Solution manual advanced accounting by baysa lupisan chapter 091

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To record contributions of Tomas####Req. 2.Campos
and Tomas PartnershipStatement of financial PositionJuly 1
, 2008
Assets
Liabilities & Owners�
EquityCash#P41
,750#Accounts Payable#P90,000##Accounts Rec�l
P60,000##Campos, Capital#83,500##
Less Allowance for
Uncol Accts.
24,000#36,000#Tomas,
Capital#41
,750##Inventory#1
00,000####Furniture#7,500####Goodwill#30,000##_______
_##TOTAL ASSETS#P21
5.250#TOTAL LIABILITIES &
OWNERS� EQUITY#P21
5,250##
Exercise 1
-21
.#Cash#90,000####Accounts Receivable#36,000####Merchandise
Inventory#54,000####Equipment#25,000####
Allowance for Uncollectible
Accounts##2,000###
Accounts Payable##21
,000###
Notes Payable##1
8,000###
Bernal, Capital##1
64,000##2.#Cash#1

00,000####
Camino, Capital##1
00,000##
Exercise 1
�31
.#Cash#800,000####Land#540,000####Building#900,000####
Legaspi, Capital##800,000###
Sabino,
Capital##1
,440,000#######2.#Cash#800,000####Land#540,000####Building#900,000####
Legaspi, Capital##1
,1
20,000###
Sabino, Capital##1
,1
20,000##Exercise 1
- 4
1
.#Income Summary#238,000####
Santos, Capital
(P238,000 x
260/425)##1
45,600###
Abad, Capital
(P238,000 x 1
65/425)##92,400###
####2.#Income Summary#238,000####
Santos, Capital (P238,000 x
3,1
25/5,000)##1

48,750###
Abad, Capital (P238,000 x 1
,875/5,000)##89,250##
Santos:Jan. 1
� Mar. 31
#P260,000 x 3#P780,000###Apr. 1
� Apr. 30# 290,000 x
1
#290,000###May 1
� July 31
# 360,000 x 3#1
,080,000###Aug. 1
� Dec. 31
#
320,000 x 5#1
,600,000#####P3,750,000/1
2#P31
2,500##
Abad:Jan. 1
� May 31
#P1
65,000 x 5#P825,000###June 1
� Aug. 31
# 21
5,000 x
3#645,000###Sept.1
� Dec. 31
# 1
95,000 x 4#780,000#####P2,250,000/1
2#P1

87,500##
3.#Income Summary#238,000####
Santos, Capital##1
47,750###
Abad,
Capital##90,250###
Santos#
Abad#
Total##Interest on ave. capital#P
1
8,750#P
1
1
,250#P 30,000##Salaries to partners#
1
50,000#
1
00,000#
250,000##Balance - equally# (
21
,000)#
(
21
,000)# (42,000)##Net Profit#P
1
47,750#P
90,250#P238 000##4.#Income Summary#238,000####
Santos,
Capital##1
64,840 ###

Abad, Capital##73,1
60 ###
Santos#
Abad#
Total##Bonus to Santos
25% (P238,000 - B)#P 47,600##P 47,600##Interest
of 6% on excess
average investment
6% (P31
2,500 - P1
87,500)#
7,500##
7,500##Balance - 3:2#
1
09,740#
73,1
60# 1
82,900##Net Profit#P 1
64,840#
P73,1
60 #P238,000##5.#Income Summary#238,000####
Santos, Capital
(P238,000
x 1
5/25)##1
42,800###
Abad, Capital (P238,000 x 1
0/25)##95,200##Exercise 1
�
5Sanchez and GomezSchedule of Distribution of Net ProfitDecember 31

, 2008
#Sanchez# Gomez# Total##6% interest on average capital#P 6,246#P 1
4.440#P
20,686##1
0% bonus on net profit after interest#
8,331
##
8,331
##Salaries#
20,000# 30,000
#
50,000##Balance � 70%, 30%# 1
7,488#
7,495#
24,983##Net Profit#P52,065#P51
,935#P1
04,000##Computation of average capital:
Sanchez, Capital#Gomez, Capital##Jan. 1
#P81
,600 x 3#P 244,800#Jan. 1
#P224,000 x
7#P1
,568,000##Apr. 1
#P1
1
1
,600 x 9# 1
,004,400#Aug. 1
#P264,000 x 5#
1

,320,000####P1
,249,200###P2,888,000#########Ave. capital
(P1
,249,200/1
2)#P1
04,1
00#Ave. capital (P2,888,000/1
2)#P240,667##Computation of
bonus: P1
60,000 x 65%= P1
04,000� P20,686 x 1
0% = P8,331
2.Sanchez and Gomez
Statement of Partners� CapitalFor the Year Ended December 31
, 2008#Sanchez#
Gomez# Total##Capital, January 1
#P 81
,600#P224,000#P305,600##Additional
investment#
30,000#
40,000#
70,000##Net profit#
52,065#
51
,935#

