Problem 2 pg 3-21

Req 2. Contributed Capital Bonus

Loida Cardenas ₱150,000.00 -₱30,000.00
Christian San Jose ₱110,000.00 -₱27,500.00
Total ₱260,000.00
Daria Labalan ₱57,500.00
Helen Magada ₱70,000.00
Total ₱70,000.00 ₱57,500.00

Req 1.
Loida Cardenas Capital ₱30,000.00
Christian San Jose Capital ₱27,500.00
Daria Labalan Capital
Record the purchase of investment

Cash ₱70,000.00
Helen Magada Capital
Record the investment of Helen to the partnership
 Bonus Agreed/Ending Capital
-₱30,000.00 ₱120,000.00
-₱27,500.00 ₱82,500.00
₱202,500.00
₱57,500.00 ₱57,500.00
₱70,000.00
₱57,500.00 ₱330,000.00

₱30,000.00
₱27,500.00
₱57,500.00

₱70,000.00
₱70,000.00
n to the partnership
Problem 4 pg 3-23
Tria Magpantay
Ratio 60%
Capital ₱1,330,000.00
Restatements: A -45,000; B 50,000; C -40,000
A. Allowance for uncollectible account -₱27,000.00
B. Invetories ₱30,000.00
C. Accrued Expense -₱24,000.00
Total ₱1,309,000.00
New Ratio w/o new partner 50%
Previous capital of old partner is only 80% to get its 100% divide old capital to 0.8
New Ratio w/ new partner 20% 50%
Ending Capital ₱593,750.00 ₱1,484,375.00
 Magpantay Resulta Total
60% 40% 100%
₱1,330,000.00 ₱1,080,000.00 ₱2,410,000.00

-₱27,000.00 -₱18,000.00 -₱45,000.00

₱30,000.00 ₱20,000.00 ₱50,000.00
-₱24,000.00 -₱16,000.00 -₱40,000.00
₱1,309,000.00 ₱1,066,000.00 ₱2,375,000.00
50% 30% 80%
vide old capital to 0.8 ₱2,968,750.00
50% 30% 100%
₱1,484,375.00 ₱890,625.00 ₱2,968,750.00
Problem 6 pg 3-25
Req 1
Cash ₱50,000.00
Rey Refozar Capital ₱7,500.00
Rogelio Ceradoy Capital ₱7,500.00
Jiexel Manongsong Capital
Record the bonus and invesment of Jiexel

Req 2. Contributed Capital Bonus

Rey Refozar ₱75,000.00 -₱7,500.00
Rogelio Ceradoy ₱125,000.00 -₱7,500.00
Total ₱200,000.00
Jiexel Manongsong ₱50,000.00 ₱15,000.00
Total ₱50,000.00 ₱15,000.00
₱50,000.00
₱7,500.00
₱7,500.00
₱65,000.00

Bonus Agreed/Ending Capital

-₱7,500.00 ₱67,500.00
-₱7,500.00 ₱117,500.00
₱185,000.00
₱15,000.00 ₱65,000.00
₱15,000.00 ₱250,000.00
Problem 21 pg 3-39
Req 1.
a.
Galvan Capital ₱70,000.00
Cash
Rivadelo Capital
Delmondo Capital
Samson Capital
Record the retirement of galavan and bonus for continuing partn

b.
Rivadelo Capital ₱5,000.00
Delmondo Capital ₱5,000.00
Samson Capital ₱10,000.00
Mamitag Capital
Record the purchase investesment of Mamitag
 Computation

₱70,000.00 G capital ₱70,000.00

₱50,000.00 Cash -₱50,000.00
₱5,000.00 Remainder ₱20,000.00
₱5,000.00 R&D 1/4 ₱5,000.00
₱10,000.00 S 1/2 ₱10,000.00
an and bonus for continuing partner

Capital Bonus Agreed capital

₱5,000.00 R capital ₱65,000.00 -₱5,000.00 ₱60,000.00
₱5,000.00 D capital ₱85,000.00 -₱5,000.00 ₱80,000.00
₱10,000.00 S capital ₱50,000.00 -₱10,000.00 ₱40,000.00
₱20,000.00 Total ₱200,000.00 -₱20,000.00 ₱180,000.00
ent of Mamitag M capital ₱20,000.00 ₱20,000.00
Total ₱200,000.00 ₱0.00 ₱200,000.00
Problem 23 pg 3-41
Req 1.
Book of partnership

