Transcript
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    Partnership Operations

    CHAPTER 2

    MULTIPLE CHOICE ANSWERS AND SOLUTIONS

    2-1: d

    Jordan PippenAnnual salary P120,000 P80,000P200,000Balance, equally ( 10,000) ( 10,000)( 20,000)

    Total P110,000 P 70,000

    P180,000

    2-2: a

    JJ KK LL

    Bonus (.20 X P90,000) P18,000

    P 18,000InterestJJ (.15 X P100,000) P15,000 )KK (.15 X P200,000) P 0,000 )!! (.15 X P00,000) P"5,000)

    90,000Balance, equally ( #,000) ( #,000) ( #,000)( 18,000)

    Total profit share P27,000 P 24,000 P39,000

    P 90,000

    2-3: a

    2-4: aAllan Michael

    InterestAllan $ .10 X (P"0,000 % #0,000 &2) P 5,000 )'cael $ .10 X (P#0,000 % *0,000&2) P #,500)

    P 11,500Balance, equally +1",000 +1",000++28,000

    Total P 19,000 P20,500

    ,000

    2-5: a

    Fred Greg HenryInterest (.10 o a-erae ca/tal) P12,000 P #,000 P ",000P 22,000alares 0,000 20,00050,000Balance, equally ( 5,000) ( 5,000) ( 5,000 )(105,000)

    Total P 7,000 ( P29,000) (P11,000)

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    3,000)

    2-6: b

    A-erae a/talCapital Months Peso

    Date Balance Unchanged Months

    January 1 1"0,000 # P 8"0,000July 1 180,000 1 180,000Auust 1 1#5,000 5 ++825,000

    12 P1,8"5,000

    A-erae ca/tal $ P1,8"5,000&12 P15,*50

    Interest (P153,750 X 10%) = P 15,37522 Chapter 2

    2-7: c

    Capital Months Peso

    Date Balance Unchanged Months

    January 1 P1#,000 P "8,000A/rl 1 1*,#00 2 5,200June 1 19,200 5*,#00e/te34er 1 15,200 " ++#0,800

    12 P201,#00

    !era"e #apital(P201,$0012) = P1$,800

    2-8: a

    et /rot 4eore 4onus P 2",000

    et /rot ater 4onus (P2",000&1206) ++20,000Bonus to 7J ",000Balance (P2",000$P",000)X&5 ++12,000

    Total profit share P 1$,000

    2-: a

    LT AM Total

    Interest P,200 P ,#00 P #,800alares 15,000 *,500 22,500Balance, 2 (11,580) ( *,*20) ( 19,00)

    Total P $,$20 P 3,380 P 10,000

    2-1!: b

    et nco3e ater salary, nterest an 4onus P"#*,500A 4ac: alary (P10,000 X 12) P120,000

    Interest (P250,000 X .05) ++12,500 +12,500

    et nco3e ater 4onus (806) P#00,000et nco3e 4eore 4onus (P#00,000&806) +*50,000

    Pa&l's on&s P150,000

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    2-11: b

    CC DD EE Total

    alary P 1",000000

    Balance P1",000 P 8,"00 5,#0028,000Atonal /rot to ;; ( 1,500 ) ++2,100 ( #00 )++++++

    Total P12,500 P10,500 P 19,000

    ,000

    Net inco!e

    /enses +"8,000

    et Inco3e P"2,000

    Partnership Operations

    2-12: c

    LL MM NN Total

    Interest P 2,000 P 1,250 P *50000

    Annual alary 8,500 8,500Atonal /rot to -e !!, P20,000 9,500 5,*00 ,80019,000?Atonal /rot to -e '', P1",000 +++++ ++*,050 +++++

    ++*,050@otal P20,000 P1",000 P ",550

    550?(P9,500&506) P19,000

    2-13: a

    "" ## TT Total

    =>cess (;ecency)77 (P80,000 $ P95,000) P15,000 ) (P50,000 $ P"0,000) (P10,000) )

    P 5,000Balance "1 +"*,500 +5,#25 +11,8*5

    ++95,000Total P$2,500 P25,$25 P11,875

    P100,000

    Net $nco!e %&''(''' ) *''('''+ , P*''('''

    2-14: b AA BB CC Total

    AA $ 100,000 X 106 P 10,000 )

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    150,000 X 206 0,000 )P "0,0007e3aner, 210,000

    BB (#0,000 X .05) P ,000 ) (#0,000 X .05) P ,000

    #,000

    Balance, equally ++#8,000 +#8,000 +#8,000+20",000

    Total P108,000 P71,000 P71,000

    P250,000

    2-15: a

    AJ BJ CJ Total

    Bonus to Jet /rot 4eore 4onus P"",000et /rot ater 4onus (P"",000&1106)P"0,000 P",000

    P",000Interest to BJ P1,000 1,000

    alares P 10,000 12,00022,000Balance, ""2 ++#,800 +#,800 ++,"00+1*,000

    Total P 1$,800 P7,800 P19,400

    P44,000

    2-16: c

    @otal /rot sare o Pero P200,000!ess alary to Pero P 50,000

    Interest ++20,000 ++*0,000

    are n te 4alance ("06) P10,000

    et /rot ater salary an nterest (10,000&"06) P25,000A @otal alares P150,000

    @otal Interest ++*0,000 +220,000

    Total Partnership Ino*e P545,00024 Chapter 2

    2-17: c

    et nco3e 4eore e>traornary an an 4onus (#9,#00$12,000) P 5*,#00et nco3e ater 4onus (5*,#00&1206) +"8,000

    Bonus to 77 P 9,#00

    ;str4uton o et Inco3eJJ "" Total

    Bonus P 9,#00 P 9,#00Balance, equally P 2",000 2",000 "8,000

    et /rot 4eore e>traornary an P 2",000 P ,#00 P 5*,#00=>traornary an ++",800 ++*,200 +12,000

