loss allocations, cash settlements, and installment receivable balances. The problems require calculating amounts like net partnership shares, realized gross profits, capital account balances, and losses on sales of noncurrent assets.

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    Advance accounting 1

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    CMPC 131 answer

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    The document contains 4 long problems involving the accounting of partnerships, joint operations, installment sales, and departmental exam questions. It includes financial information like capital balances, asset values, profit and loss allocations, cash settlements, and installment receivable balances. The problems require calculating amounts like net partnership shares, realized gross profits, capital account balances, and losses on sales of noncurrent assets.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    109 views5 pages

    CMPC 131 Answer

    Uploaded by

    Kharen Valdez
    The document contains 4 long problems involving the accounting of partnerships, joint operations, installment sales, and departmental exam questions. It includes financial information like capital balances, asset values, profit and loss allocations, cash settlements, and installment receivable balances. The problems require calculating amounts like net partnership shares, realized gross profits, capital account balances, and losses on sales of noncurrent assets.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    MIDTERM DEPARTMENTAL EXAM

    AY 2018-2019 SHORT TERM


    JUNE 23, 2019
    LONG PROBLEM
    1 Answer: 45,450
    Joi (20%) Mari (20%)
    Balances 42,000 39,000
    Right of offset 9,000
    Total 51,000 39,000
    Asset Revaluation (216,000-180,000) 7,200 7,200
    Balances 58,200 46,200
    Bonus to Retiring Partner 3,000 (750)
    61,200 45,450
    Settlement (61,200)
    -

    2 Answer: 5,400
    Total Capital 60,000
    Liabilities 3,000
    Total Assets 63,000
    Less: Cash prior to Liquidation
    Cash for Distribution to Partners 22,200
    Payment to Liabilities 3,000
    Proceeds from Sale of NCA (23,200) 2,000
    Book value of NCA 61,000
    Proceeds from Sale of NCA (23,200)
    Loss from sale of NCA 37,800
    Multiply by Dray's Ratio (3/21) 14%
    Dray's Share in Loss upon Conversion of NCA 5,400

    3 Answer: A will 368 from B


    Joint operation - A
    Purchases – A 400 960
    Purchases – B 320 720
    Expenses – A 800 40
    200

    Allocation to: A B
    Profit for the year
    10% commission on purchases:
    (10% x 400) – A 40
    (10% x 320) – B 32
    20% commission on sales:
    (20% x 960) – A 192
    (20% x 720) – B 144
    Total to be divided equally
    Allocation: (208 ÷ 2) -104 -104
    Net share - as allocated 128 72

    Cash settlement determined as follows:


    Joint operation - A
    Purchases 400 960
    Expenses 800
    Net share 128
    Cash settlement – receipt 368

    Joint operation - B
    Purchases 320 720
    Net share 72 40
    368
    4 Answer: 1,421,600
    Installment receivable - 2017 800,000
    Installment receivable - 2018 2,400,000
    Deferred gross profit - 2017 176,000
    Deferred gross profit - 2018 576,000

    Installment receivable - 2017 0


    Installment receivable - 2018 960,000
    Installment receivable - 2019 2,400,000
    Deferred gross profit - 2017 176,000
    Deferred gross profit - 2018 576,000
    Deferred gross profit - 2019 1,500,000

    Collection from 2017 Receivables (800,000 - 0) 800,000


    Multiply by 2017 Gross Profit Rate (176,000/800,000) 22%
    2017 Realized Gross Profit in 2019 Collection 176,000

    Collection from 2018 Receivables (2,400,000 - 960,000) 1,440,000


    Multiply by 2018 Gross Profit Rate (576,000/2,400,000) 24%
    2018 Realized Gross Profit in 2019 Collection 345,600

    Deferred gross profit - 2019 1,500,000


    Divide by Gross Profit based on Sales 25%
    2019 Installment Sales 6,000,000
    Less: Installment receivable - 2019 2,400,000
    2019 Collections 3,600,000
    Multiply by Gross Profit based on Sales 25%
    2019 Realized Gross Profit in 2019 Collection 900,000

    2017 Realized Gross Profit in 2019 Collection 176,000


    2018 Realized Gross Profit in 2019 Collection 345,600
    2019 Realized Gross Profit in 2019 Collection 900,000
    Total Realized Gross Profit in 2019 1,421,600
    Chase (60%) Total
    90,000 171,000
    9,000
    90,000 180,000
    21,600 36,000
    111,600 216,000
    (2,250) -
    109,350

    Sales - A
    Sales - B
    Other income - B
    Profit - credit balance

    Totals
    200

    -40
    -32

    -192
    -144
    -208
    208
    -

    Collections on sales
    Collections on sales
    Collections on other income
    Cash settlement - payment
    Balance ###
    Additio 60,000.00
    Withdra (15,000.00)
    Balance ###

    Assets, P 180,000
    Joi, loa P 9,000
    Joi, cap 42,000
    Mari, c 39,000
    Chase, 90,000
    Total P 180,000

    Dray 1,000
    Klay 25,000
    Kevin 25,000
    Steph 9,000
    60,000

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