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ADVANCED ACCOUNTING GUERRERO PERALTA VOLUME 1 SOLUTION MANUAL LATEST UPDATE.

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ADVANCED ACCOUNTING GUERRERO
PERALTA VOLUME 1 SOLUTION MANUAL
LATEST UPDATE.

LATEST UPDATE QUALITY

, lOMoARcPSD|3654769

Partnership – Basic Considerations And Formation 1

Chapter 1

Multiple Choice Answers And Solutions

1-1:
Jose's Capital Should Be Credited For The Market Value Of The Computer Contributed
A By Him.
1-2: B (40,000 + 80,000)  2/3 = 180,000 X 1/3 = 60,000.

1-3: A
Cash P100,000
Land 300,000
Mortgage Payable ( 50,000)
Net Assets (Julio, Capital) P350,000

1-4: B
Total Capital (P300,000/60%) P500,000
Perla's Interest 40%
Perla's Capital P200,000
Less:Non-Cash Asset Contributed At Market Value
Land P 70,000
Building 90,000
Mortgage Payable ( 40,000) _120,000
Cash Contribution P 80,000

1-5: D - Zero, Because Under The Bonus Method, A Transfer Of Capital Is Only Required.

1-6: B
Reyes Santos
Cash P200,000 P300,000
Inventory – 150,000
Building – 400,000
Equipment 150,000
Mortgage Payable ( 100,000)
Net Asset (Capital) P350,000 P750,000

1-7: C
Aa Bb Cc
Cash P 50,000
Property At Market Value P 80,000
Mortgage Payable ( 35,000)
Equipment At Market Value P55,000
Capital P 50,000 P 45,000 P55,000

, lOMoARcPSD|3654769

2 Chapter 1

1-8: A
Pp Rr Ss
Cash P 50,000 P 80,000 P 25,000
Computer At Market Value 25,000 60,000
Capital P 75,000 P 80,000 P 85,000
1-9: C
Maria Nora
Cash P 30,000
Merchandise Inventory P 90,000
Computer Equipment 160,000
Liability ( 60,000)
Furniture And Fixtures 200,000
Total Contribution P230,000 P190,000

Total Agreed Capital (P230,000/40%) P575,000
Nora's Interest 60%
Nora's Agreed P345,000
Capital Less: 190,000
Investment
Cash To Be Invested P155,000

1-10: D
Roy Sam Tim
Cash P140,000 – –
Office Equipment – P220,000 –
Note Payable _( 60,000)
Net Asset Invested P140,000 P160,000 P –

Agreed Capitals, Equally (P300,000/3) = P100,000

1-11: A
Lara Mitra
Cash P130,000 P200,000
Computer – 50,000
Equipment Note _( 10,000)
Payable
Net Asset Invested P130,000 P240,000

Goodwill (P240,000 - P130,000) = P110,000

1-12: A
Perez Reyes
Cash P 50,000 P 70,000
Office Equipment 30,000 –
Merchandise – 110,000
Furniture 100,000
Notes Payable ( 50,000)
Net Asset Invested P 80,000 P230,000

, lOMoARcPSD|3654769

Partnership – Basic Considerations And Formation 3

1-12: Continued
Bonus Method:
Total Capital (Net Asset Invested) P310,000

Goodwill Method:
Net Assets Invested P310,000
Add: Goodwill (P230,000-P80,000) _150,000
Net Capital P460,000

1-13 :
B Required Capital Of Each Partner (P300,000/2) P150,000
Contributed Capital Of Ruiz:
Total Assets P105,000
Less Liabilities 15,000 90,000
Cash To Be Contributed By Ruiz P 60,000

1-14 :
D Total Assets:
Cash P 70,000
Machinery 75,000
Building _225,000 P370,000
Less: Liabilities (Mortgage Payable) 90,000
Net Assets (Equal To Ferrer's Capital Account) P280,000
Divide By Ferrer's P & L Share Percentage 70%
Total Partnership Capital P400,000

Required Capital Of Cruz (P400,000 X 30%) P120,000
Less Assets Already Contributed:
Cash P 30,000
Machinery And Equipment 25,000
Furniture And 10,000 65,000
Fixtures
Cash To Be Invested By Cruz P 55,000

1-15 :
D Adjusted Assets Of C Borja
Cash P 2,500
Accounts Receivable (P10,000-P500) 9,500
Merchandise Inventory (P15,000-P3,000) 12,000
Fixtures 20,000 P 44,000
Asset Contributed By D.
Arce:
Cash P 20,000
Merchandise 10,000 30,000
Total Assets Of The Partnership P 74,000

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