    Total P 28,800 P 40,800 P $9,$00

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    2-18: a

    Mel Jay Total

    Interest P 20,000 P 12,000 P 2,000Annual alary #,000 #,0007e3aner #0"0 ++#0,000 +"0,000 +100,000

    Total P11$,000 P 52,000 P1$8,000

    2-1: a

    D- JE F" Total

    Interest on e>cess (;ecency) P 15,000 P ,*50 (P *,500)P 11,2507e3aner 52 ( #,8*5 ) ( 22,125) ( 1",*50 )( *,*50)

    Total (P 21,875) (P 18,375) (P 22,250)

    2,500)

    2-2!: c

    orrecton o 201 /rotet nco3e /er 4oo:s P 19,500nerstate3ent o e/recaton ( 2,100)-erstate3ent o n-entory, ;ece34er 1 ( 11,"00 )

    ACuste net nco3e P #,000

    Pete "ico Total

    ;str4uton o net nco3e /er 4oo:=qually P 9,*50 P 9,*50

    500;str4uton o aCuste net nco3e

    =qually ( ,000) ( ,000 )

    000)

    +e&ire- .erease P $,750 P $,750

    P 13,500

    2-21: a

    Tiger .oods Total

    alares P #",000 P100,000P1#",000Interest 2",000 0,0005",000Bonus (P#0,000$P5",000)X.25 *#,500

    *#,5007e3aner, 0*0 ++19,#50 ++"5,850++#5,500

    Total P184,150 P175,850

    P3$0,000Partnership Operations

    2-22: a

    Clotty Cotto Total

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    alares P 20,000 P 20,000o33sson P 25,000 25,000Interest 2,000 ,#00 #5,#00Bonus, sceule 1 0,000 0,0007e3aner, #0"0 ++5,#"0 +2,*#0 ++59,"00

    Total P117,$40 P 82,3$0 P200,000

    #ched/le *

    et nco3e 4eore salary, co33sson,nterest an 4onus P200,000

    !ess salares ++20,000

    et nco3e 4eore 4onus P180,000et nco3e ater 4onus (P180,000&1206) +150,000

    Bonus P 0,0002-23: a

    Mi0e Tyson

    a/tal 4alance, 4ennn P#00,000 P"00,000P1,000,000

    Atonal n-est3ent 100,000 200,00000,000a/tal DtraDal $200,000 ( 100,000 )

    00,000a/tal 4alance 4eore /rot an loss str4uton P500,000 P500,000P1,000,000

    et nco3ealary P200,000 P00,000

    0,000Balance, 2 ++#0,000 ++"0,000

    ++100,000

    @otal P2#0,000 P"0,0000,000

    @otal P*#0,000 P8"0,000P1,#00,000;raDns ( 200,000 ) ( 00,000 )

    00,000)

    #apital alane, en- P5$0,000 P540,000

    P1,100,000

    2-24: d

    A1erage Capital ) King2

    Capital Months PesoDate Balance Unchanged Months

    January 1 P"0,000 P120,000A/rl 1 55,000 9 +"95,000

    12 P#15,000A-erae ca/tal P#15,000&12 P51,250

    A1erage Capital ) 3/een2

    Capital Months Peso

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    Date Balance Unchanged Months

    January 1 P100,000 * P*00,000A/rl 1 10,000 5 ++#50,000

    12 P1,50,000

    A-erae ca/tal $ P1,50,000 & 12 P112,500

    26 Chapter 2&)&42 Contin/ed

    ;str4uton o et Inco3e $ ceule 1

    King 3/een Total

    Interest P 5,125 P11,250 P1#,*5Bonus, ceule 2 12,*25 12,*25alares 25,000 0,000 55,0007esual, 5050 ( 2,050) +(2,050) +(",100)

    @otal P"0,800 P9,200 P80,000

    #ched/le &

    et nco3e 4eore allocaton P80,000!ess Interest +1#,*5

    et nco3e 4eore 4onus P#,#25et nco3e ater 4onus (P#,#25&1256) +50,900

    Bonus P12,*25

    a/tal Balance ;ece34er 1King 3/een Total

    a/tal 4alance, January 1 P"0,000 P100,000 P1"0,000

    Atonal n-est3ent +15,000 ++0,000 ++"5,000a/tal 4alance 4eore /rot an

    loss str4uton P55,000 P10,000 P185,000et nco3e (ceule 2) "0,800 9,000 80,000;raDns (P"00 X 52) ( 20,800) ( 20,800) ( "1,#00 )

    #apital alane, .ee*er 31 P75,000 P148,400 P223,400

    2-25: d

    @otal rece/ts (P1,500,000 % P1,#25,000) P,125,000=>/enses ( 1,080,000)

    et nco3e P2,0"5,000

    ;str4uton to Partners+e- / P1,500,000P3,125,000 X P2,045,000 = P 981,$00 (1)

    Blue P1,#25,000&P,125,000 X P2,0"5,000 +1,0#,"00

    P2,0"5,000

    a/tal 4alance o Blue ;ec. 1a/tal Balance, Jan. 1 P *",000Atonal n-est3ent +++22,000

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    a/tal 4alance 4eore /rot anloss str4uton P 9#,000

    Prot sare 1,0#,"00;raDns ( *50,000)

    #apital alane, .e 31 P 709,400 (2)

    Partnership Operations

    2-26: a

    "ay #a!

