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    Keith Joshua Gabiason
    1. Max, Jones, and Waters formed a partnership with capital balances of $10,000, $30,000, and $50,000 respectively in a 20%, 40%, 40% profit/loss sharing ratio. 2. ML and PP formed a partnership agreeing to a 4:6 profit/loss ratio. ML contributed land worth $25,000 and PP contributed $50,000 cash. 3. Paul, Jeremy, and Juan will form a partnership where Juan contributes a building worth $290,000, $100,000, and $400,000 respectively which will be initially recorded at historical cost. Their profit/loss ratio will be divided equally.

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    Activity

    Uploaded by

    Keith Joshua Gabiason
    666 views14 pages
    1. Max, Jones, and Waters formed a partnership with capital balances of $10,000, $30,000, and $50,000 respectively in a 20%, 40%, 40% profit/loss sharing ratio. 2. ML and PP formed a partnership agreeing to a 4:6 profit/loss ratio. ML contributed land worth $25,000 and PP contributed $50,000 cash. 3. Paul, Jeremy, and Juan will form a partnership where Juan contributes a building worth $290,000, $100,000, and $400,000 respectively which will be initially recorded at historical cost. Their profit/loss ratio will be divided equally.

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    1. Max, Jones, and Waters formed a partnership with capital balances of $10,000, $30,000, and $50,000 respectively in a 20%, 40%, 40% profit/loss sharing ratio. 2. ML and PP formed a partnership agreeing to a 4:6 profit/loss ratio. ML contributed land worth $25,000 and PP contributed $50,000 cash. 3. Paul, Jeremy, and Juan will form a partnership where Juan contributes a building worth $290,000, $100,000, and $400,000 respectively which will be initially recorded at historical cost. Their profit/loss ratio will be divided equally.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    666 views14 pages

    Activity

    Uploaded by

    Keith Joshua Gabiason
    1. Max, Jones, and Waters formed a partnership with capital balances of $10,000, $30,000, and $50,000 respectively in a 20%, 40%, 40% profit/loss sharing ratio. 2. ML and PP formed a partnership agreeing to a 4:6 profit/loss ratio. ML contributed land worth $25,000 and PP contributed $50,000 cash. 3. Paul, Jeremy, and Juan will form a partnership where Juan contributes a building worth $290,000, $100,000, and $400,000 respectively which will be initially recorded at historical cost. Their profit/loss ratio will be divided equally.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 14

    1

    Max, Jones and Waters shared profits and losses 20%, 40% and 40% respectively and

    Priority of Valuation Agreed Value X


    Fair Value 45,000.00
    Book Value 30,000.00

    2
    On July, ML and PP formed a partnership, agreeing to share profits and losses in the ratio of 4:6,

    Land
    Priority of Valuation Agreed Value X
    Fair Value 50,000.00
    Book Value 25,000.00

    Paul, Jeremy and Juan are forming a partnership. Juan contributes a building having

    Total Profit 270,000.00

    Gain on excess of FV over BV 210,000.00 Juan


    Gain sale of Building 60,000.00 Paul, jeremy and Juan
    Total Gain 270,000.00

    4
    Albert, Claude, and Jamie form a partnership by contributing P25,000, P70,000 and P

    Max, Ike, and Tony are forming a partnership. The appraised value of assets contribu

    Contri Cap
    Max 60,000.00
    Ike 80,000.00
    Tony 100,000.00
    240,000.00

    Richardson, Peterson, and Wilkerson are forming a partnership. The partners contribute cash an

    Richardson 30,000.00
    Peterson 50,000.00
    Wilkerson 25,000.00
    TCC 105,000.00
    AC 35,000.00
    CC - Richardson 30,000.00
    Bonus 5,000.00

    7
    Bill and Ken enter into a partnership agreement in which Bill is to have a 60% interest in capital a
    Cost Fair Value
    Land 10,000.00 20,000.00
    Building 100,000.00 60,000.00
    Equipment 20,000.00 15,000.00
    There is a P30,000 mortgage on the building that the partnership agrees to assume. Ken contrib

    Bill Ken
    TAC 75,000.00 50,000.00 125,000.00
    TCC 65,000.00 50,000.00 115,000.00
    Goodwill 140,000.00 10,000.00

    8 WW and MM drafted a partnership agreement that lists the following assets contributed as the
    WW MM
    Cash 20,000.00 30,000.00
    Inventory 15,000.00
    Building 40,000.00
    Furnitre and Fixture 15,000.00
    The building is subject to a P10,000 mortgage, which the partnership has assumed. The partners

    WW MM
    Cash 20,000.00 30,000.00
    Inventory 15,000.00
    Building 40,000.00
    Furnitre and Fixture 15,000.00
    Mortgage - 10,000.00
    Total 35,000.00 75,000.00

    9 AND 10

    CC admits DD as a partner in business. Accounts in the ledger for CC on November 30, 20x4, just
    Cash 6,800.00
    Accounts Receivable 14,200.00
    Merchandise Inventory 20,000.00
    Accounts payable 8,000.00
    CC, Capital 33,000.00
    It is agreed that for purposes of establishing CC's interest the following adjustments shall be ma
    a. An allowance for doubtful accounts of 3% of accounts receivable is to be established
    b. The merchandise inventory is to be valued at P23,000
    c. Prepaid salary expenses of P600 and accrued rent expense of P800 are to be recogn

    9 DD is to invest sufficient cash to obtain a 1/3 interest in the partnership. CC's adjusted capital be
    10 The amount of cash invested by DD is ___________

    CC 2/3 BookValue Adjustments After Adjustments


    Cash 6,800.00 6,800.00
    AR 14,200.00 -426 13,774.00
    MI 20,000.00 3000 23,000.00
    AP - 8,000.00 (8,000.00)
    PSE 600 600.00
    Rent Payable -800 (800.00)
    35,374.00
    2/3
    TCC/TAC 53,061.00
    AC/CC of DD 17,687.00
    nd 40% respectively and their partnership capital balance is P10,000, P30,000, P50,000 respectiv

    d losses in the ratio of 4:6, respectively. ML contributed a parcel of land that cost her P25,000. PP contribute

    butes a building having an historical cost, accumulated depreciation, and market value of P290,

    Priority P&L ratio


    Juan Capital Contribution
    210,000.00 Equally divided
    l, jeremy and Juan 20,000.00
    230,000.00

    P25,000, P70,000 and P80,000, respectively. In addition, the partners agree that Alber should re

    value of assets contributed is P60,000, P80,000 and P100,000, respectively. In addition, Max an
    artners contribute cash and noncash assets valued at P30,000, P50,000, and P25,000, respectively. The partn

    e a 60% interest in capital and profits and Ken is to have a 40% interest in capital and profits. Bill contributes

    ees to assume. Ken contributes P50,000 cash to the partnership. Bill and Ken agree that Ken's capital accoun

    assets contributed as the partnership's formation:

    has assumed. The partnership agreement also specifies that profits and losses are to be distributed evenly. W
    110,000.00

    n November 30, 20x4, just before the admission of DD, show the following balances:

    g adjustments shall be made:


    eivable is to be established.

    e of P800 are to be recognized

    ip. CC's adjusted capital before the admission of DD is ______________

    r Adjustments
    P50,000 respectively. Max has

    5,000. PP contributed P50,000 ca

    ket value of P290,000, P100,000, and P400,000, respectively. The building is initially recorded on

    at Alber should receive P20,000

    addition, Max and Tony agree t


    pectively. The partners choose to a

    fits. Bill contributes the following:

    en's capital account should equal

    istributed evenly. What amounts

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