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Chapter 3 Dissolution

PARTNERSHIP AND CORPORATION ANSWER KEY

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19 views

Chapter 3 Dissolution

PARTNERSHIP AND CORPORATION ANSWER KEY

Uploaded by

tetaca6045
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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MULTIPLE CHOICE

1. CONTRIBUTION BONUS AGREED


PEREZ 750,000.00 - 200,000.00 550,000.00
DAGANTA 1,500,000.00 - 100,000.00 1,400,000.00
TOTAL 2,250,000.00 - 300,000.00 1,950,000.00
BARROS 750,000.00 300,000.00 1,050,000.00
TOTAL CAPITAL 3,000,000.00 - 3,000,000.00

Agreed Capital of Barros = 1,050,000.00

2. CONTRIBUTION BONUS AGREED


OTHER PARTNERS 1,100,000.00 100,000.00 1,200,000.00
TOLENTINO 400,000.00 - 100,000.00 300,000.00
1,500,000.00 1,500,000.00

Agreed Capital of Tolentino = 300,000.00


2. c. the original partners received a bonus of 100,000

3. c. profit and loss ratio of the old partnership


4. a. will not be affected when Blanche is admitted
5. b. Negative capital balance of a partner

6. CONTRIBUTION BONUS AGREED


OTHER PARTNERS 260,000.00 - 20,000.00 240,000.00
GARACHICO 100,000.00 20,000.00 120,000.00
TOTAL 360,000.00 0 360,000.00

Agreed Capital of Garachico = 360,000 x 1/3 = 120,000.00

7. a. the withdrawal of a partner from a partnership


8. c. bonus to either the new partner or the old partners, but not both
9. b. a partner leaves the partnership
10. d. Assuming that recorded assets are properly valued, the book value of the new partnership is equa

11. b. 450,000 = 500,000 - 50,000


CHUNG 300,000 x 3/6 = 150,000.00 CHUNG, Capital
DETOYA 300,000 x 1/6 = 50,000.00 DETOYA, Capital
DIGAO 300,000 x 2/6 = 100,000.00 DIGAO, Capital
Asset/ Cash
12. CONTRIBUTION BONUS AGREED
OTHER PARTNERS 1,000,000.00 120,000.00 1,120,000.00
VILLON 600,000.00 - 120,000.00 480,000.00
TOTAL 1,600,000.00 0 1,600,000.00

Agreed Capital of Villon = 1,600,000 x 30% = 480,000.00

13. b. sells his interest to a new or remaining partner


14. CONTRIBUTION BONUS AGREED
OTHER PARTNERS 800,000.00 100,000.00 900,000.00
NARVAEZ 400,000.00 - 100,000.00 300,000.00
TOTAL 1,200,000.00 0 1,200,000.00

Agreed Capital of Narvaez = 1,200,000 x 1/4 = 300,000.00

15.
SEECHUA, Capital 240,000.00
LONGALONG, Capital 360,000.00
DELLOSA, Capital 600,000.00

16. c. 170,000 = 200,000 - 30,000


YACAPIN 60,000 x 5/10 = 30,000.00 YACAPIN , Capital 30,000.00
BABARAN 60,000 x 3/10 = 18,000.00 BABARAN, Capital 18,000.00
CUENCA 60,000 x 2/10 = 12,000.00 CUENCA, Capital 12,000.00
60,000.00 Cash 60,000.00

17. b. the remaining partners receive bonus


18. d. Perdio will have a capital balance of P400,000

19. CONTRIBUTION BONUS AGREED


OTHER PARTNERS 1,200,000.00 240,000.00 1,440,000.00
MULLES 600,000.00 - 240,000.00 360,000.00
TOTAL 1,800,000.00 0 1,800,000.00

Agreed Capital of Mulles = 1,800,000 x 1/5 = 360,000.00

20. CONTRIBUTION BONUS AGREED


OTHER PARTNERS 2,600,000.00 100,000.00 2,700,000.00
PASCUAL 400,000.00 - 100,000.00 300,000.00
TOTAL 3,000,000.00 0 3,000,000.00

Agreed Capital of Pascual = 3,000,000 x 10% = 300,000.00

20. c. the original partners received a bonus of 100,000


new partnership is equal to the book value of the old partnership and the investment of the new partner.

150,000.00
50,000.00
100,000.00
Asset/ Cash 300,000.00
PROBLEM #1: ADMISSION BY PURCHASE OF INTEREST

Maniquiz, Capital 140,000.00 x 35% = 49,000.00 Maniquiz, Capital 49,000.00


Monte, Capital 56,000.00 x 35% = 19,600.00 Monte, Capital 19,600.00
Total Capital 196,000.00 68,600.00 Galang, Capital

Capital Balances after the admission of Galang:


Maniquiz, Capital 140000 -49,000 = 91,000.00
Monte, Capital 56000 - 19,600 = 36,400.00
Galang, Capital 68,600.00
Total Capital 196,000.00
68,600.00
PROBLEM #2: ADMISSION BY PURCHASE OF INTEREST AND INVESTMENT OF ASSETS

Cardenas, Capital 150,000.00 x 1/5 = 30,000.00 bought by Labalan Cardenas, Capital


San Jose, Capital 110,000.00 x1/4 = 27,500.00 bought by Labalan San Jose, Capital
Total 260,000.00 57,500.00

Capital Balances after the admission of Labalan: Cash


Cardenas, Capital 150000 - 30000 = 120,000.00
San Jose, Capital 110000 - 27500 = 82,500.00
Labalan, Capital 57,500.00
TOTAL BALANCES 260,000.00

Capital Balances of each Partner


Cardenas, Capital 120,000.00
San Jose, Capital 82,500.00
Labalan, Capital 57,500.00
Magada, Capital 70,000.00
Total 330,000.00
Cardenas, Capital 30,000.00
San Jose, Capital 27,500.00
Labalan, Capital 57,500.00

Cash 70,000.00
Magada, Capital 70,000.00
PROBLEM #3: ADMISSION BY INVESTMENT OF ASSETS
Requirement #1:
CONTRIBUTION BONUS AGREED
Gonzaga 30,000.00 7,500.00 37,500.00 Cash
Magada 20,000.00 2,500.00 22,500.00 Padilla, Capital
Total 50,000.00 10,000.00 60,000.00 To record the investment of Pa
Padilla 30,000.00 - 10,000.00 20,000.00
Total 80,000.00 0 80,000.00 Padilla, Capital
Gonzaga, Capital
Agreed Capital of Padilla = 80,000 x 1/4 = 20,000.00 Magada, Capital
To record the bonus of old part
Gonzaga= 10,000 x 3/4 = 7,500.00
Magada= 10,000 x 1/4 = 2,500.00
10,000.00

Requirement #2: Requirement #2:


Cash
Padilla, Capital
To record the investment of Pa

Padilla, Capital
Gonzaga, Capital
Magada, Capital
To record the bonus of old part

Inventories
Gonzaga, Capital
Magada, Capital
to record inventory
30,000.00
dilla, Capital 30,000.00
To record the investment of Padilla

10,000.00
nzaga, Capital 7,500.00
gada, Capital 2,500.00
To record the bonus of old partners

30,000.00
dilla, Capital 30,000.00
To record the investment of Padilla

10,000.00
nzaga, Capital -
gada, Capital -
To record the bonus of old partners

16,000.00
nzaga, Capital 12,000.00
gada, Capital 4,000.00
to record inventory

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