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    Chapter 3 Problemshhh

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    ahmed arfan
    1. The document contains journal entries recording various capital contributions and transactions between partners in multiple partnerships. 2. It also includes calculations of partner capital balances and distributions based on profit sharing ratios. 3. One entry records the purchase of a business, with assets and liabilities transferred, goodwill calculated, and shares issued as consideration.

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    Chapter 3 Problemshhh

    Uploaded by

    ahmed arfan
    107 views15 pages
    1. The document contains journal entries recording various capital contributions and transactions between partners in multiple partnerships. 2. It also includes calculations of partner capital balances and distributions based on profit sharing ratios. 3. One entry records the purchase of a business, with assets and liabilities transferred, goodwill calculated, and shares issued as consideration.

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    chapter-3-problemshhh (Autosaved)

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    1. The document contains journal entries recording various capital contributions and transactions between partners in multiple partnerships. 2. It also includes calculations of partner capital balances and distributions based on profit sharing ratios. 3. One entry records the purchase of a business, with assets and liabilities transferred, goodwill calculated, and shares issued as consideration.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    107 views15 pages

    Chapter 3 Problemshhh

    Uploaded by

    ahmed arfan
    1. The document contains journal entries recording various capital contributions and transactions between partners in multiple partnerships. 2. It also includes calculations of partner capital balances and distributions based on profit sharing ratios. 3. One entry records the purchase of a business, with assets and liabilities transferred, goodwill calculated, and shares issued as consideration.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 15

    Journal enries

    1 cash 100,000
    baldecir capital 100,000

    2 equipment 80,000
    fornolles capital 20,000
    magallanes capital 60,000 swap debit-credit

    cash 140,000
    badecir capital 140,000

    3 cash 180,000
    fornolles capital 18,000
    magallames capital 54,000
    baldecir capital 108,000

    4 cash 200,000
    fornolles capital 5,000
    magallanes capital 15,000
    baldecir capital 220,000
    ap debit-credit
    journal entries

    1 cash 60,000
    to rementina capital 60,000 make table

    2 rubite capital 22,000


    buenaventure capital 11,000
    to rementina capital 33,000 review

    3 cash 32,000
    to rementina capital 32,000 make table
    contribution agreed
    rubita 100,000 100,000
    buenaventure 40,000 40,000
    total 140,000 140,000
    rementina 60,000 60,000
    total 200,000 200,000
    journal entries

    1 piators capital 80,000


    generales capital 80,000

    2 cash 180,000
    generales capital 180,000

    combutation
    both parner is 2/3 *360,000 540,000
    less 360,000
    genales share 180,000

    3 pilapils capital 36,000


    piators total capital 24,000
    inventory 60,000

    cash 100,000
    generales capital 100,000

    combutation:
    total capital after his admission
    100,000*4/1
    400,000

    total capital both pilapil and piator


    (400,000-100,000)
    300,000

    inventory (360,000-300,000) 60,000

    4 land 20,000
    piapil capital 12,000
    piator total capital 8,000

    pilapils capital 65,000


    piator capital 75,000 formula?
    generales capital 140,000

    combutation:
    total capital after his admission
    140,000*4/1
    480,000

    total capital of both pilapil and


    piator(480,000-140,000)
    340,000

    excess of (360,000-340,000) 20,000

    5 cash 80,000
    capital reserve 8,000 ???
    generales capital 440,000*1/5 88,000
    cc bonus ac
    pilapil 200,000 -4,800 195,200
    piator 160,000 -3,200 156,800
    total 360000 -8000 352000
    generales 80,000 8,000 88,000
    total 440,000 zero 440,000
    journal enrtries

    1 current assets 70,000


    plant assets 230,000
    goodwill 20,000
    liabilities 200,000
    relacion capital 120,000

    2 profit and loss appropriation 30,000


    orosco capital 9,000
    bonoan capital 12,000
    relacion capital 9,000
    journal entries

    a rosario capital 70,000


    cash 50,000
    gain on retirement of partner 20,000

    gain on retirement of partner 20,000


    to rivadelo capital 20,000*2/8 5,000
    to del mundo capital 20,000*2/8 5,000
    to pabustan capital 20,000*4/8 10,000

    b cash 20,000
    bobadilla capital 20,000
    a rosario capital 70,000
    cash 50,000
    rivadelo capital 5,000
    del mundo capital 5,000
    pabustan capital 10,000

    b
    cc bonus ac
    rivadelo 65,000 -500 64,500
    del mundo 85,000 -500 84,500
    pabustan 50,000 -1,000 49,000
    total 200,000 -2,000 198,000
    bobadilla 20,000 2,000 22,000
    total 220,000 zero 220,000
    journal entries

    danes capital 30,000


    de chaves capital 6,400
    castillo capital 1,600
    cash 38,000

    combutuion

    capital contribution danes 30,000


    paid 38,000
    excess treated as bonus 8,000

    ratio 4:1

    share of de chavez 8,000*4/5 6,400

    share of castillo 8,000*1/5 1,600


    journal entries

    1 alcantre capital 60,000


    reyees capital 60,000

    2 alcantaras capital 60,000


    reyees capital 5,000
    marianos capital 5,000
    cash 70,000
    journal enries

    Business Purchase 200,000


    Liquidator of Gelacio and Gangoso 200,000

    assets account 224,000


    goodwill 16,000
    liabilities 40,000
    business purchase 200,000

    liquidator of gelacio and gangoso 200,000


    share capital 200,000

    combutation:

    purchse cosideration

    number of shares issued 20,000


    par value per share assumed 10
    purchase consideration 200,000

    goodwill

    purchase consideration 200,000


    assets 224,000
    liabilities (40,000)
    net assets 184,000
    goodwill 16,000
    calculatio of asset value to corp

    cash 45,000
    account receivables 40,000
    inventory 68,000
    property and equipment 180,600
    total assets 333,600
    less liabilities 60,000
    net assets 273,600

    equity share price 10


    preferance share price 100

    distribution of shares
    kalaw woo
    number of equity share 720 720

    number of preference share 876 2070

    comutation: kalaw woo


    share in firm 94,800 214,200
    less equity share issued 7,200 7,200
    87,600 207,000

    nuber of prefferance issue 876 2,070

    journal entry

    cash 45,000
    account receivable 40,000
    inventory 68,000
    property and equipment 180,600
    goodwill 165,000
    liabilities 60,000
    equity share capital 144,000
    preferance share capital 294,600

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