    a/tal 4alances, 'arc 1 P150,000 P180,000P0,000

    Atonal n-est3ent, o-. 1 +++++++ ++#0,000++#0,000

    a/tal 4alances 4eore salares, /rot an ;raDns 150,000 2"0,000

    90,000Prot sare

    Interest 15,000 20,0005,000

    Balance, #0"0 51,000 ",00085,000

    @otal ##,000 5",000120,000

    @otal 21#,000 29",000510,000

    alares +18,000 +2",000

    +"2,000@otal 2",000 18,000

    552,000;raDns (18,000) (2",000)

    ("2,000)

    #apital alanes, e 28 P21$,000 P294,000

    P510,000

    2-27: a#/san Tanny

    a/tal 4alances, 1&1 P150,000 P0,000

    P180,000Atonal n-est3ent, "&1 8,000

    8,000a/tal DtraDals, *&1 +++++++ (#,000)

    +(#,000)

    Balances 4eore /rot str4uton 158,000 2",000182,000

    Prot str4uton

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    Interest 2,"00 ",0502*,"50

    Bonus (206 > P0,000) #,000#,000

    Balance, equally (1,*25) (1,*25)(,"50)

    @otal 21,#*5 +8,250,000

    @otal 1*9,#*5 2,25212,000

    ;raDns (12,000) (12,000)(2",000)

    #apital alanes, 1231 P1$7,$75 P20,325

    P188,000

    28 Chapter 2

    2-28: a#in Tan Uy

    a/tal 4alances, 4e. 1st year P110,000 P80,000 P110,000P00,000

    !oss str4uton, 1st yearalares 20,000 10,000

    0,000Interest 11,000 8,000 11,000

    0,000Balance, 52 ("0,000) (1#,000) (2",000)

    (80,000)

    @otal ( 9,000) ( 8,000) ( ,000)(20,000)

    @otal 101,000 *2,000 10*,000280,000

    ;raDns (10,000) (10,000) (10,000)(0,000)

    a/tal 4alances, 4e. 2n year 91,000 #2,000 9*,000250,000

    Prot str4uton, 2n yearalares 20,000 10,000

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    0,000Interest 9,100 #,200 9,*00

    25,000Balance, 52 ( *,500) ( ",500) ( ,000)

    (15,000)

    @otal 21,#00 +1,*00 1#,*00

    "0,000@otal 112,#00 #,*00 11,*00

    290,000;raDns +(10,000) (10,000) +(10,000)

    +(0,000)

    #apital alanes, en- of 2n- ear P102,$00 P53,700 P103,700

    P2$0,000

    2-2: cJay Kay Loi

    a/tal 4alances, 1&1&011 P0,000 P0,000 P0,000P90,000

    Atonal n-est3ent, 2011 5,000

    a/tal DtraDal, 2011 +(5,000) +(",000) ++++++ +(9,000)

    a/tal 4alances 25,000 2#,000 5,0008#,000

    Prot str4uton, 2011Interest ,000 ,000 ,000alary *,000Balance, equally +1,000 +1,000 +1,000

    ++,000

    a/tal 4alances, 1&1&12 #,000 0,000 9,000105,000

    Atonal n-est3ent, 2012 5,000a/tal DtraDal, 2012 ++++++ +(,000) +(8,000)

    (11,000)

    a/tal 4alances "1,000 2*,000 1,00099,000

    Prot str4uton, 2012Interest ,#00 ,000 ,900

    10,500alary *,000Balance, equally +1,500 +1,500 +1,500

    ++",500

    a/tal 4alances, 1&1&01 5,100 1,500 #,"00121,000

    Atonal n-est3ent, 201 #,000

    a/tal DtraDal, 2012 ++++++ +(",000) +(2,000)+(#,000)

    a/tal 4alances 5,100 2*,500 "0,"00121,000

    Prot str4uton, 2012Interest 5,10 ,150 ,#"0

    12,100alary *,000Balance, equally ++,00 ++,00 ++,00

    +++9,900

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    a/tal 4alances, 12&1&01 /er 4oo:s P#8,*10 P,950 P"*,"0P150,000

    nerstate3ent o e/recaton (2,000) (2,000) (2,000)(#,000)

    -&ste- apital alanes, 1231013 P$$,710 P31,950 P45,340

    P144,000

    Partnership Operations

    2-3!: a

    Ken Len Mon

    a/tal 4alances, 1&1&012 P100,000 P100,000 P100,000P00,000

    Atonal n-est3ent, 2012 "0,000"0,000

    a/tal DtraDal, 2012 ( 20,000) +++++++ +++++++ ( 20,000)

    Balances 80,000 1"0,000 100,00020,000

    Prot str4uton, 2012 (ceule 1)alary #0,000

    #0,000Balance, 4e. a/tal rato 20,000 20,000 20,000

    #0,000

    a/tal 4alances, 1&1&01 100,000 1#0,000 180,000""0,000

    a/tal DtraDal, 201 ( 20,000) ( "0,000) +++++++ ( #0,000)

    Balances 80,000 120,000 180,00080,000

    Prot str4uton, 201alary #0,000

    #0,000Balance, 4e. ca/tal rato ++1,## ++21,818 ++2",5"#

    ++#0,000

    #apital alanes, 1231013 P 93,$3$ P141,818 P2$4,54$

    P500,000

    #ched/le * 5 Co!p/tation o6 net pro6it2

    @otal ca/tal, 201 (P#"*,500 P1"*,500) P500,000@otal ca/tal, 2012 (P00,000 % P"0,000 P80,000) +2#0,000