1
04,000##Drawings#( 41
,600)#(

41
,600)#( 83,200) ##Capital, December
31
#P1
22,065#P274,335#P396,400##
3.##Sanchez#Gomez#Total###6% interest on average capital#P 6,246#P1
4.440#P
20,686###1
0% bonus on net profit after interest#
8,331
##
8,331
###Balance � Salary ratio# 34,083# 40,000#
74,983###Net Profit#P48,660#P
55,340#P1
04,000##Exercise 1
-61
.##Mercado#Puzon#Total###8% interest on beg
capital#P 48,000#P 54.000#P1
02,000###Salaries#
225,000# 1
1
2,500# 337,500
###Balance 3:2# ( 38,700)# ( 25,800)# ( 64,500)###Net
Profit#P234,300#P1
40,700#P375,000##2.##Mercado#Puzon#Total###8% interest on beg
capital#P 48,000#P 54.000#P1
02,000###Balance � Salary ratio# 1
82,000#
91

,000# 273,000 ###Net Profit#P230,000#P1
45,000#P375,000##Puzon P375,000 x 2/3
= P1
50,000; however, minimum guaranteed amount is P1
60,000
Mercado
P375,000 � P1
60,000 = P21
5,000Exercise 1
� 7
Net profit after salary,
interest and bonus
P374,000
Interest
P200,000 x 1
0%
P20,000
Salary
P8,000 x 1
2
96,000
1
1
6,000
Net profit before
interest and salary
P490,000
Bonus rate
x 25% Amount of bonus to Lirio
P1

22,500
Exercise 1
� 81
.#B = .25
x P500,000 = P1
25,000#######2.#B = .25 x P500,000
= P1
00,000
1
.25
#######3.#B = .25 (P500,000 - Tax)###
#T
= .35 x P500,000
= P1
75,000####B = .25 (P500,000 � P1
75,000)####B = P 81
,250#######4.#B = .
25 (P500,000 - B - Tax)####B = .25 (P50,0000 - B - P1
75,000) ####B = P81
,250
- .25B####B = P81
,250/1
.25####B = P65,000###Exercise 1
- 91
.
#Estrella#Felipe#Garcia#Jimenez#Total##Salary# P40,000# P20,000###P
60,000##Bonus#
6,000#
4,000###
1

0,000*##Interest#
1
0,000#
9,000# P 4,000# P 9,400#
32,400##Balance#
26,900#
26,900#
26,900#
26,900# 1
07,600##Total# P82,900# P59,900# P30,900#
P36,300#P21
0,000##
*B = 5% (P21
0,000 � B) = P1
0,0002.
#Estrella#Felipe#Garcia#Jimenez#Total##Salary# P40,000# P20,000###P
60,000##Interest#
1
0,000#
9,000# P 4,000# P 9,400#
32,400##Balance# ( 43,1
00)# ( 43,1
00)# ( 43,1
00)# ( 43,1
00)#
(1
72,400)##Total# P
6,900#(P 1
4,1
00)# (P39,1

00)# (P33,700)#(P 80,000)##3.
#Estrella#Felipe#Garcia#Jimenez#Total##Interest# P1
0,000# P 9,000# P 4,000#
P 9,400#P 32,400##Bonus#
6,000#
4,000###
1
0,000##Salary#
25,067#
1
2,533 # _______#________#
37,600*##Total# P41
,067# P25,533#P
4,000# P 9,400# P 80,000 ## *P37,600 x 4/ 6 = P25,067;
P37,600 x 2/ 6 =
P1
2,533Exercise 1
-1
01
.#Fees Earned#750,000####Joseph, Capital#50,000####
Luis, Capital##200,000###
Operating Expenses##1
00,000###
Income
Summary##500,000#######2.#Income Summary#500,000####
Joseph
Capital##1
50,000###
Luis, Capital##250,000###
Nicolas,

Capital##1
00,000##Exercise 1
� 1
1
1
.#Benito#Cabral#Duenas#Total##Capital balances
before payment ######
of cash#P1
20,000#P1
00,000#P1
00,000#P320,000##Required
capital balances based on######
on profit and loss ratio# 1
28,000#
1
1
2,000#
80,000# 320,000##Cash received (paid)#(P 8,000)#(P 1
2,000)#P
20,000#
-##Journal entry on the partnership booksDuenas, Capital#20,000###
Benito, Capital##8,000##
Cabral, Capital##1
2,000##2.
#Benito#Cabral#Duenas#Total##Capital balances before additional ######
cash
investment#P1
20,000#P1
00,000#P1
00,000#P320,000##Required capital balances based

on######
lowest possible cash investment*# 1
60,000# 1
40,000# 1
00,000#
400,000##Required additional cash investment#P 40,000#P 40,000#
-#P
80,000##
* P1
20,000/40% = P300,000; P1
00,000/35% = P285,1
74;
P1
00,000/25% = P400,000Journal entry on the partnership booksCash#80,000###
Benito, Capital##40,000##
Cabral, Capital##40,000##3. ## Benito#
Cabral#
Duenas# Total##Capital balances# P1
20,000# P1
00,000#
P1
00,000#P320,000##Required capital#
1
20,000#
1
05,000#
75,000#
300,000##Additional investment(withdrawals)#
--------#
5,000#(P

25,000)#P 20,000#########Duenas, Capital#25,000###
Cash##20,000##
Cabral, Capital##5,000##Exercise 1
� 1
2Enriquez and FloresSchedule Showing
Adjustments in CapitalFor the Year Ended December 31
, 2008Reported net
profit#P400,000##Adjustments:###
Equipment purchased charged to expense
P200,000###
Depreciation on equipment