Total Assets ₱24,000.00

Buenaflor Capital
Gangoso Capital
Record the addition 24000 worth of fair value

Total liabilities ₱40,000.00

Buenaflor Capital ₱92,000.00
Gangoso Capital ₱92,000.00
Total Assets
Record the closing book of partnership

Book of Corportation

Total assets ₱224,000.00

Total liabilites
Ordinary share
Record the incorporation of the partnership
nership

₱24,000.00
₱12,000.00
₱12,000.00
th of fair value

₱40,000.00
₱92,000.00
₱92,000.00
₱224,000.00

ortation

₱224,000.00
₱40,000.00
₱184,000.00
e partnership
 1. A
Contributed Capital Bonus
Ricablanca Capital ₱620,000.00
Tac-an Capital ₱400,000.00
Andres Capital ₱380,000.00
Total ₱1,400,000.00
Leon Capital ₱350,000.00
Total ₱620,000.00

2. C
Book Value Adjustment
Assets, at cost ₱180,000.00 ₱36,000.00
Villon Loan ₱9,000.00
Villon Capital (20%) ₱42,000.00 ₱7,200.00
Obrero Capital (20%) ₱39,000.00 ₱7,200.00
Beranal Capital (60%) ₱90,000.00 ₱21,600.00
₱180,000.00 ₱36,000.00
Contributed Capital Bonus
Villon ₱58,200.00 -₱61,200.00
Obrero ₱46,200.00 -₱750.00
Beranal ₱111,600.00 -₱2,250.00
Total ₱216,000.00 -₱64,200.00

3. A
Contributed Capital Bonus
Ragasa ₱11,500.00 -₱960.00
Mendoza ₱9,300.00 -₱640.00
Gangoso ₱8,000.00 ₱1,600.00
Total ₱28,800.00 ₱0.00

4. C

5. C 6. D
Contributed Capital Bonus
Sungloa ₱150,000.00 ₱15,000.00
Gadia ₱300,000.00 ₱15,000.00
Total ₱450,000.00
Claudio-Ty ₱150,000.00 -₱30,000.00
Total ₱600,000.00 -₱30,000.00

7. A
Capital
Orosco ₱360,000.00
De Guzman ₱240,000.00
Total ₱600,000.00
Castillo 1/8 ₱75,000.00

8. B
 Contributed Capital Bonus
Cebado ₱139,200.00
Esparaguera ₱208,800.00
Chanjueco ₱96,000.00
Total ₱444,000.00 ₱0.00
Dela Calzada ₱132,200.00 -₱43,400.00
 Bonus Agreed/Ending Capital
₱620,000.00
₱400,000.00
₱380,000.00
₱1,400,000.00 ₱1,400,000.00 80%
₱350,000.00 Divide by 80%
₱1,750,000.00 ₱1,750,000.00 100%

Adjustment Fair Value

₱36,000.00 ₱216,000.00
₱9,000.00
₱7,200.00 ₱49,200.00
₱7,200.00 ₱46,200.00
₱21,600.00 ₱111,600.00
₱36,000.00 ₱216,000.00
Bonus Agreed/Ending Capital
-₱61,200.00 -₱3,000.00
-₱750.00 ₱45,450.00
-₱2,250.00 ₱109,350.00
-₱64,200.00 ₱151,800.00

Bonus Agreed/Ending Capital

-₱960.00 ₱10,540.00
-₱640.00 ₱8,660.00
₱1,600.00 ₱9,600.00 1/3 of total capital
₱0.00 ₱28,800.00

Bonus Agreed/Ending Capital

₱15,000.00 ₱165,000.00
₱15,000.00 ₱315,000.00
₱480,000.00
-₱30,000.00 ₱120,000.00
-₱30,000.00 ₱600,000.00
 Bonus Agreed/Ending Capital
₱139,200.00 Distribution of profit?
₱208,800.00
₱96,000.00
₱0.00 ₱444,000.00
-₱43,400.00 ₱88,800.00