Akawnting Exercise 1: Admission, Operations & Retirement
1.
On April 30, 2014, the partnership of Ventus,
Unda, and Terra presented the following data from its statement of financial
position:
Cash P 21,000 Accounts payable P 15,000
Other assets 744,000 Mortgage payable 30,000
Ventus, capital (40%) 360,000
Unda, capital (35%) 225,000
Terra, capital (25%) 135,000
P 765,000 P 765,000
======= =======
On
this date Flamma was admitted to the firm when she purchased a one-sixth
interest in the firm for P 132,500. The
partners agreed to use the revaluation approach in the admission of Flamma into
the partnership. Patent was increased accordingly. Afterwards, all
the partners agreed to divide profits and losses equally after considering the
following:
a. Salary of P 5,000 per month to Ventus, Unda and Flamma
b.
20%
bonus to Flamma. The bonus is based on
net income after salary and bonus.
On June 30, 2014, Flamma invested enough cash to increase her capital to a one-fourth interest in the partnership. On December 31, 2014, the partnership reported net income amounting to P 150,000 and was distributed to the partners.
On June 30, 2014, Flamma invested enough cash to increase her capital to a one-fourth interest in the partnership. On December 31, 2014, the partnership reported net income amounting to P 150,000 and was distributed to the partners.
On January 1, 2015,
Unda decided to sell her ½ interest to
Ventus for P 310,000. A day after that Unda decided to
retire from the partnership by receiving P 180,000.
Required:
I.
Compute
the capital balance of each partner as of (show supporting solutions)
a.
April
30, 2014
b.
June
30, 2014
c.
December
31, 2014 after distributing of the profit
d.
January
1, 2015 after retirement of Unda
a) Ventus - 360,000 x 1/6 = 60,000 }to be transferred to Flamma,Capital
ReplyDeleteUnda - 225,000 x 1/6 = 37,500 }to be transferred to Flamma,Capital
Terra - 145,000 x 1/6 = 22,500 }to be transferred to Flamma,Capital
payment of Flamma -> 132,500 - 120,000 = 12,500 <- Revaluation
Ventus -> 360,000 - 60,000 + (12,500 x 40%) = P305,000
========
Unda -> 225,000 - 37,500 + (12,500 x 35%) = P191,875
========
Terra -> 135,00 - 22,500 + (12,500 x 25%) = P115,625
========
Flamma -> 60,000 + 37,500 + 22,500 = P120,000
========
b) 305,000 + 191,875 + 116,625 + 120,000 = P732,500 <-Total Capital
732,500 x 1/4 = 183,125
183,125 - 120,000 = 63,125 <- Cash investment of Flamma
Salary from April-June
|
\/
Ventus -> 305,000 + 10,000 = P315,000
========
Unda -> 191,875 + 10,000 = P201,875
========
Terra -> 115,625 + 10,000 = P125,625
========
Flamma -> 120,000 + 10,000 + 63,125 = P193,125
========
c) Ventus Unda Terra Flamma Total
Salary 40,000 40,000 40,000 120,000
Bonus 5,000 5,000
Balance 6,250 6,250 6,250 6,250 25,000
------------------------------------------------------------------------------------------------
46,250 46,250 46,250 11,250 150,000
====== ====== ====== ====== =======
Ventus Unda Terra Flamma
305,000 191,875 115,625 183,125
46,250 46,250 46,250 11,250
----------------------------------------------------------------------------------------------
P351,250 P238,125 P161,875 P194,375
======== ======== ======== ========
d) sale of interest of Unda to Ventus
Ventus -> 351,250 + (238,125 x 1/2) = 470,312
Unda -> 238,125 - (238,125 x 1/2) = 119,063
Retirement of Unda from Partnership
payment of partnership -> 180,000 - 119,063 = 60,937 }to be deducted from
remaining partners
Ventus -> 470,312 - (60,937 x 1/3) = P450,000
========
Unda -> 119,063 - 119,063 = P0
===
Terra -> 161,875 - (60,937 x 1/3) = P141,563
========
Flamma -> 194,375 - (60,937 x 1/3) = P174, 062
=========
Anora, Karl Joshua C. BSA-1A
ok
Deletea) Ventus - 360,000 x 1/6 = 60,000 (transferred to Flamma,Capital)
ReplyDeleteUnda - 225,000 x 1/6 = 37,500 (transferred to Flamma,Capital)
Terra - 145,000 x 1/6 = 22,500 (transferred to Flamma,Capital)
payment of Flamma - 132,500 - 120,000 = 12,500 (Revaluation)
Ventus - 360,000 - 60,000 + (12,500 x 40%) = 305,000
========
Unda - 225,000 - 37,500 + (12,500 x 35%) = 191,875
========
Terra - 135,00 - 22,500 + (12,500 x 25%) = 115,625
========
Flamma - 60,000 + 37,500 + 22,500 = 120,000
========
b) 305,000 + 191,875 + 116,625 + 120,000 = 732,500 (Total Capital)
732,500 x 1/4 = 183,125
183,125 - 120,000 = 63,125 ( Cash to be invested by Flamma)
Salary from April-June ( 5,000 x 2 = 10,000)
Ventus- 305,000 + 10,000 = 315,000
========
Unda- 191,875 + 10,000 = 201,875
========
Terra- 115,625 + 10,000 = 125,625
========
Flamma- 120,000 + 10,000 + 63,125 = 193,125
========
c) Ventus Unda Terra Flamma Total
Salary 40,000 40,000 40,000 120,000
Bonus 5,000 5,000
Balance 6,250 6,250 6,250 6,250 25,000
------------------------------------------------------------------------------------------------
Share 46,250 46,250 46,250 11,250 150,000
====== ====== ====== ====== =======
Ventus Unda Terra Flamma
305,000 191,875 115,625 183,125
46,250 46,250 46,250 11,250
----------------------------------------------------------------------------------------------
351,250 238,125 161,875 194,375
======== ======== ======== ========
d) Ventus- 351,250 + (238,125 x 1/2) = 470.312
Unda- 238,125 - (238,125 x 1/2) = 119,063
"Retirement of Unda"
payment of partnership- 180,000 - 119,063 = 60,937 (to be deducted)
Ventus- 470,312 - (60,937 x 1/3) = 450,000
=======
Unda - 119,063 - 119,063 = 0
==
Terra - 161,875 - (60,937 x 1/3) = 141,563
========
Flamma - 194,375 - (60,937 x 1/3) = 174, 062
=========
- Camarines, Sheryl T.
