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    S9FFC 1

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    John Carlos Doringo
    This document contains a balance sheet for January 1, 2009 showing total assets of P1,094,000 and total liabilities and capital of P1,094,000. It also includes multiple choice and numerical problems related to partnership formation, capital accounts, adjustments to capital accounts, and determining partner capital balances.

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    S9FFC 1

    Uploaded by

    John Carlos Doringo
    37 views3 pages
    This document contains a balance sheet for January 1, 2009 showing total assets of P1,094,000 and total liabilities and capital of P1,094,000. It also includes multiple choice and numerical problems related to partnership formation, capital accounts, adjustments to capital accounts, and determining partner capital balances.

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    _S9FFC~1

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    This document contains a balance sheet for January 1, 2009 showing total assets of P1,094,000 and total liabilities and capital of P1,094,000. It also includes multiple choice and numerical problems related to partnership formation, capital accounts, adjustments to capital accounts, and determining partner capital balances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    37 views3 pages

    S9FFC 1

    Uploaded by

    John Carlos Doringo
    This document contains a balance sheet for January 1, 2009 showing total assets of P1,094,000 and total liabilities and capital of P1,094,000. It also includes multiple choice and numerical problems related to partnership formation, capital accounts, adjustments to capital accounts, and determining partner capital balances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Chapter 1

    Problem VI
    1. Total assets – P1,094,000, at fair value
    2. Total liabilities - P540,000, at fair value
    3. Total capital - P554,000 (P1,094,000 – P540,000)

    Balance Sheet
    January 1, 2009
    Assets Liabilities and Capital
    Cash P 70,000 Liabilities
    Account Receivable (net) 108,000 Accounts Payable P 190,000
    Merchandise Inventory 208,000 Mortgage Payable __350,000
    Building (net) 600,000 Total Liabilities P 540,000
    Furniture and Fixture (net) 108,000 Capital:
    Accounts Payable L, Capital P 260,000
    Mortgage Payable M, Capital ___294,000
    __________ Total Capital P 554,000
    Total Assets P1,094,000 Total Liabilities and Capital P 1,094,000
    Multiple Choice Problems
    1. c – P45,000
    2. d – the prevailing selling price which is also the fair market value.
    3. b - (P400,000 - P190,000) + [P270,000 - (P400,000 - P190,000)]/3 = P230,000
    4. c
    5. b - P60,000 + P80,000 + P100,000 = P240,000
    6. c - P30,000 + P50,000 + P25,000 = P105,000/3 = P35,000 - P30,000 = P5,000

    7. a
    Total Agreed Capital (P50,000/40%)…………………………............... P125,000
    Less: Total Contributed Capital (P65,000 + P50,000)…….................. 115,000
    Goodwill (revaluation of assets upward)………………….................. P 10,000

    Assets, fair value (P20,000 + P60,000 + P15,000)…………………………P 95,000


    Less: Liabilities assumed…………………………………………………..… 30,000
    Bill, capital..…………………………………………………………………… P 65,000

    8. b The capital balances of William (WW) and Martha (MM) at the date of
    partnership formation are determined as follows:
    William Martha
    Cash P20,000 P 30,000
    Inventory - 15,000
    Building - 40,000
    Furniture and equipment 15,000 -
    Total P35,000 P 85,000
    Less mortgage assumed
    by partnership (10,000)
    Amounts credited to capital P35,000 P 75,000

    9. c
    Evan Helen
    Unadjusted capital 59,625 33,500
    Add (deduct) adjustments:
    Allowance ( 555) ( 405)
    Depreciation ______ ( 900)
    Adjusted capital 59,070 32,195

    10. c: Jones – P80,000 + P400,000 – P120,00 = P360,000


    Smith – P40,000 + P280,000 – P60,000 = P260,000
    11. c – P35,374 – refer to No. 12
    12. c – P17,687
    Unadjusted capital of CC………………………………………………………………….P 33,000
    Add (deduct): adjustments-
    Allowance for doubtful accounts (3% x P14,200)………………………………...( 426)
    Increase in merchandise inventory (P23,000 – P20,000)………………………… 3,000
    Prepaid salary………………………………………………………………………….... 600
    Accrued rent expense…………………………………………………………………( 800)
    Adjusted capital balance of CC…………………………………………………………P 35,374
    Divided by: Capital interest of CC…………………………………………………….... 2/3
    Total capital of the partnership……………………………………………………………P 53,061
    Less: Adjusted capital balance of CC………………………………………………….. 35,374
    Capital balance of DD…………………………………………………………………….. P 17,687

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