Quiz 22-26 Akey

Quiz 22
Danao, Diaz, Dolor and Dungca Partnership

Statement of Partners' Equity
For the Year Ended December 31, 2010
Danao
P 84,000.00
Diaz
P 75,000.00
Dolor
P 48,000.00
Capital, January 1
Distribution of profit:
Jan. 1 - Sept. 30
13,500.00
10,125.00
5,062.50
Oct. 1 - Dec. 31
4,705.15
3,528.86
1,764.43
Transfer of Dungca capital to
his estate
Retirement of Dolor
7,832.42
5,874.31 ( 54,826.93)
Capital, December 31
P110,037.57
P 94,528.17
--------* P45,000 P33,750 (P50,062.50 x 10% x 3/12)) = P9,998.44
Dungca
P45,000.00
Total
P252,000.00
5,062.50
(50,062,50)
33,750.00
9,998.44*
( 50,062.50)
---------
( 41,120.20)
P204,565.74
Income Summary
Danao, Capital
Diaz, Capital
Dolor, Capital
Dungca, Capital
33,750.00
Dungca, Capital
Payable to the Estate of Dungca
50,062.50
Income Summary
Payable to the Estate of Dungca
1,251.56
Income Summary
Danao, Capital
Diaz, Capital
Diaz Costa, Capital
9,998.44
Dolor, Capital
13,500.00
10,125.00
5,062.50
5,062.50
50,062.50
1,251.56
4,705.15
3,528.86
1,764.43
54,826.93
Notes Payable
Danao, Capital
Diaz, Capital
Quiz 23
1.
Asset
41,120.20
7,832.42
5,874.31
Book Value
Accounts Receivable
Merchandise Inventory
Prepaid Advertising
Machinery and Equipment
P 60,000
50,000
2,000
40,000
P152,000
Cash
Realized
P64,000
25,000
800
24,000
P113,800
(Gain) Loss
(P 4,000)
25,000
1,200
16,000
P 38,200
2.
Evasco-Ellor Partnership
Statement of Liquidation
January 1 31, 2010
Cash
Balances before
liquidation
Sale of assets and
distribution of loss
Balances
Unrecorded liabilities
Balances
Payment of liabilities
Balances
Additional investment of
Ellor
Other
Assets
P 1,000
P152,000
113,800
P114,800
(152,000)
P114,800
(109,000)
P 5,800
4,000
Accounts
Payable
Notes
Payable
P20,000
P 86,000
P20,000
2,000
P22,000
(22,000)
P 86,000
1,000
P 87,000
(87,000)
CAPITAL
Evasco (4)
Ellor (6)
P 30,000 P 17,000
(15,280)
P 14,720
( 1,200)
P 13,520
(22,920)
(P 5,920)
( 1,800)
(P 7,720)
P 13,520
(P 7,720)
4,000
Balances
Additional loss to
Evasco for the
deficiency of Ellor
Balances
Payment to Evasco
P 9,800
P 13,520
(P 3,720)
( 3,720)
P 9,800
( 9,800)
3,720
P 9,800
( 9,800)
3.
a.
b.
c.
d.
Cash
Evasco, Capital
Ellor, Capital
Allowance for Uncollectible Accounts
Accumulated Depreciation
Accounts Receivable
Merchandise Inventory
Prepaid Advertising
Machinery and Equipment
Evasco, Capital
Ellor, Capital
Accounts Payable
Notes Payable
113,800
15,280
22,920
20,000
60,000
80,000
50,000
2,000
100,000
1,200
1,800
2,000
1,000
Accounts Payable
Notes Payable
Cash
22,000
87,000
Cash
Ellor, Capital
4,000
109,000
4,000
e.
f.
Evasco, Capital
Ellor, Capital
3,720
Evasco, Capital
Cash
9,800
3,720
9,800
Quiz 24
Cash
Balances before liquidation
Sale of assets and dist. of loss
Balances
Payment of liabilities
Balances
Offset of loan against deficiency of
Empoy
Balances
Additional loss to Estoy and Empoy
for the deficiency of Eloy
Balances
Additional investment by Empoy and
Eloy
Balances
Payment to Estoy
EEE Partnership
Statement of Liquidation
January 1 31, 2010
Non-cash
Accounts Loan Payable to
Assets
Payable
Empoy
P 475,000 P 240,000
P 30,000
(475,000)
P 240,000
P 30,000
( 240,000)
P 30,000
Estoy
P120,000
(43,000)
P 77,000
CAPITAL
Empoy
P 50,000
(86,000)
(P36,000)
Eloy
P 60,000
(86,000)
(P 26,000)
P 77,000
(P36,000)
(P 26,000)
P 45,000
P 77,000
30,000
(P 6,000)
(P26,000)
P 45,000
( 333)
P 76,667
(
667)
(P 6,667)
1,000
(P25,000)
6,667
25,000
P 25,000
260,000
P 285,000
( 240,000)
P 45,000
31,667
P 76,667
( 76,667)
30,000)
P 76,667
(76,667)
2.
a,
Cash
260,000
43,000
86,000
86,000
Estoy, Capital
Empoy, Capital
Eloy, Capital
Accounts Receivable
Inventories
Property, Plant and Equipment
b.
c.
d.
e.
f.
75,000
100 000
300,000
Accounts Payable
Cash
240,000
240,000
30,000
Loan Payable to Empoy

Empoy, Capital
30,000
333
667
Estoy, Capital
Empoy Capital
Eloy, Capital
1,000
Cash
Empoy, Capital
Eloy, Capital
31,667
Estoy, Capital
76,667
6,667
25,000
Cash
76,667
3.
Personal assets
Applied to
Personal liabilities
Partnership liabilities
Balances
Estoy
Empoy
Eloy
P250,000
P300,000
P350,000
( 230,000)
( 240,000)
( 6,667)
P 53,333
( 325,000)
( 25,000)
---
P 20,000
Quiz 26
ASC Partnership
Cash Priority Program
June 30, 2010
Capital balances before liquidation

Add Loan balances
Total partners interest
Profit and loss ratio
Loss absorption balance
Allocation I Cash to Santos to reduce his balance to that of
Alfonso and Censon (P500,000 x 30% = P150,000)
Balances
Alfonso
P175,000
25,000
P200,000
50%
P400,000
Santos
P300,000
Censon
P100,000
P300,000
30%
P1,000,000
P100,000
20%
P500,000
P400,000
(500,000)
P500,000
P500,000
PAYMENTS
Alfonso
Santos
Censon
P150,000
Allocation 2 Cash to Santos and Censon to reduce their balances

to that of Alfonso
(P100,000 x 30% = P30,000;
P100,000 x 20% = P20,000)
Balances
P400,000
Allocation II Further cash distributions may be made in the profit and loss ratio
Cash available for distribution = P230,000 + P100,000 P150,000 = P180,000
(100,000)
P400,000
(100,000)
P400,000
P30,000
P30,000
2.
Alfonso
Allocation 1
Allocation 2 P30,000 x 3/5
Total
P ----
Santos
P150,000
18,000
P168,000
Censon
P12,000
P12,000
Total
P150,000
30,000
P180,000
20,000
P170,000

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Quiz 22

Danao, Diaz, Dolor and Dungca Partnership

Loan Payable to Empoy

Capital balances before liquidation

Allocation 2 Cash to Santos and Censon to reduce their balances

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