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ACCC504 Quiz1 Hernandez

This document contains 21 accounting problems involving calculations of capital contributions, partnership distributions, bonuses, and other financial information. Problem 14 calculates Elle Capital's ending balance after additional investments, share of profits, and a withdrawal. Problem 15 lists cash, office furnishings, and notes payable and capital contributions of three partners. Problem 16 shows calculations of partner distributions for three scenarios of net partnership income and loss.

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0% found this document useful (0 votes)
60 views9 pages

ACCC504 Quiz1 Hernandez

This document contains 21 accounting problems involving calculations of capital contributions, partnership distributions, bonuses, and other financial information. Problem 14 calculates Elle Capital's ending balance after additional investments, share of profits, and a withdrawal. Problem 15 lists cash, office furnishings, and notes payable and capital contributions of three partners. Problem 16 shows calculations of partner distributions for three scenarios of net partnership income and loss.

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Digna Hernandez
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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

#REF!

Total
:
#REF!

Total

#REF!
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

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