( 20,000)###
Overstatement of 2008 ending inventory
( 24,000)###
P1
56,000###
x 65%#1
01
,400##Corrected net profit#P501
,400##Distribution of 2008 net
profit####Enriquez# Flores# Total##
Salaries#P1
20,000#P1
20,000#P240,000##
Interest#
30,000#
45,000#
75,000##

Balance#
51
,000#
34,000#
85,000###P201
,000#P1
99,000#P400,000#######Distribution of 2008 corrected net
profit#####
Salaries#P1
20,000#P1
20,000#P240,000##
Interest#
30,000#
45,000#
75,000##
Balance# 1
1
1
,840#
74,560#
1
86,400###P261
,840#P239,560#P501
,400##Adjustments#P 60,840#P 40,560#P1
01
,400##
2.#Equipment#200,000####
Enriquez, Capital##60,840###
Flores,
Capital##40,560###

Accumulated Depreciation##20,000###
Inventory##24,000###
Income Tax Payable##54,600##PROBLEMSProblem 1
� 1
1
.#a.#Merchandise, Inventory#60,000#####
Ruiz,
Capital##60,000#########b.#Ruiz, Capital#30,000#####
Allowance for
Uncollectible Accounts ##30,000#########c.#Interest Receivable#1
,500#####
Ruiz, Capital##1
,500####
P1
50,000 x 6% x 2/1
2 =
P1
,500###########d.#Ruiz, Capital#7,500#####
Interest Payable##7,500####
P300,000 x 1
0% x 3/1
2 = P7,500###########e.#Accumulated
Depreciation#1
80,000#####Ruiz, Capital#60,000#####
Furniture and
Fixtures##240,000#########f.#Office Supplies#5,000#####
Ruiz,
Capital##5,000#########g.#Cash#524,500#####
Santos, Capital##524,500##Ruiz
and SantosStatement of Financial PositionDecember 1

, 2008AssetsCash##P
764,500##Notes Receivable##1
50,000##Accounts Receivable#P900,000###
Less
Allowance for Uncollectible Accounts#
90,000#81
0,000##Interest
Receivable##1
,500##Merchandise Inventory##300,000##Office
Supplies##5,000##Furniture and Fixtures##
480,000##Total Assets##
P2,51
1
,000##Liabilities and CapitalNotes Payable#P300,000###Accounts
Payable#630,000###Interest Payable#
7,500###Total Liabilities##P
937,500##Ruiz, Capital#P1
,049,000###Santos, Capital#
524,500###Total
Capital##1
,573,500##Total Liabilities and Capital##
P2,51
1
,000##Problem 1
-2
1
.#Cash#51
8,000####Merchandise Inventory#1
,1
52,000####

Tomas,
Capital##1
,670,000#######2.#Accounts Receivable#1
,792,000####Merchandise
Inventory#256,000####Office Equipment#1
60,000####Goodwill#1
98,000####
Allowance for Uncollectible Accounts##1
60,000###
Accounts
Payable##576,000###
Vicente, Capital##1
,670,000##Tomas and VicenteStatement
of Financial PositionJune 1
, 2008AssetsCash##P
51
8,000##Accounts
Receivable#P1
,792,000###
Less Allowance for Uncollectible Accounts#
1
60,000#1
,632,000##Inventories##1
,408,000##Office Equipment##1
60,000##Goodwill##
1
98,000##Total Assets##
P3,91
6,000##Liabilities and CapitalAccounts
Payable##P 576,000##Tomas, Capital#P1

,670,000###Vicente, Capital#
1
,670,000#3,340,000##Total Liabilities and Capital##
P3,91
6,000##Problem 1
�
31
.#Merchandise Inventory#3,000####Goodwill#3,000####Accumulated
Depreciation#900####
Allowance for Uncollectible Accounts##1
,000###
Equipment##2,000###
Rosas, Capital##3,900########Cash#5,000####Accounts
Receivable#46,000####Merchandise
Inventory#1
08,000####Equipment#1
2,000####Furniture and
Fixtures#9,000####Goodwill#3,000####
Allowance for Uncollectible
Accounts##4,000###
Accounts Payable##54,000###
Perlas,
Capital##1
25,000##2.#Cash#5,000####Accounts Receivable#46,000####Merchandise
Inventory#1
08,000####Equipment#1
2,000####Furniture and
Fixtures#9,000####Goodwill#3,000####
Allowance for Uncollectible
Accounts##4,000###

Accounts Payable##54,000###
Perlas,
Capital##1
25,000###Cash#7,000####Accounts Receivable#49,000####Merchandise
Inventory#75,000####Equipment#7,000####Goodwill#3,000####
Allowance for
Uncollectible Accounts##5,000###
Accounts Payable##36,000###
Rosas,
Capital##1
00,000##Problem 1
� 4
1
.#Cash#900,000####Inventories#1
,500,000####Equipment#3,000,000####
Notes
Payable##1
,050,000###
Serrano,
Capital##4,350,000###Cash#600,000####Land#6,000,000####
Mortgage
Payable##1
,950,000###
Torres, Capital##4,650,000########Torres,
Capital#1
50,000####
Serrano, Capital##1
50,000########Purchases#900,000####