BSA 1A
a.) April 30,2014
ReplyDeleteOriginal Revaluation Sale of Interest New Capital Bal.
Ventus, Capital 360,000 30,000 (65,000) = 325,000
Unda, Capital 225,000 26,250 (41,875) = 209,375
Terra, Capital 135,000 18,750 (25,625) = 128,125
Flamma, Capital 132,500 = 132,500
b.)June 30, 2014
Balance as of Apr. 30, 2014 Investment New Capital Balance
Ventus, Capital 325,000 = 325,000
Unda, Capital 209,375 = 209,375
Terra, Capital 128,125 = 128,125
Flamma, Capital 132,500 66,250 = 220,833
c.) December 31, 2014
Balance as of June 30, 2014 Profit New Capital Balance
Ventus, Capital 325,000 46,250 = 371,250
Unda, Capital 209,375 46,250 = 255,625
Terra, Capital 128,125 6,250 = 134,375
Flamma, Capital 220,833 51,250 = 272,083
d.)January 01, 2015
Bal. as of Dec. 31, 2014 Sale of Interest Sale of Interest New Capital Bal
(Ventus) (Partnership)
Ventus, Capital 371,250 127,812 (17,396) = 481,666
Unda, Capital 255,625 (127,812) (127,813) = 0
Terra, Capital 134,375 (17,395) =116,980
Flamma, Capital 272,083 (17,396) = 254,687
a. Ventus, Capital= P 360,000
ReplyDeleteUnda, Capital= P 225,000
Terra, Capital= P 135,000
Flamma, Capital= P144,000
Computation for Flamma, Capital:
Investment: P 132,000
Patent: 11,500
Total: P 144,000
b. Ventus, Capital= P 360,000
Unda, Capital= P 225,000
Terra, Capital= P 135,000
Flamma, Capital= P 180,000
Computation for Flamma, Capital:
Capital: P 144,000
Add' investment: 36,000
Total: 180,000
C. Ventus, Capital: P 360,000
Profit 46,250
Total: P 406,250
Unda, Capital: P 225,000
Profit 46,250
Total: P 271,250
Terra, Capital: P 135,000
Profit 6,250
Total: P 141,250
Flamma, Capital: P 180,000
Profit 51,250
Total: P 231,250
D. Ventus Capital: P 406,250
Retirement of Unda (14,792)
Total: P 391,458
Terra, Capital: P 141,250
Retirement of Unda: (14,791)
Total P 126,459
Flamma, Capital: P 231,250
Retirement of Unda: (14,792)
Total: P 216,458
A. Revaluation ventus 360000+30000=390000 unda 225000+26250=251250 terra 135000+18750=135000. Admission of flamma 390000x1/6 = 65000, 251250x1/6 = 41875 , 153750x1/6 = 25625 = 132500 flamma capital. Updated capital of partners ventus = 325000 unda = 209375 terra = 128125 = 795000 partnership capital.
ReplyDeleteB. 795000x1/4 = 198750-132500= 66250 cash that flamma needs to invest.
C. Distribution of profit
Ventus 325000 + 46250 = 371250 , unda 209375 + 46250 = 255625 , terra 128125 + 6250 = 134375, flamma 198750 + 51250 = 250000.
C. Retirement of Unda
255625 / 2 = 127813+371250 = 499063 ventus bought half the interest of unda. 127812/3 = 17396.
Remaining capital of unda is 127813 - 180000 = 52187 bonus to unda /3 = 17396 charge to the capitals of the remaining partners.