    @otal /rot or 2 years P2"0,000

    et /rot /er year (P2"0,000 & 2) P120,000

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    2-35: b

    &'**2

    rnal /rot allocaton Cris Pa/l Bryan Total

    alares P 80,000 P #0,000 P #0,000 P200,000

    Balance o /rot 100,000 100,000 100,000 00,000

    @otal P180,000 P1#0,000 P1#0,000 P500,000

    7e-se /rot allocaton

    alares P 80,000 P #0,000 P #0,000 P200,000

    Interest on ca/tal (c. A) *,500 1,200 5,*00 2#,"00

    Balance o /rot 91,200 91,200 91,200 2*,#00

    @otal P1*8,*99 P1#","00 P15#,900 P500,000

    ;erence n total P 1,00 P (","00) P ,100 P 0

    Partnership Operations

    2-35: Continued

    2012

    Original profit allocation: Cris Paul Bryan Total

    Salaries P 80,000 P 60,000 P 60,000 P200,000

    Balance of profit 70,000 70,000 70,000 210,000

    Total P150,000 P130,000 P130,000 P410,000

    Reise! allocation:

    Salaries P 80,000 P 60,000 P 60,000 P200,000 Interest on ca/tal (c. B) ,9"" 2,"28 ,528 9,900

    Balance of profit 66,700 P 66,700 P 66,700 P200,000

    Total P150,644 P12",128 P130,228 P410,000

    #ifference in totals P $644% P 872 P $228% P 0

    Total of !ifferences P 656 P (3,528) P 2,872 P 0

    Therefore Paul capital should be increased by P3,528

    Shedule !: "e#ised Co$putation o% &nterest on !#era'e Capital

    Capital (ration o% !#era'e

    Partner )ate Balane *ear +nhan'ed Capital

    &ris 'an(ar) 1 P180,000 3*12 P45,000

    +arc 31 30,000 6*12 15,000

    Septe-.er 30 10,000 3*12 2,500

    P62,500

    Pa(l 'an(ar) 1 P250,000 3*12 P62,500

    +arc 31 80,000 6*12 40,000

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    Septe-.er 30 30,000 3*12 7,500

    P110,000

    Br)an 'an(ar) 1 P60,000 "*12 P45,000

    Septe-.er 30 10,000 3*12 2,500

    P47,500

    &nterest at 12,:

    Cris: P62500 . 12, / P500

    Pa(l: P110,000 / 12 P13,200

    Br)an: P47,500 / 12 P5,700

    32 Chapter 2

    &)9:2 Contin/ed

    #ched/le B2 "e1ised Co!p/tation o6 $nterest on A1erage Capital

    Capital (ration o% !#era'e

    Partner )ate Balane *ear +nhan'ed Capital

    &ris 'an(ar) 1 P188,700 1*12 P15,725

    +arc 31 18,700 11*12 17,142

    P32,867

    Pa(l 'an(ar) 1 P1"4,400 1*12 P16,200

    +arc 31 4,400 11*12 4,033

    P20,233

    Br)an 'an(ar) 1 P166,"00 1*12 P13,"08

    Septe-.er 30 16,"00 11*12 15,4"2

    P2",400

    &nterest at 12,:&ris: P32,867 / 12 P3,"44

    Pa(l: P20,233 / 12 P2,428

    Br)an: P2",400 / 12 P3,528

    2-36: a

    Ga;riel Harry C/!/lati1e Total

    alares P5,000 P"0,000 P *5,000

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    Bonus (c. A) 12,000 8*,000Interest on ca/tal (c. B) 11,"#* 5, 10,8007e3aner o /rot 11,280 1#,920 12,000

    Total P$9,747 P$2,253

    #ched/le A2 Co!p/tation o6 Bon/s to Ga;riel

    Bonus 106 (net nco3e Bonus)1106 Bonus 106 (net nco3e)1106 Bonus P1,200 Bonus P12,000

    #ched/le B2 Calc/lation o6 a1erage capital ;alances2

    Partner Date Capital Balance Fraction A1erage Capital

    Fa4rel January 1 P120,000 &12 P 0,000

    A/rl 1 1"0,000 512 58,

    o-e34er 1 1*0,000 2&12 28,

    o-e34er 1 1#0,000 2&12 2#,##*

    P1",

    Partnership 8perations

    &)9/enses, 2011 ,000 (,000)Accrue e>/enses, 2011 (2,000) 2,000

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    naCuste 4alances, ;ece34er 1, 2011 P25,000 P0,000 P28,000

    Bonus to ory on cane n 2011 nco3e (c. 1) "00

    Allocaton o re3ann aCust3ents to 2011 nco3e 1,200 1,200 1,#00

    Bonus to ory on cane n 2012 nco3e (c. 2) (2,000)

    Allocaton o re3ann aCust3ents to 2012 nco3e (*,000) (*,000) (#,000)

    orrecton o ca/tal DtraDal (5,000)

    -&ste- apital alanes, .ee*er 31, 2012 P12,$00 P2",200) P2,#00

    #ched/le *2

    Bonus 106 (1 $ Bonus)

    Bonus 106 (P","00 Bonus)

    1106 Bonus P""0

    Bonus P"00

    #ched/le &2

    Bonus 106 )1 Bonus)

    Bonus 106 (P22,000 Bonus)

    1106 Bonus (P2,200)

    Bonus (P2,000)

    94 Chapter &

    2-38: b8ld Partners Capital Balances ;e6ore Ad!ission o6 Ne> Partner2

    Al!a Betty Total

    a/tal 4alances, 'arc 1, 2011 P"80,000 P2"0,000 P*20,000

    2011 net loss

    alares (10 3onts) "80,000 2"0,000 *20,000

    Interest on 4ennn ca/tal 4alances "8,000 2",000 *2,000 Balance, 4ennn ca/tal rato (552,000) (2*#,000) (828,000)

    @otal (2",000) (12,000) (#,000)

    @otal "5#,000 228,000 #8",000

    ;raDns (2",000) (2",000) ("8,000)

    a/tal 4alances, 1&1&2012 "2,000 20",000 ##,000

    2012net /rot

    alares 5*#,000 288,000 8#",000

    Interest on 4ennn ca/tal 4alances ",200 20,"00 #,#00

    Balance, equally (9*,800) (9*,800) (*95,#00)

    @otal 221,"00 (89,"00) 12,000

    @otal #5,"00 11",#00 *#8,000

    ;raDns (2",000) (2",000) ("8,000)a/tal 4alances, 12&1&012 P#29,"00 P90,#00 P*20,000

    ontr4ute ca/tal o neD /artner ora P"00,000

    Aree ca/tal o ora (P*20,000 % P"00,000) > "06 ""8,000

    Bonus ro3 Al3a an Betty, ornal ca/tal rato(reucton ro3 ca/tal) P "8,000

    Therefore entr is orret

    2-3: b

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    "i?a Mar0 Total

    a/tal 4alances, Jan. 2, 201 P25,000 P18,000 P",000

    Prot str4uton P2,000?