Accounts Payable##900,000########Accounts Payable#720,000####
Cash##720,000########Mortgage Payable#300,000####Interest Expense#1
20,000####
Cash##420,000########Notes Payable#225,000####Interest Expense#75,000####
Cash##300,000########Accounts Receivable#3,450,000####
Sales##3,450,000########Cash#3,1
50,000####
Accounts
Receivable##3,1
50,000########Selling and General Expenses#870,000####
Cash##630,000###
Accumulated Depreciation##1
50,000###
Accrued
expenses##90,000########Serrano, Drawing#351
,000####Torres, Drawing#351
,000####
Cash##702,000########Income Tax#204,750####
Income Tax Payable##204,750##
#Inventories, end#600,000####Sales#3,450,000####
Inventories,
beginning##1
,500,000###
Purchases##900,000###
Selling and General
Expenses##870,000###
Interest Expense##1
95,000###
Income Tax##204,750###
Income Summary##380,250#############Income Summary#380,250####

Serrano,
Capital##1
92,1
50###
Torres,
Capital##1
88,1
00#########Serrano#Torres#Total####
Interest on
beginning capital#P1
80,000#P1
80,000#P360,000####
Salaries#
1
50,000# 1
00,000# 250,000####
Remainder � 60%,
40%#( 1
37,850)#( 91
,900)#( 229,750)####
Net
Profit#P1
92,1
50#P1
88,1
00#P380,250####Serrano, Capital#351
,000####Torres,
Capital#351
,000####
Serrano, Drawing##351

,000###
Torres,
Drawing##351
,000##Serrano and Torres PartnershipStatement of Recognized Income
and ExpensesFor the Year Ended December 31
, 2008Sales##P3,450,000##Cost of Goods
Sold:####
Inventories, beginning#P1
,500,000###
Purchases#
900,000###
Cost of Goods Available for Sale#P2,400,000###
Less Inventories, end#
600,000#
1
,800,000##Gross Profit##P1
,650,000##Selling and General Expenses##
870,000##Operating Income##P 780,000##Interest Expense##
1
95,000##Net Profit
before Income Tax##P 585,000##Income Tax##204,750##Net Profit##P 380,250##
Serrano and Torres PartnershipStatement of Financial PositionDecember 31
, 2008
Assets##Current Assets:####
Cash #P1
,878,000###
Accounts Receivable
(P3,450,000 � P3,1
50,000)#300,000###
Inventories# 600,000#P

2,778,000##Property, Plant and Equipment:## ##
Land#P6,000,000###
Equipment#P3,000,000####
Less Accumulated Depreciation#
1
50,000#
2,850,000#
8,850,000##Total Assets###P1
1
,628,000#######
#####Liabilities##Current Liabilities:#####
Accounts Payable (P900,000 �
P720,000)##P1
80,000###
Accrued Expenses##
90,000###
Income Tax
Payable##204,750#P
474,750##Long-term Liabilities:#####
Notes Payable
(P1
,050,000 � P225,000)##P 825,000###
Mortgage Payable (P1
,950,000 �
P300,000)##1
,650,000#
2,475,000##Total Liabilities###P
2,949,750#######Capital##Serrano, Capital##P4,341
,1
50###Torres, Capital##

4,337,1
00###Total Capital###
8,678,250##Total Liabilities and
Capital###P1
1
,628,000##Problem 1
- 51
. P2,700,000
(P200,000 + P1
,1
00,000 +
P500,000 + P1
,500,000 � P600,000 = P2,700,000)2
P2,600,000.
(P2,500,000 +
P2,700,000) / 2 = P2,600,000Problem 1
� 61
.#Income Summary#700,000####
Bernabe, Capital##505,800###
Burgos, Capital##1
94,200###
Bernabe#
Burgos#
Total##Interest on beg. capital#P
28,800#P
35,200#P
64,000##Balance � 3:1
#
477,000#
1

59,000# 636,000##Net Profit#P 505,800#P
1
94,200#P700 000##
2.#Income Summary#700,000####
Bernabe,
Capital##284,000###
Burgos, Capital##41
6,000###
Bernabe#
Burgos#
Total##Salaries#P 1
40,000#P
260,000#P400,000##Interest on end capital#
48,000#
60,000#P1
08,000##Balance � Equally#
96,000#
96,000#
96,000##Net Profit#P 284,000#P
41
6,000#P700 000##3.#Income
Summary#700,000####
Bernabe, Capital##394,1
50###
Burgos,
Capital##305,850###
Bernabe#
Burgos#
Total##Salaries#P
90,000#P

1
70,000#P260,000##Interest on average. cap#
49,000#
50,800#
99,800##Balance � 3:1
#
255,1
50#
85,050# 340,200##Net Profit#P
394,1
50#P
305,850#P700 000##Bernabe:Jan. 1
� May 31
#P360,000 x
5#P1
,800,000###June 1
� Oct. 31
# 460,000 x 5#2,300,000###Nov, 1
� Dec. 31
#
400,000 x 2#800,000#####P4,900,000/1
2#P408,333##
Burgos:
Jan. 1
� June 30#P440,000 x 6#P2,640,000###July 1
� Oct. 31
# 360,000 x
4#1
,440,000###Nov.1
� Dec. 31

# 500,000 x
2#1
,000,000#####P5,080,000/1
2#P423,333##4.#Income Summary#700,000####
Bernabe, Capital##267,567###
Burgos, Capital##432,433###
Bernabe#

