Soal AKL

Exercises – Akuntansi Keuangan Lanjutan II
Facilitator: Aprilia Beta Suandi, Dr., M.Ec.
Problem 1
The profit and loss sharing agreement for the Jill, Kelly, and Lila partnership provides that each
partner receives a bonus of 5% on the original amount of partnership net income if net income is
above $25,000. Jill and Kelly receive a salary allowance of $7,500 and $10,500, respectively. Lila has an
average capital balance of $260,000, and receives a 10% interest allocation on the amount by which her
average capital account balance exceeds $200,000. Residual profits and losses are allocated to Jill,
Kelly, and Lila in their respective ratios of 7:5:8.
Required:
Prepare a schedule to allocate $88,000 of partnership net income to the partners.
Problem 2
A summary balance sheet for the partnership of Maddy, Nelson and Olsen on December 31, 2014 is
shown below. Partners Maddy, Nelson and Olsen allocate profit and loss in their respective ratios of
9:6:10.
Assets
Cash $ 50,000
Marketable securities 120,000
Inventory 75,000
Land 80,000
Building-net 400,000
Total assets $725,000
Equities
Maddy, capital $425,000
Nelson, capital 225,000
Olsen, capital 75,000
Total equities $725,000
The partners agree to admit Poosh for a one-tenth interest. The fair market value for partnership land
is $180,000, and the fair market value of the inventory is $150,000.
Required:
1. Record the entry to revalue the partnership assets prior to the admission of Poosh.
2. Calculate how much Poosh will have to invest to acquire a 10% interest.
3. Assume the partnership assets are not revalued. If Poosh paid $200,000 to the partnership in
exchange for a 10% interest, what is the bonus that is allocated to each partner's capital account?
Problem 3
A summary balance sheet for the Ash, Brown, and Curly partnership on December 31, 2014 is shown
below. Partners Ash, Brown, and Curly allocate profit and loss in their respective ratios of 2:1:1. The
partnership agreed to pay partner Brown $135,000 for his partnership interest upon his retirement
from the partnership on January 1, 2015. The partnership financials on January 1, 2015 are:
Assets
Cash $ 75,000
Marketable securities 60,000
Inventory 85,000
Land 90,000
Building-net 110,000
Total assets $420,000
Equities
Ash, capital $210,000
Brown, capital 105,000
Curly, capital 105,000
Total equities $420,000
Required:
Prepare the journal entry to reflect Brown's retirement from the partnership:
1. Assuming a bonus to Brown.
2. Assuming a revaluation of total partnership capital based on excess payment.
3. Assuming goodwill equal to the excess payment is recorded.
Problem 4
Tye, Ula, Val, and Watt are partners who share profits and losses 40%, 30%, 20%, and 10%,
respectively. The partnership will be liquidated gradually over several months beginning January 1,
2014. The partnership trial balance at December 31, 2013 is as follows:
Debits Credits
Cash $ 3,000
Accounts receivable 19,000
Inventory 25,000
Loan to Val 5,000
Furniture 15,000
Equipment 10,000
Goodwill 12,000
Accounts payable $ 13,600
Note payable 30,000
Loan from Tye 5,000
Tye, capital (40%) 15,000
Ula, capital (30%) 9,000
Val, capital (20%) 12,400
Watt, capital (10%) 4,000
Totals $ 89,000 $ 89,000
Required:
Prepare a cash distribution plan for January 1, 2014, showing how cash installments will be
distributed among the partners as it becomes available. Prepare vulnerability rankings for the
partners and a schedule of assumed loss absorption.
Problem 5
Hilfmir Corporation filed for Chapter 11 bankruptcy on January 1, 2014. A summary of their financial
status is shown below on June 30, 2014, at the date of the approved reorganization plan, along with
the fair value of their assets.
Per Books Fair Value

Cash $ 134,000 $ 134,000
A/R - net 20,000 20,000
Inventory 32,000 40,000
Plant Assets - net 114,000 106,000
Patent 80,000 0
$ 380,000
A/P $ 60,000
Wages Payable 20,000
Prepetition liab. 250,000
Common Stock 140,000
Deficit (90,000)
$ 380,000
Under the reorganization plan, the reorganization value has been set at $320,000. Prepetition liabilities
include $30,000 of trade Accounts Payable and a $220,000 Note Payable to Bigg Bank. The
reorganization plan calls for the Prepetition accounts payable to be paid at 80% at a later date, and the
Note Payable for $220,000 to be replaced by a Note Payable for $76,000 and the issuance of common
stock of the new entity for $100,000. The former stockholders will receive $40,000 in common stock of
the new entity, Hilfmir, in exchange for their shares.
Required:
1. Show the calculations to determine if Hilfmir is eligible for fresh-start accounting
2. Prepare necessary journal entries to adopt fresh-start reporting
3. Prepare a fresh-start balance sheet for the new entity, Hilfmir, as of July 1, 2014.

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Exercises – Akuntansi Keuangan Lanjutan II

Facilitator: Aprilia Beta Suandi, Dr., M.Ec.

Per Books Fair Value

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