Hernandez, Digna C.
ACC C504 - 301T
Prelim Quiz 1
PROBLEM 14
Elle Capital 90,000
Add: additional investment 10,000
share in profit 20,400
120,400
Less: Withdrawal (12,000)
Ella's Ending Capital 108,400
Total
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Total
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Total
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PROBLEM 15
Cash 140,000
Office & Furnitures 220,000
Notes Payable 60,000
Roy, Capital 140,000
Sam, Capital 180,000
Agreed Capital = 300,000 / 3
Tim, Capital 100,000
PROBLEM 16
1. Partnership Net Income 20,000
Sealy Teske Ubank Total
Bonus (20,000 x 0.05) 1,000 1,000 1,000
Salary (7,500 x 12) 90,000
10,500 x 12 126,000
Interest ($260,000 x 10%) 26,000
Residual Profit: 20,000-245,000 = (225,000)
(225,000 x 0.35) (78,750.00)
(225,000 x 0.25) (56,250)
(225,000 x 0.40) (90,000)
Cash Distributin to Partners 12,250 70,750 (63,000) 20,000
2. Partnership Net Loss 10,000
Sealy Teske Ubank Total
Bonus (20,000 x 0.05) 1,000 1,000 1,000
Salary (7,500 x 12) 90,000
10,500 x 12 126,000
Interest ($260,000 x 10%) 26,000
Residual Profit: ( (10,000) - (245,000) = (255,000))
(255,000) x 0.35 (89,250)
(255,000) x 0.25 (63,750)
(255,000) x 0.40 (102,000) :
Cash Distributin to Partners 1,750 63,250 (75,000) (10,000)
3. Partnership Net Income 100,000
Sealy Teske Ubank Total
Bonus (20,000 x 0.05) 1,000 1,000 1,000
Salary (7,500 x 12) 90,000
10,500 x 12 126,000
Interest ($260,000 x 10%) 26,000
Residual Profit: 100,000-245,000 = (145,000)
(145,000) x 0.35 (50,750)
(145,000) x 0.25 (36,250)
(145,000) x 0.40 (58,000)
Cash Distributin to Partners 40,250 90,750 (31,000) 100,000
PROBLEM 17
Total Identifiable Assets (100,000 + 84,000) P184,000
Divided by: P & L Ratio 50%
W. Nolascos, agreed share on Capital 92,000
Less: Identifiable Assets of Nolasco (84,000)
Unidentifiable Asset 8,000
Journal Entry
G. Marcolino, Capital 8,000
W. Nolasco, Capital 8,000
PROBLEM 18
Bonus = bonus rate x ( Net Income - Bonus)
B = 0.10 x (121,000 - 10%)
B = 12,100 - 10%
1B + 0.10 = 12,100
( 1.1B = 12,100)/ 1.1
B = $11,000
PROBLEM 19 40,000
Red, Capital 100,000
White, Capital 70,000
Blue, capital = Red and White Capital) / 2/3 * 1/3
= 40,000 + 100,00 / 2/3
= 210,000 x 1/3
= 70,000
PROBLEM 20
Dond, Capital 90,000
Divided by: Cong, P&L ratio 40%
Total Contribution 225,000
Multily by: Cong P&L Ratio 60%
Agreed captal of Cong 135,000
Less: net investment of Cong (150,000)
Withdrawal (15,000)
PROBLEM 21
BONUS = 5% X (411,000 - 180,000 - 5%)
B = 5% X ( 231,000 - 5%)
1.05B = 11,550
1.05
B = 11,000
Fred's Share in net Income = 411,000 - 11,000 - 180,000
220,000