Burgos#
Total##Salaries#P 1
00,000#P
200,000#P300,000##Interest on
average. cap#
40,833#
42,333#
83,1
66##Balance � 40%, 60%#
1
26,734#
1
90,1
00# 31
6,834##Net Profit#P 267,567#P
432,433#P700 000##
5.#Income Summary#700,000####
Bernabe, Capital##329,360###
Burgos,
Capital##370,640###
Bernabe#

Burgos#
Total##Salaries#P 1
00,000#P
1
00,000#P220,000##Interest on beg. cap#
28,800#
35,200#
64,000##Bonus#
43,600##
43,600##Balance � 2:3#
1
56,960#
235,440#
392,400##Net Profit#P 329,360#P
370,640#P700 000##
B = 1
0%(NI
�S � I)Problem 1
� 7##Sandy#Tammy#Manny#Total##1
.#6% interest on capital#P
1
6,800#P 1
2,000#P
7,200#P 36,000###Salaries##
48,000#
40,000
#
88,000###Balance � 5:3:2# ( 74,500)# ( 44,700)# ( 29,800)# (1
49,000)###Net
Profit#P(57,700)#P 1

5,300#P 1
7,400#P(25,000)#########2.#6% interest on
capital#P 1
6,800#P 1
2,000#P
7,200#P 36,000###Salaries##
48,000#
40,000
#
88,000###Balance � 5:3:2# ( 32,000)# ( 1
9,200)# ( 1
2,800)#
( 64,000)###Net Profit#P( 1
5,200)#P 40,800#P 34,400#P 60,000#########3.#6%
interest on capital#P 1
6,800#P 1
2,000#P
7,200#P 36,000###Salaries##
48,000#
40,000
#
88,000###Bonus ##
1
3,500##
1
3,500###Balance �
5:3:2#
56,250#
33,750#
22,500# 1

1
2,500###Net Profit#P
73,050#P1
07,250#P 69,700#P250,000##B = (P250,000 � P36,000 � P88,000 �
P72,000)25% = P1
3,500Problem 1
- 81
.##Delmar#Pilar#Total###5%
interest on capital#
P 2,500#
P 1
,500# P
4,000###Salaries#
1
2,000#
8,000#
20,000###20% bonus on net profit#
22,1
00# #
22,1
00###Balance � capital ratio#
40,250#
24,1
50#
64,400###Net
Profit#
P76,850#
P33,650# P1
1
0,500##2.#Sales#480,000####

Cost of Goods
Sold##21
0,000###
Operating Expenses##1
00,000###
Income Taxes##59,500###
Income Summary##1
1
0,500########Income Summary#1
1
0,500####
Delmar,
Capital##76,850###
Pilar, Capital##33,650########Delmar,
Capital#6,000####Pilar, Capital#1
0,000####
Delmar, Drawing##6,000###
Pilar, Drawing##1
0,000##Delmar and Pilar Company##Statement of Changes in
Partners� Capital##For the Year Ended December 31
, 2008#####
Delmar#
Pilar#
Total##Capital balances, January 1
, 2008#P 50,000#P30,000#P 80,000##Add
Distribution of net income for 2008:#####
Interests#P
2,500#P
1
,500#P

4,000##
Salaries#
1
2,000#
8,000#
20,000##
Bonus#
22,1
00##
22,1
00##
Balance - capital ratio#
40,250#
24,1
50 #
64,400##
Total share in net profit#P
76,850#P33,650#P1
1
0,500#######Total#P1
26,850#P63,650#P1
90,500##Less Drawings#
6,000# 1
0,000#
1
6,000##Capital balances, December 31
,
2008#P1
20,850#P53,650#P1
74,500##Problem 1

- 9Ramos, Gonzales and Martinez
Statement of Changes in Partners� CapitalFor Three Years Ended December 31
, 2008
#
Ramos# Gonzales# Martinez#
Total##Capital, January 1
, 2006#P 80,000#P
48,000# P 40,000#P 1
68,000##Distribution of net loss (Sch. 1
)# ( 2,000)#
( 1
,520)# ( 2,000)#
( 5,520)##Withdrawals# (1
2,000)# (1
4,480)# (1
6,000)
#
(42,480)##Capital, December 31
, 2006#P 66,000#P 32,000#P
22,000#P1
20,000##Distribution of net profit (Sch. 2)#
7,960#
8,320#
7,720#
24,000##Withdrawals# (1
3,960) # (1
6,320)# (1
7,720)#
(48,000)##Capital, December 31
, 2007#P 60,000#P 24,000#P1

2,000#P
96,000##Distribution of net profit (Sch. 3)#
21
,840#
1
8,840# 1
8,1
20#
58,800##Withdrawals# (20,400)# (24,000)# (21
,200) # (65,600)##Capital,
December 31
, 2008#P 61
,440#P 1
8,840#P 8,920#P 89,200##Schedule 1
- Distribution
of 2006 net loss#
Ramos#
Gonzales# Martinez#
Total##Salaries to
partners#P
9,600#P 1
2,000#P 1
2,000#P 33,600##Interest of 6% on beg.
Capital#
4,800#
2,880#
2,400#
1
0,080##Balance � equally#
(1

