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    CHP 3 Assignment 1 (Sarte)

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    1. The document contains details of contributed capital and bonuses for various partners in different partnerships. 2. It shows adjustments made to book values of assets and partners' capital to arrive at fair values for partners Villon, Obrero, and Beranal. 3. It provides information on partners' capital contributions, bonuses, and resulting agreed or ending capital for multiple partnerships.

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    CHP 3 Assignment 1 (Sarte)

    Uploaded by

    2080288
    7 views14 pages
    1. The document contains details of contributed capital and bonuses for various partners in different partnerships. 2. It shows adjustments made to book values of assets and partners' capital to arrive at fair values for partners Villon, Obrero, and Beranal. 3. It provides information on partners' capital contributions, bonuses, and resulting agreed or ending capital for multiple partnerships.

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    Chp 3 Assignment 1 (Sarte)

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    1. The document contains details of contributed capital and bonuses for various partners in different partnerships. 2. It shows adjustments made to book values of assets and partners' capital to arrive at fair values for partners Villon, Obrero, and Beranal. 3. It provides information on partners' capital contributions, bonuses, and resulting agreed or ending capital for multiple partnerships.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    7 views14 pages

    CHP 3 Assignment 1 (Sarte)

    Uploaded by

    2080288
    1. The document contains details of contributed capital and bonuses for various partners in different partnerships. 2. It shows adjustments made to book values of assets and partners' capital to arrive at fair values for partners Villon, Obrero, and Beranal. 3. It provides information on partners' capital contributions, bonuses, and resulting agreed or ending capital for multiple partnerships.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 14

    Problem 2 pg 3-21

    Req 2. Contributed Capital Bonus


    Loida Cardenas ₱150,000.00 -₱30,000.00
    Christian San Jose ₱110,000.00 -₱27,500.00
    Total ₱260,000.00
    Daria Labalan ₱57,500.00
    Helen Magada ₱70,000.00
    Total ₱70,000.00 ₱57,500.00

    Req 1.
    Loida Cardenas Capital ₱30,000.00
    Christian San Jose Capital ₱27,500.00
    Daria Labalan Capital
    Record the purchase of investment

    Cash ₱70,000.00
    Helen Magada Capital
    Record the investment of Helen to the partnership
    Bonus Agreed/Ending Capital
    -₱30,000.00 ₱120,000.00
    -₱27,500.00 ₱82,500.00
    ₱202,500.00
    ₱57,500.00 ₱57,500.00
    ₱70,000.00
    ₱57,500.00 ₱330,000.00

    ₱30,000.00
    ₱27,500.00
    ₱57,500.00

    ₱70,000.00
    ₱70,000.00
    n to the partnership
    Problem 4 pg 3-23
    Tria Magpantay
    Ratio 60%
    Capital ₱1,330,000.00
    Restatements: A -45,000; B 50,000; C -40,000
    A. Allowance for uncollectible account -₱27,000.00
    B. Invetories ₱30,000.00
    C. Accrued Expense -₱24,000.00
    Total ₱1,309,000.00
    New Ratio w/o new partner 50%
    Previous capital of old partner is only 80% to get its 100% divide old capital to 0.8
    New Ratio w/ new partner 20% 50%
    Ending Capital ₱593,750.00 ₱1,484,375.00
    Magpantay Resulta Total
    60% 40% 100%
    ₱1,330,000.00 ₱1,080,000.00 ₱2,410,000.00

    -₱27,000.00 -₱18,000.00 -₱45,000.00


    ₱30,000.00 ₱20,000.00 ₱50,000.00
    -₱24,000.00 -₱16,000.00 -₱40,000.00
    ₱1,309,000.00 ₱1,066,000.00 ₱2,375,000.00
    50% 30% 80%
    vide old capital to 0.8 ₱2,968,750.00
    50% 30% 100%
    ₱1,484,375.00 ₱890,625.00 ₱2,968,750.00
    Problem 6 pg 3-25
    Req 1
    Cash ₱50,000.00
    Rey Refozar Capital ₱7,500.00
    Rogelio Ceradoy Capital ₱7,500.00
    Jiexel Manongsong Capital
    Record the bonus and invesment of Jiexel

    Req 2. Contributed Capital Bonus


    Rey Refozar ₱75,000.00 -₱7,500.00
    Rogelio Ceradoy ₱125,000.00 -₱7,500.00
    Total ₱200,000.00
    Jiexel Manongsong ₱50,000.00 ₱15,000.00
    Total ₱50,000.00 ₱15,000.00
    ₱50,000.00
    ₱7,500.00
    ₱7,500.00
    ₱65,000.00

    Bonus Agreed/Ending Capital


    -₱7,500.00 ₱67,500.00
    -₱7,500.00 ₱117,500.00
    ₱185,000.00
    ₱15,000.00 ₱65,000.00
    ₱15,000.00 ₱250,000.00
    Problem 21 pg 3-39
    Req 1.
    a.
    Galvan Capital ₱70,000.00
    Cash
    Rivadelo Capital
    Delmondo Capital
    Samson Capital
    Record the retirement of galavan and bonus for continuing partn

    b.
    Rivadelo Capital ₱5,000.00
    Delmondo Capital ₱5,000.00
    Samson Capital ₱10,000.00
    Mamitag Capital
    Record the purchase investesment of Mamitag
    Computation