    Interest?? 1,0"2 900 1,9"2

    alares $ #,000 8,000

    Balance, 21 8,*05 ",5 1,058 @otal sare 2,000

    Personal raDns $ (8,000) (8,000)

    Ca"#$a% ba%a&c'() D'c* 31) 2!13 P34)747 P23)253 P58)!!!

    ? 7e-enue P108,000

    ost o oos sol (80,000)

    ;e/recaton ( 5,000)

    et /rot P 2,000

    ?? Interest 6 +ia Interest $ 'ar:

    25,000 > 2&12 P ",1#* 18,000 > 12&12 P18,000

    20,000 > 10&12 1#,##* 7ate 56A-e. ca/tal P20,8" Interest P 900

    7ate 56

    Interest P 1,0"2

    Partnership 8perations

    2-4!: a

    Distri;/tion o6 Pro6it2

    "o!eo Parco Total

    alares P",000 P59,000 P9,000

    Bonus to Parco?? $ 21,*50 21,*50Balance (squeeGe) 52,200 ",800 8*,000

    @otal /rot sare ? P8#,200 P115,550 P2!1)75!

    Pro6it share o6 "o!eo

    a/tal 4alance ater /rot str4uton P1"2,200

    alary raDn ",000

    a/tal DtraDal 5,000

    Atonal n-est3ent ("0,000)

    Bennn ca/tal 4alance (85,000)

    Prot sare P 8#,200

    ?? Bon/s to Parco2 et nco3e ater salares an 4onus P 8*,000

    7ate 256

    Bonus P 21,*50

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    Partnership 8perations 9

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    D#a0: Capital Months Peso

    Date Balances Unchanged Months

    1&1..................................... P1#,500 5 P 82,500#&1..................................... 21,500 #",5009&1..................................... 19,500 " ++*8,000

    12 P225,000

    A-erae ca/tal P225,000 12 3onts P18,*50

    3* Castro Dia? Total

    Interest........................................................ P *,500 P",500 P12,000alares........................................................ #,000 2",000 #0,000Balance, equally.......................................... ( 2",100) (2",100) ( "8,200)

    @otal............................................................ P19,"00 P ","00 P2,800

    4* Castro Dia? Total

    Bonus %a+.................................................... P ",*#0 P P ",*#0

    Interest %;+................................................... 1,100 1,100Balance, 2................................................ +10,*#" +*,1*# +1*,9"0

    @otal............................................................ P1#,#2" P*,1*# P2,800

    3 Chapter 2

    Co!p/tations2

    a. et /rot 4eore 4onus................................................ P2,800

    et /rot ater 4onus %P&9(@'' *&:+..................... +19,0"0

    Bonus........................................................................... P ",*#0

    4. A-erae ca/tal o astro H%P&

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    A/r. 0 1*5,000 5 8*5,000e/t. 0 195,000 ++585,000

    12 P1,920,000

    A-e. a/tal (P1,920,000 12) P1#0,000

    oo- Date Balances Months Peso

    Unchanged Months

    Jan. 1 P1"0,000 P"20,000'ar. 1 200,000 #00,000June 0 150,000 2 00,000Au. 1 220,000 2 ""0,000ct. 1 200,000 2 ++"00,000

    12 P2,1#0,000

    A-e. a/tal (P2,1#0,000 12) P180,000

    Profit .istri&tion7o4n P1#0,000 P"0,000 > P510,000 P2"0,000

    oo P180,000 P"0,000 > P510,000 +2*0,000

    P510,000

    Partnership Operations 38

    b* "o;in Hood Total

    Interest on a-e. ca/tal........................... ... ... ... ... .. P 1","00 P 1#,200 P 0,#00alares................................................................ #0,000 100,000 1#0,000Bonus (P510,000 0,#00 1#0,000) > 256).... *8,850 *9,850

    Balance, equally.................................................. +119,**5 +119,**5 +29,550@otals................................................................... P2*",025 P25,9*5 P510,000

    c* "o;in Hood Totals

    Interest7o4n (P195,000 P15,000) 106............. P #,000oo (P200,000 P1"0,000) 106.............. P #,000 P 12,000

    Balance, equally.................................................. 2"9,000 2"9,000 "98,000

    @otals................................................... ... ... ... .... ... 255,000 255,000 510,000

    d* "o;in Hood Total

    alares................................................................ P 80,000 P120,000 P200,000

    Bonus (see co3/utatons 4eloD)......................... #2,000 #2,000Balance, equally.................................................. +12",000 +12",000 +2"8,000

    @otals................................................................... P2##,000 P2"",000 P510,000Bon/s Co!p/tations

    et nco3e 4eore salares an 4onus......................... ..... ....................... P510,000!ess alares........................................................................................... 200,000

    et nco3e 4eore 4onus......... .......... ............................................ ......... 10,000

    et nco3e ater 4onus (P10,000 1256)............................................ +2"8,000