6,400)#
(1
6,400)# (1
6,400)#P 49,200##Net income#P( 2,000)# P( 1
,520)#P(
2,000)#P( 5,520)##Schedule 2 - Distribution of 2007 net profit#
Ramos#
Gonzales# Martinez#
Total##Salaries to partners#P
9,600#P 1
2,000#P
1
2,000#P 33,600##Interest of 6% on beg. Capital#
3,960#
1
,920#
1
,320#
7,200##Balance � equally# ( 5,600)#
( 5,600)#
( 5,600)#
(1
6,800)##Net income#P
7,960#P
8,320#P
7,720#P
24,000##Schedule 3 Distribution of 2008 net profit#
Ramos#
Gonzales# Martinez#
Total##Salaries to partners#P

9,600#P 1
2,000#P 1
2,000#P 33,600##Interest of
6% on beg. Capital#
3,600#
1
,440#
720#
5,760##Bonus - 20%
(P58,800 - P39,360 - B)#
3,240###
3,240##Balance � equally#
5,400#

5,400#
5,400#
1
6,200##Net income#
21
,840#
1
8,840# 1
8,1
20#
58,800##Problem 1
-1
0Robles, Bernal and ReyesStatement of Partners� CapitalFor
the Year Ended December 31
, 2008#

Robles#
Bernal#
Reyes#
Total##Capital balances before closing
the nominal accounts#P1
20,000#P
(
2,000)#P20,000#P1
38,000##Add Distribution of net profit:######
Drawing allowance#20,000#1
4,000#1
0,000#44,000##
Interest on average
capital#7,200#240#560#8,000##
Balance - 60%, 30%,
1
0%#58,800#29,400#9,800#98,000##Total#P206,000#P41
,640#P40,360#P288,000##Deduct
Cash distribution#1
22,720# #26,480#1
49,200##Capital, December 31
, 2008#P
83,280#P41
,640#P1
3,880#P1
38,800## P206,000 / 60% = P343,333;
P40,360 / 1
0% = P403,600
P41
,640 / 30% = P1

38,800 (required total capital)
Problem 1
- 1
1
Chavez, Roman, and ValdezStatement of Changes in Partners�
CapitalJanuary 1
to November 1
, 2008#ChavezLoan#ChavezCapital#Roman
Capital#ValdezCapital#Total##Beginning balances##P 80,000#P 80,000#P
80,000#P240,000##Loan from Chavez#P 60,000####
60,000##Transfer of equipment
to Valdez####(
1
6,000)#(
1
6,000)##Balances#P 60,000#P 80,000#P 80,000#P
64,000#P284,000##Distribution of loss on realization*#######
Salary to
Valdez####
24,000#
24,000##
Int. to Chavez for 7 months##
2,1
00###
2,1
00##
Balance divided
equally*##(
76,700)#(
76,700)#(

76,700)#( 230,1
00) ##Balances#P 60,000#P
5,400#P
3,300#P 1
1
,300#P 80,000 ##Dist. of cash in final settlement#
60,000#
5,400#
3,300#
1
1
,300#
80,000##
*Total partners�
equity as shown above
P284,000
Less Cash available for
distribution
80,000
Loss on realization
P204,000
Less Salary and interest
26,1
00
Total loss to be divided equally
P230,1
00Problem 1
1
2Canlas, David, Estrella and Fajardo
Statement of Changes in Partners�

Capital Accounts For the Year Ended December 31
, 2008#
Canlas#David#Estrella#
Fajardo#Total##Investment#P309,000#P1
59,000#P327,000#-------#P
795,000##Net
profit#237,700#1
86,230#1
40,31
0#P
24,01
0#588,250##Total#P546,700#P345,230#P467,31
0#P
24,01
0#P1
,383,250##Less:
Excess rent (P225 x 6)###P 1
3,500##P
1
3,500##
Withdrawals#P
78,000#P 66,000#87,000#P
37,500#268,500##
Uncollectible
accounts#1
8,000#6,750# # #24,750###P 96,000#P 72,750#P1
00,500#P
37,500#P
306,750##Capital, December 31
#P450,700#P272,480#P366,81

0#P(1
3,490)#P1
,076,500##
Supporting computations:Revenue from fees##P 900,000##Expenses:####
Total
expenses, excluding depreciation and uncollectible
accounts (P290,000
- P1
3,500)#P 276,500###
Depreciation [(P1
95,000 x 1
0%) + (P75,000 x 5%)#
23,250###
Doubtful accounts (P24,000 x 50%)#
1
2,000# 31
1
,750##Net
profit##P588,250##Distribution of net income#
Canlas# David#Estrella#
Fajardo#Total##20% of gross fees from respective
clients#P 66,000#P
36,000#P 33,000##P1
35,000##20% of fees after April 1
after
expenses but
before bad debts####P24,01
0*#
24,01
0##Balance -Canlas-40%, David-35%,

Estrella-25%# 1
71
,700# 1
50,230# 1
07,31
0# #
429,240##Total#P237,700#P1
86,230#P1
40,31
0#P24,01
0#P588,250####After April
1
##Revenues##P 1
80,000##Expenses before uncollectible accounts (P276,500 +
P23,250) x 1
80 / 900#
59,950####P1
20,050## ##
20%##Share of Fajardo##P
24,01
0 ##Problem 1
-1
31
.#Equipment#1
3,500####
Accumulated
Depreciation##1
,350###
Profit and Loss##1
2,1