    ₱70,000.00 G capital ₱70,000.00


    ₱50,000.00 Cash -₱50,000.00
    ₱5,000.00 Remainder ₱20,000.00
    ₱5,000.00 R&D 1/4 ₱5,000.00
    ₱10,000.00 S 1/2 ₱10,000.00
    an and bonus for continuing partner

    Capital Bonus Agreed capital


    ₱5,000.00 R capital ₱65,000.00 -₱5,000.00 ₱60,000.00
    ₱5,000.00 D capital ₱85,000.00 -₱5,000.00 ₱80,000.00
    ₱10,000.00 S capital ₱50,000.00 -₱10,000.00 ₱40,000.00
    ₱20,000.00 Total ₱200,000.00 -₱20,000.00 ₱180,000.00
    ent of Mamitag M capital ₱20,000.00 ₱20,000.00
    Total ₱200,000.00 ₱0.00 ₱200,000.00
    Problem 23 pg 3-41
    Req 1.
    Book of partnership

    Total Assets ₱24,000.00


    Buenaflor Capital
    Gangoso Capital
    Record the addition 24000 worth of fair value

    Total liabilities ₱40,000.00


    Buenaflor Capital ₱92,000.00
    Gangoso Capital ₱92,000.00
    Total Assets
    Record the closing book of partnership

    Book of Corportation

    Total assets ₱224,000.00


    Total liabilites
    Ordinary share
    Record the incorporation of the partnership
    nership

    ₱24,000.00
    ₱12,000.00
    ₱12,000.00
    th of fair value

    ₱40,000.00
    ₱92,000.00
    ₱92,000.00
    ₱224,000.00

    ortation

    ₱224,000.00
    ₱40,000.00
    ₱184,000.00
    e partnership
    1. A
    Contributed Capital Bonus
    Ricablanca Capital ₱620,000.00
    Tac-an Capital ₱400,000.00
    Andres Capital ₱380,000.00
    Total ₱1,400,000.00
    Leon Capital ₱350,000.00
    Total ₱620,000.00

    2. C
    Book Value Adjustment
    Assets, at cost ₱180,000.00 ₱36,000.00
    Villon Loan ₱9,000.00
    Villon Capital (20%) ₱42,000.00 ₱7,200.00
    Obrero Capital (20%) ₱39,000.00 ₱7,200.00
    Beranal Capital (60%) ₱90,000.00 ₱21,600.00
    ₱180,000.00 ₱36,000.00
    Contributed Capital Bonus
    Villon ₱58,200.00 -₱61,200.00
    Obrero ₱46,200.00 -₱750.00
    Beranal ₱111,600.00 -₱2,250.00
    Total ₱216,000.00 -₱64,200.00

    3. A
    Contributed Capital Bonus
    Ragasa ₱11,500.00 -₱960.00
    Mendoza ₱9,300.00 -₱640.00
    Gangoso ₱8,000.00 ₱1,600.00
    Total ₱28,800.00 ₱0.00

    4. C

    5. C 6. D
    Contributed Capital Bonus
    Sungloa ₱150,000.00 ₱15,000.00
    Gadia ₱300,000.00 ₱15,000.00
    Total ₱450,000.00
    Claudio-Ty ₱150,000.00 -₱30,000.00
    Total ₱600,000.00 -₱30,000.00

    7. A
    Capital
    Orosco ₱360,000.00
    De Guzman ₱240,000.00
    Total ₱600,000.00
    Castillo 1/8 ₱75,000.00

    8. B
    Contributed Capital Bonus
    Cebado ₱139,200.00
    Esparaguera ₱208,800.00
    Chanjueco ₱96,000.00
    Total ₱444,000.00 ₱0.00
    Dela Calzada ₱132,200.00 -₱43,400.00
    Bonus Agreed/Ending Capital
    ₱620,000.00
    ₱400,000.00
    ₱380,000.00
    ₱1,400,000.00 ₱1,400,000.00 80%
    ₱350,000.00 Divide by 80%
    ₱1,750,000.00 ₱1,750,000.00 100%

    Adjustment Fair Value


    ₱36,000.00 ₱216,000.00
    ₱9,000.00
    ₱7,200.00 ₱49,200.00
    ₱7,200.00 ₱46,200.00
    ₱21,600.00 ₱111,600.00
    ₱36,000.00 ₱216,000.00
    Bonus Agreed/Ending Capital
    -₱61,200.00 -₱3,000.00
    -₱750.00 ₱45,450.00
    -₱2,250.00 ₱109,350.00
    -₱64,200.00 ₱151,800.00

    Bonus Agreed/Ending Capital


    -₱960.00 ₱10,540.00
    -₱640.00 ₱8,660.00
    ₱1,600.00 ₱9,600.00 1/3 of total capital
    ₱0.00 ₱28,800.00

    Bonus Agreed/Ending Capital


    ₱15,000.00 ₱165,000.00
    ₱15,000.00 ₱315,000.00
    ₱480,000.00
    -₱30,000.00 ₱120,000.00
    -₱30,000.00 ₱600,000.00
    Bonus Agreed/Ending Capital
    ₱139,200.00 Distribution of profit?
    ₱208,800.00
    ₱96,000.00
    ₱0.00 ₱444,000.00
    -₱43,400.00 ₱88,800.00

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