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    Bonus...................................................................................................... P #2,000

    P,b%'. 2 / 3

    a. De -illa De -era Total

    alares................................................................ P 0,000 P 0,000o33sson (26 > P1,000,000).......................... P 20,000 20,000Interest o 86 on a-erae ca/tal......................... 2,800 1,200 #",000Bonus (see co3/utatons 4eloD)......................... 9,818 9,818 19,##Balance, equally.................................................. ++"",182 ++"",182 ++88,#"

    @otal.................................................................... P11#,800 P105,200 P222,000Bon/s Co!p/tations

    Inco3e 4eore salary, co33ssons, nterest L 4onus............................. P222,000alary an co33sson (P0,000 % P20,000).......................................... ( 50,000)Interest.................................................................................................... ( #",000)

    Inco3e 4eore 4onus............................................................................... 108,000

    Inco3e ater 4onus (P108,000 1106).................................................. +98,182

    Bonus...................................................................................................... P 9,818

    b* Inco3e u33ary................................................. P 222,000;e Mlla, ca/tal........................................... 11#,800;e Mera, ca/tal........................................... 105,200

    37 Chapter 2

    P,b%'. 2 / 4

    a* East North .est Total

    alares............................................... P15,000 P20,000 P18,000 P5,000Bonus (see co3/utaton 4eloD).......... ,*#0 ,*#0Interest (see co3/utaton 4eloD)........ 2,800 ",000 ",800 11,#00

    Balance, "..................................... ++,180 ++,180 ++",2"0 +10,#00

    @otal ................................................... P2",*"0 P2*,180 P2*,0"0 P*8,9#0

    Bon/s co!p/tationset nco3e 4eore 4onus...... ... .......................................................... ....... P*8,9#0

    et nco3e ater 4onus (P*8,9#0 1056)................................................ +*5,200

    Bonus........................................................................................................ P ,*#0$nterest co!p/tations2

    =ast (106 > P28,000)............................................................................... P 2,800ort (106 > P"0,000)......... .......................................................... .......... ",000Eest (106 > P"8,000).............................................................................. ++",800

    @otal.......................................................................................................... P11,#00

    b* East North .est Total

    Interest (see co3/utatons 4eloD)...... P ,1 P ,# P 5,200 P11,9##alares............................................... 2",000 21,000 25,000 *0,000Bonus (see co3/utatons 4eloD)........ ",280 ",280Balance, equally................................. ( #,05#) ( #,055) ( #,055) ( 18,1##)

    @otal . .................................................. P 21,0** P 22,858 P 2",1"5 P #8,080

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    $nterest co!p/tationsA-erae ca/tals

    =ast Months PesosDate Balances Unchanged Months

    1&1 P0,000 " P120,0005&1 #,000 " 1"",0009&1 28,000 " +112,000

    12 P*#,000

    A-erae ca/tal (P*#,000 12) .......................................... P 1,

    ort Months PesosDate Balances Unchanged Months

    1&1 P"0,000 2 P80,000&1 1,000 " 12",000*&1 #,000 2 *2,000

    9&1 "0,000 " +1#0,00012 P"#,000

    A-erae ca/tal (P"#,000 12)........................................... P #,

    Partnership Operations 40

    Eest Months PesosDate Balances Unchanged Months

    1&1 P50,000 P150,000"&1 5*,000 2 11",000#&1 #0,000 2 120,0008&1 "8,000 5 +2"0,000

    12 P#2",000

    A-e. ca/tal (P#2",000 12).................................... P 52,000

    $nterest Co!p/tations=ast (106 > P1,)........................................................... P ,1ort (106 > P#,)......................................................... ,#Eest (106 > P52,000).......................................................... ++5,200

    @otal.. ................................................................................... P 11,9##

    Bon/s Co!p/tations

    et nco3e.......................... ................................................. P #8,000!ess alary........................................................................... +21,000

    et nco3e 4eore 4onus...................................................... "*,080

    et nco3e ater 4onus (P"*,080 1106)........................... +"2,800

    Bonus to ort..................................................................... P ",280? @o @otal

    c* East North .est Total

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    Bonus (see co3/. 4eloD).................... P 8,990 P 8,990alares .......................................... P21,000 P 18,000 9,000Interest on 4ennn ca/tal............... ,000 ",000 5,000 12,0007e3aner, 8*5....... .... ... ... ... ... ... ... ... +1,180 +11,52.50 ++8,2*.50 +2,950

    @otal.................................................. P*,180 P,52.50 P22,22*.50 P92,9"0

    Bon/s Co!p/tationset nco3e 4eore salares L 4onus.................................. .............. .......... P92,9"0!ess alares (P21,000 % P18,000)............................................................ +9,000

    et nco3e 4eore 4onus...... ... .......................................................... ....... P5,9"0

    et nco3e ater 4onus (P5,9"0 1206)................................................ +"",950

    Bonus to Eest........................................................................................... P 8,990

    P,b%'. 2 / 5

    a* #ched/le o6 $nco!e Distri;/tion2

    Maria Clara "ita Total

    alares. .. ........................................... P12,000 P10,000 P 8,000 P0,000Interest (see co3/utaton on /. 0)..... *,200 9,#00 1,800 0,#00Balance, equally................................. ++,1 ++,1 ++,1" ++9,"10

    @otal . ................................................. P22, P22,* P2",9" P*0,00041 Chapter 2

    Pro;le! &):2 Contin/ed

    $nterest on A1erage Capital2

    'araP80,000 > 86 > # 3onts....................... P ,200P100,000 > 56 > # 3onts......... ... ... ... ... ++",000 P *,200

    lara

    P120,000 > 86....................................... 9,#007ta

    P180,000 > 86 > 9 'os.. . ...................... P10,800P150,000 > 86 > 'os... .......... ... ... ... ... ++,000 +1,800