50#######2.#Profit and
Loss#4,375####
Interest Payable##4,375###
P87,500 x 6% x 1
0/1
2 =
P4,375#########3.#Profit and Loss#1
59,025### #
Abaya, Capital##63,700###
Reyes, Capital##95,505####Abaya#Reyes#Total###
Salaries#P 39,000#P
58,500#P 97,500###
Bonus [25% x (NI � B � S) ]##
1
2,305#
1
2,305###
Balance � equally#
24,61
0#
24,61
0#
49,220###
Total#P 63,61
0#P
95,41
5#P1
59,025##4.#Abaya, Capital#36,000####Reyes, Capital #62,500####
Abaya, Drawing##36,000###
Reyes, Drawing##62,500##Problem 1

-1
41
.
Jaime
=
5/1
0 x 80% = 40%
Soriano = 2/1
0 x 80% = 1
6%
Madrid = 3/1
0 x 80% = 24%
Matias
= 20%2. Corrected net income = P250,000 � (P1
2,000 �
P31
,000 � P20,000 + P1
5,000 + P9,000 x 65%) = P240,250
Jaime = P240,250 x
40% = P96,1
00
Soriano = P240,250 x 1
6% = P38,440 Madrid = P240,250 x 24% =
P57,660
Matias
= P240,250 x 20% = P48,050MULTIPLE CHOICE

1
.#D###2.#D###3.#A###4.#C##Total#Abena (60%)#Buendia (40%)####Abena � MV � Cost

(P90,000 � P60,000)#P30,000# P1
8,000#P1
2,000####Buendia � MV � Cost (P60,000 �
P70,000) #( 1
0,000)#(
6,000)#(
4,000)####Actual#P20,000# P1
2,000#P
8,000####Inequity#( 20,000) #( 30,000)# 1
0,000#####P
0#(P1
8,000)#P1
8,000##
5.#A###6.#C###7.#B###8.#B#Molina�s contribution (P1
90,000 �
P60,000)#P1
30,000####Nuevo�s tangible contribution# 1
00,000####Total capital
contributions#P230,000##### x
60%####Capital credit of Molina#P
1
38,000####Contribution of Molina#
1
30,000####Bonus to Molina#P
8,000##
9.#Roxas = P596,250 - P5,550 = P590,700###Bernardo
= P335,000 - P4,050 P9,000 = P321
,950#####1
0.#Roxas = (P590,700 + P321
,950) x 60% =

P547,590###Bernardo = (P590,700 + P321
,950) x 40% = P365,060#####1
1
.#Roxas =
P650,000 � P590,700 = P59,300Bernardo = P400,000 � P321
,950 =
P78,050#####1
2.#Bruno = P1
50,000 - P90,000 = P60,000#####1
3.#Total assets =
Total liab. + Total capital###
= P25,000 + P300,000 =
P325,000#####1
4.#Cash contribution = (P248,850 x 1
/3) � P50,000 = P32,950
#####1
5#Total capital = (P1
58,400 + P1
7,500 � P5,000 � P5,000) � 2/3 = P248,850
#####1
6.#Required capital of Esteban (P287,500 x 60%)#P1
72,500###Non-cash
contributions of Esteban (P1
25,000 � P30,000)#
95,000###Cash contribution#P
77,500######1
7.#Contribution of Diaz#P1
1
5,000###Contribution of Esteban
(P1

25,000 � P30,000 + P50,000)# 1
45,000###Total partnership
capital#P260,000######1
8.#C#P1
1
5,000 + P95,000 = P21
0,000/2
#P1
05,000######1
9.#A#Net increase (decrease) in capital #(P1
20,000)####Add
Withdrawals#
260,000####Total#(P1
40,000)####Less Additional investments#
50,000####Profit share# P 90,000####Profit share percentage#
�
30%####Total partnership net profit# P300,000##20.#C###21
.#B###22.#C#Net profit
(exclusive of salary, interest and bonus)#P 93,500####Salary (P2,000 x 1
2)#
24,000####Interest (P50,000 x 5%)#
2,500####Net profit after deduction of
bonus#P1
20,000####Bonus = .20 (P1
20,000 + Bonus) = P24,000 + .20 Bonus#####
= P24,000/.80 =
P30,000########23.#D####24.##C##Alberto#Bustos#Cancio#Total#####1
0% x
P1
,000,000#P 1

00,000###P
1
00,000#####20% x P1
,500,000#
300,000###
300,000#####5% (P1
M � P400,000)##P30,000#P30,000#
60,000#####Balance � equally#
680,000# 680,000# 680,000# 2,040,000#####Net
income#P1
,080,000#####25.#A##Ramos#Campos#Ocampo#Total####Interest#P24,000#
P1
2,000#P 8,000#P 44,000####Salaries# 60,000#
40,000## 1
00,000####Balance
� equally#( 70,000)# (70,000)#( 70,000)#( 21
0,000)#####P1
4,000#####
26.#C##Sison#Torres#Velasco#
Total####Bonus - 1
0%(P44,000 - B)###P 4,000#P
4,000####Interest on capital
in excess of P1
00,000##P 1
,000##
1
,000####Salaries to partners#P1
0,000##1
2,000#22,000####Balance 4:4:2#6,800#6,800#3,400#1
7,000#######P1

9,400#P44,000##
27.#B##Sison#Torres#Velasco#
Total####Bonus - 1
0%(P22,000 - B)###P 2,000#P
2,000####Interest on capital
in excess of P1
00,000##P 1
,000##
1
,000####Salaries to partners#P1
0,000##1
2,000#22,000####Balance 4:4:2#(1
,200)#(1
,200)#(600)#(3,000)#######P1
3,400#P22,000##
28.#D##Sison#Torres#Velasco#
Total####Bonus - 1
0%(P22,000 - B)###P 2,000#P
2,000####Interest on capital
in excess of P1
00,000##P 1
,000##
1
,000####Balance � Salary ratio#P8,636##1
0,364#1
9,000#######P1
2,364#P22,000##
29.#A#Average capital of Tamayo#Average capital of Vidal####
P1
00,000 x 6 =

P 600,000#
P225,000 x 9 = P2,025,000####
1
60,000 x 6 =
960,000#
1
55,000 x 3 =
465,000 ####
P1
,560,000/1
2#
P2,490,000/1
2####
P1
30,000 #
P207,500#########Average capital of Banson - P1
50,000##########Total int. on
ave. capital= (P1
30,000 + P207,500 + P1
50,000) 1
0%#####
= P48,750 ### 30.#D#Interest on ave. capital#P 48,750####Salaries to
partners#
1
44,000####Balance - divided equally#
9,000#####P
201
,750#######31
.#B#Total capital before net income
(P475,000 + P60,000

� P70,000)#P465,000####Add Net profit# 201
,750####Total capital, Dec. 31
,
2008#P666,750##32.#D## Andal# Briones#
Camba#
Total####Int. on average
capital#P 47,250#P
23,865#P
1
6,235#P
87,350####Salaries to partners#
1
22,325##
82,625#
204,950####Balance - equally# (1
39,308)# (1
39,308)#
(1
39,308)# (41
7,924)####Net increase (decrease)#P 30,267#P(1
1
5,443)
#P( 40,448)#P(1
25,624)##########33.#C#Net income = Net sales - CGS - Depr. -

Oper. exp. Others)#####
= P228,000 - P1
23,000 - P7,500 P58,1
00 x 65% #P25,61

0### ### Mariano# Lucas#
total#####Salary to partner
for 1
0 mos.#P1
0,000##P 1
0,000#####Bonus to managing partner#
1
,561
##
1
,561
#####Balance � based on orig. cap.#
8,781
#P 5,268#
1
4,049#####TOTAL
share in profit#P 20,342#P 5,268#P 25,61
0##34.#A#TOTAL share in profit#P
20,342#P 5,268#P 25,61
0####Add Capital, beginning# 1
25,000#
75,000#
200,000####TOTAL#P1
45,342#P 80,268#P 225,61
0####Less Withdrawals#
20,000#
30,000#
50,000####Capital, end#P1
25,342#P 50,268#P 1
75,61

0##35.#D## Belen#
Lorna#
Ursula# Edna#
Total##36.#A#Interest #P 5,000.00#P 2,500.00#P
2,500.00#P2,000.00#P1
2,000.00##37.#A#Salaries#1
0,000.00#6,000.00###1
6,000.00####
Balance#1
0,000.00#1
0,000.00#6,666.67#6,666.67#33,333.34####Add�l profit
for
Edna#________#________#_________#3,333.33#3,333.33####Net
profit#P25,000.00#P1
8,500.00#P9,1
66.67#P1
2,000.00#P64,666.67##
38.#B##Puno#Quirino#Romero#
Total####Salaries#P40,000#P36,000#P1
3,650#P
89,650####Bonus# 1
3,000###
1
3,000####Interest#
1
,000#
750#
4,600#
6,350####Balance#
7,000#

7,000#
7,000#
21
,000####Total#P61
,000#P43,750#P25,200#P1
30,000####################Computation
of average capital:######
Puno, capital######
Jan. 1
� P1
0,000 x 3#P
30,000######
Apr 1
9,000 x 3#
27,000######
July 1
1
1
,000 x 3#
33,000######
Oct. 1
1
0,000 x 3#
30,000#######P1
20,000 / 1
2#P1
0,000#####
Quirino, capital#######
Jan. 1
� P 6,000 x 6#P 36,000######

July 1
1
0,000 x 3 #
30,000######
Oct. 1
8,000 x 3#
24,000#######P 90,000 / 1
2#P 7,500############
Romero, capital#######
Jan. 1
� P40,000 x 3#P1
20,000######
Apr. 1
38,000 x 3# 1
1
4,000######
July 1
53,000 x 6# 31
8,000#######P552,00 /
1
2#P46,000 ######Let X = Net Income#####P40,000 + 1
0% X + P1
,000 + 1
/3 (X �
P89,650 � 1
0% X � P6,350 = P61
,000#####P40,000 + 1
0% X + P1
,000 + 1
/3 (90% X �

P96,000) = P61
,000#####P40,000 + 1
0% X + P1
,000 + 30% X � P32,000 =
P61
,000#####1
0% X + 30% X = P61
,000 � P40,000 � P1
,000 + P32,000#####40% X =
P52,000#####
X = P1
30,000##39.#D#Legarda- 5/1
0 x 80% = 40%#Sotto - 2/1
0 x
80% = 1
6%####Madrigal-3/1
0 x 80% = 24%#Pimentel 20%#######40.#C#Share of Legarda
= P25,000 � ( P1
,200 - P3,1
00 - P2,000 +
P1
,500 + P 900 x 65%) = P24,025 x 40% = P9,61
0##41
.#C##Serrano#Toledo####2008
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Solution manual advanced accounting by baysa lupisan chapter 091

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