    @otal ............................................................... P0,#00

    b* #tate!ent o6 Partners CapitalMaria Clara "ita Total

    Balances, Jan. 1............... ... ... ... .... ... ... P 80,000 P120,000 P180,000 P80,000Atonal In-est3ent........................ 20,000 20,000a/tal EtraDal............................. ( 0,000) ( 0,000)

    et Inco3e............................. .......... .. 22, 22,* 2",9" *0,000;raDns .......................................... ( 10,000) ( 10,000) ( 10,000) ( 0,000)

    Balance, ;ec. 1.............................. ... P112, P12,* P1#",9" P"10,000

    P,b%'. 2 / 6

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    1* A%%ca$#& &'$ %(( , 2!13:

    Al1in Benny Celia Total

    alary to Al-n.................................... P 20,000 P20,000Interests on a-erae ca/tal

    Al-n (P120,000 > 106)... .. .. .. .. . 12,000

    Benny (P200,000 > 106)........... 20,000ela (P220,000 > 106)............. 22,000 5",000Balance, 00"0............................... (29,"00) +(29,"00 ) +(9,200 ) +(98,000 )

    @otal.................................................. P 2,#00 P( 9,"00 ) P(1*,200 ) P(2",000 )

    2* S$a$'.'&$ Pa,$&',(#" Ca"#$a%

    'a, E&d'd D'c'.b', 31) 2!13

    Al1in Benny Celia Total

    a/tals, January 1, 201............... ... .. P120,000 P180,000 P220,000 P520,000Atonal n-est3ents....................... #0,000 "0,000 100,000a/tal DtraDals................. .... ... ... . +++++++ ++++++++ +(20,000) +(20,000)

    Balances. ........................................... 120,000 2"0,000 2"0,000 #00,000

    et loss (see a4o-e)........................ .... ++2,#00 ++(9,"00) +(1*,200) +(2",000)

    Balances. ........................................... 122,#00 20,#00 222,800 5*#,000;raDns. .......................................... +(1#,000) +++++++ +++++++ +(1#,000)

    a/tals, ;ece34er 1, 201.............. P10#,#00 P20,#00 P222,800 P5#0,000Partnership 8perations 4&

    Pro;le! &)s Al1in Benny Celia

    orrect loss allocaton........................ P2,#00 P(9,"00) P(1*,200)Actual loss allocaton......................... ++("00) ++9,#00 ++1",800

    ACust3ent........................ ... ... ... ... ... .. P2,200 P 200 P ( 2,"00 )

    P,b%'. 2 / 7

    Dino Nelson 8scar Total

    a/tal 4alances, 1&2&011............................ P"5,000 P"5,000 P"5,000 P15,000Atonal n-est3ent, 2011....................... +15,000 +15,000 ++#,000 ++#,000

    Balances. .................................................... #0,000 #0,000 51,000 1*1,000et nco3e (!oss) $ 2011, equally...... ........ (1,800) ( 1,800) ( 1,800) ( 5,"00)EtraDals, 2011...................................... (1*,000) ( *,000) ( ,200) ( 2*,200)

    a/tal 4alances, 12&1&11.......................... "1,200 51,200 "#,000 18,"00Atonal n-est3ent, 2012....................... +++++ +++++ ++#,000 +++#,000

    Balances. .................................................... "1,200 51,200 52,000 1"","00et nco3e 2012, "0 0 0................... . 10,800 8,100 8,100 2*,000EtraDals, 2012...................................... (1*,000) ( *,000) ( ,200) ( 2*,200)

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    a/tal Balances, 12&1&012........................ 5,000 52,00 5#,900 1"",200Atonal n-est3ent, 201....................... ++++++ ++++++ +++#,000 +++#,000

    Balances. .................................................... 5,000 52,00 #2,900 150,200et nco3e, 201 (sceule 1).................... 5#,#5 "2,2*2 20,# 120,000EtraDals, 201.............. ... .... ... ... ... ... ... .. (19,000) ( 9,000) ( ,200) ( 1,200)

    a/tal 4alances, 12&1&01........................ P*2,#5 P8#,5*2 P80,0# P29,000

    #ched/le *2

    Dino Nelson 8scar Total

    Annual salares................................... P"8,000 P2",000 P12,000 P8",000Bonus (see co3/utatons 4eloD)........ 10,909 10,909Interest................................................ ,#00 ,#00 ,#00 10,800Balance, equally................................. +? ",*#5 ++",*# ++",*# ++1",291

    @otals.................................................. P5#,#5 P",2*2 P20,# P120,000

    Bon/s co!p/tations2

    et nco3e 4eore 4onus...... ... ............................. ....................... ......... P120,000

    et nco3e ater 4onus (P120,000 1106)....................... ... .+109,091

    Bonus to elson.................................................................................... P 10,909

    ? @o @otal43 Chapter2

    P,b%'. 2 / 8

    R'd) W#$' +%' Pa,$&',(#"

    S$a$'.'&$ Pa,$&',( Ca"#$a%

    9, 'a, E&d'd D'c'.b', 31) 2!13

    "ed .hite Bl/e Green Total

    Balances, 4ennn o year "0,200 20,200 "0,#00 P101,000A 206 o ees 4lle to /ersonal clents 8,800 ",800 ","00 18,000Freens sare o ees (=>4t A) ,200 ,2007e3ann net nco3e (=>4t A) +22,800 +22,800 +11,"00 ++++++ +5*,000

    u4totals +*1,800 +"*,800 +5#,"00 ++,200 1*9,200

    !ess EtraDals 10,"00 8,800 11,#00 5,000 5,800ncollect4le accounts ente

    Dt clents o eac /artner 2,"00 900 ,00=>cess rent care to Blue 1,800 1,800

    @otal euctons P12,800 P 9,*00 P1,"00 P 5,000 P "0,900

    Balances, en o year P59,000 P8,100 P",000 P (1,800) P18,00

    R'd) W#$' +%' Pa,$&',(#"

    E#b#$ A / C."$a$#& a&d D#;#(#& N'$ #&c.'

    9, 'a, E&d'd D'c'.b', 31) 2!13

    @otal re-enue ro3 ees P120,000=>/enses, e>clun e/recaton an ou4tul

    accounts e>/ense P8,*00!ess =>cess rent care to (N00 > #) ++1,800

    u4total #,900A ;e/recaton, co3/ute as olloDs

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    N2#,000 > 0.10 2,#00N10,000 > 0.10 > 1&2 ++++500

    @otal e>/enses, e>clun ou4tul accounts e>/ense P"0,000A ;ou4tul accounts e>/ense (N,000 > 0.#0) ++1,800@otal e>/enses "1,800

    et nco3e or year ene ;ec. 1 P *8,200

    ;-son o net nco3e 206 P 8,800Ete P2",000 > 26 "8,000Blue, P22,000 > 206 ","00 P18,000

    Freens sare o eesFross ees ro3 neD clents ater A/rl 1, Oear 1 2",000!ess Allocate e>/enses (N"0,000 > N2",000&

    N120,000) ++8,000

    et nco3e ro3 neD clents P1#,000Freens sare (P1#,000 > 206) P ,200

    @otal -e /ursuant to s/ecal aree3ent ++21,200

    Balance, -e n nco3e$sarn rato as olloDs P 5*,000@o 7e, "06 P22,800@o Ete, "06 22,800@o Blue, 206 +11,"00

    @otal P5*,000

    Partnership 8perations

    P,b%'. 2 /

    A%%a&) E.a& a&d

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    a/tal 4alances, 1&1&01 P210,000 P180,000 P 90,000 P"80,000Atonal n-est3ents +++9,100 +++++++ +++++++ ++9,100

    @otal +219,100 +180,000 +90,000 "89,100Prot str4uton

    alares 1,#80 11,520 10,#"0 5,8"0

    Interest 25,920 21,#00 10,800 58,20Bonus to Fary an onny (ceule 1) Balance, equally ++(9,*20) +(9,*20) +(9,*20)(29,1#0)

    @otal ++29,880 +2,"00 +11,*20 +#5,000

    @otal 2"8,980 20,"00 101,*20 55",100;raDns +(21,000) (18,000) ++(9,000)

    +("8,000)

    a/tal 4alances, 12&1&01 P22*,980 P185,"00 P 92,*20 P50#,100

    #ched/le *2 Co!p/tation o6 the ;on/s

    et /rot 4eore nterest, salares an 4onus P #5,000!essalares P5,8"0

    Interest +58,20 ++9",1#0

    et /rot (loss) 4eore 4onus P(29,1#0 )

    @ereore no 4onus s to 4e -en to Fary an onny.45Chapter 2

    P,b%'. 2 / 11

    a. =ntres to recor te or3aton o te /artners/ an te e-ents tat occurre urn 201

    Cash *(*''('''$n1entory @''('''

    Land *(9''('''

    E/ip!ent *('''('''

    Mortgage paya;le :''('''

    $nstall!ent note paya;le &''('''

    Ko;e( capital %P

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    $nterest epense &'('''

    Cash ::('''

    %4+ Acco/nts recei1a;le &*'('''

    Cash *(94'('''#ales *(::'('''

    %:+ #elling and general epenses 94'('''

    Cash &@('''

    Accr/ed epenses paya;le ing *'4('''

    ceule to allocate /artners/ net nco3e or 2008

    Ko;e Le;ron Total

    Prot /ercentae #06 "06 1006Bennn ca/tal 4alance P2,200,000 P1,00,000P,500,000et nco3e (P1,550,000 re-enue

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    $ P 1,"0,000 e>/enses) 210,000Interest on 4ennn ca/tal

    4alances (6) ##,000 9,000 (105,000)

    P105,000alares 120,000 120,000

    (2"0,000)

    P(15,000)7esual ect (81,000) (5",000)

    (15,000)@otal P105,000 P105,000 $0 $

    4. =b'-L'b,& Pa,$&',(#"S$a$'.'&$ C.",''&(#;' I&c.'

    9, $' 'a, E&d'd D'c'.b', 31) 2!13

    ales

    P1,550,000!ess ost o oos sol

    In-entory, January 1 P800,000Purcases 00,000Foos a-ala4le or sale P1,100,000

    !ess In-entory, ;ece34er 1 (200,000) (900,000)

    Fross /rot P#50,000!ess elln an eneral e>/enses "0,000

    ;e/recaton e>/enses #0,000 "00,000/eratn nco3e P250,000ono/eratn e>/ense$ nterest ("0,000)

    et nco3e P210,000

    4 Chapter2

    Pro;le! &)**( contin/ed2

    c. =b'-L'b,& Pa,$&',(#"S$a$'.'&$ 9#&a&c#a% P(#$#&

    A$ D'c'.b', 31) 2!13

    Assetsas P1,589,000Accounts rece-a4le 210,000In-entory 200,000!an 1,00,000=qu/3ent (net) 9"0,000@otal assets P",29,000

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    !a4ltes an a/tal!a4ltes

    Accounts /aya4le P#0,000Accrue e>/enses /aya4le #2,000Install3ent note /aya4le 1#5,000'ortae /aya4le "50,000

    @otal la4ltes P**,000a/tal

    Ko4e, ca/tal P2,201,000!e4ron, ca/tal 1,01,000

    @otal ca/tal ,502,000@otal la4ltes an ca/tal P"29,000


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