Ventus 499063 - 17396 = 481667
Terra 134375 - 17396 = 116919
Flamma 250000 - 17396 = 232604
- Nicudemus Carlou D. Capellan BSA 1B :)
a. April 30, 2014
ReplyDeleteVentus Capital = P360,000 - 48,000 = P312,000
Unda Capital = P225,000 - 42,000 = P183,000
Terra Capital = P135,000 - 30,000= P105,000
Flamma Capital =P720,000 x 1/6 = P120,000
b. June 30, 2014
Ventus Capital = P312,000
Unda Capital = P183,000
Terra Capital = P105,000
Flamma Capital = P120,000 + 80,000 = P200,000
c. December 31, 2014 after distributing of the profit
Ventus Capital = P312,000 + 47,200= P359,200
Unda Capital = P183,000 + 46,300 = P229,300
Terra Capital = 105,000 + 4,500 = P109,500
Flamma Capital = P200,000 + 52,000 = P252,000
d. January 1, 2015 after retirement of Unda
Ventus Capital = P359,200 + 114,650 - 60,000 = P413,850
Unda Capital = P229,300 - 229,300 = P0
Terra Capital = P109,500 - 60,000 = P49,500
Flamma Capital = P252,000 - 60,000 = P192,000
a.)
ReplyDeleteVentus, Capital = P360000 - 65000 = P295000
Unda, Capital = P225000 - 41875 = P183125
Terra, Capital = P135000 - 25625 = P109375
Flamma, Capital = P132500
Sol'n :
P132500 / 1/6 = P795000 - P720000 = P75,000
Patent 75,000
Ventus, Capital 30000
Unda, Capital 26250
Terra, Capital 18750
To record the revaluation of patent.
Ventus Unda Terra
365000 225000 135000
30000 26250 18750
------------ ------------- -------------
390000 251250 153750
1/6 1/6 1/6
----------- ------------- --------------
65000 41875 26750
April 30, 2014 Ventus, Capital 65000
Unda, Capital 41875
Terra, Capital 25625
Flamma, Capital 132500
To record the admission of Flamma.
b.) June 30, 2014
Capital Balances :
Ventus, Capital = P295000
Unda, Capital = P183125
Terra, Capital = P109375
Flamma, Capital= P132500 + 63,333 = P195833
Solution to b )
Total Capital of Ventus, Unda & Terra 587,500 / 3/4 = 733,333 * 1/4 = 195,833 -132,500 = 63,333
June 30, 2014 Cash 63333
Flamma, Capital 63333
To record investment.
c.) December. 30, 2014
Ventus, Capital = P295000 + 34167 = P329167
Unda, Capital = P183125 + 34167 = P217292
Terra, Capital = P109375 - 5833 = P103542
Flamma, Capital= P195833 + 37499 = P233352
Solution to c )
Ventus Unda Terra Flamma Total
Salaries 40000 40000 40000 120000
Bonus 3333 3333
Balance (5833) (5833) (5833) (5834) (23333)
----------------------------------------------------------------------------------------------------------
Share 34167 34167 (5833) 37499 100000
December 31, 2014 Income Summary 100000
Terra, Capital 5833
Ventus, Capital 34167
Unda, Capital 34167
Flamma, Capital 37499
To record division of profits.
d.) January 1, 2015
Ventus, Capital = P329,167 + 108,646 - 23,874 = P414,939
Terra, Capital = P103,542 - 23,785 = P 79,757
Flamma, Capital = P233,352 - 23,785 = P209,567
Unda, Capital= P217,292 - 108,646 - 108646 = P0
Sol'n :
January. 01, 2015 Unda, Capital 108646
Ventus, Capital 108646
To record 1/2 interest to Ventus.
Jan. 02, 2015 Unda, Capital 108,646
Ventus, Capital 23,784
Terra, Capital 23,785
Flamma, Capital 23,785
Cash 180000
To record retirement of Unda.
-Aramina C. Albat
a.)
ReplyDeleteVentus, Capital = P360000 - 65000 = P295000
Unda, Capital = P225000 - 41875 = P183125
Terra, Capital = P135000 - 25625 = P109375
Flamma, Capital = P132500
Sol'n :
P132500 / 1/6 = P795000 - P720000 = P75,000
Patent 75,000
Ventus, Capital 30000
Unda, Capital 26250
Terra, Capital 18750
To record the revaluation of patent.
Ventus Unda Terra
365000 225000 135000
30000 26250 18750
------------ ------------- -------------
390000 251250 153750
1/6 1/6 1/6
----------- ------------- --------------
65000 41875 26750
April 30, 2014 Ventus, Capital 65000
Unda, Capital 41875
Terra, Capital 25625
Flamma, Capital 132500
To record the admission of Flamma.
b.) June 30, 2014
Capital Balances :
Ventus, Capital = P295000
Unda, Capital = P183125
Terra, Capital = P109375
Flamma, Capital= P132500 + 63,333 = P195833
Solution to b )
Total Capital of Ventus, Unda & Terra 587,500 / 3/4 = 733,333 * 1/4 = 195,833 -132,500 = 63,333
June 30, 2014 Cash 63333
Flamma, Capital 63333
To record investment.
c.) December. 30, 2014
Ventus, Capital = P295000 + 34167 = P329167
Unda, Capital = P183125 + 34167 = P217292
Terra, Capital = P109375 - 5833 = P103542
Flamma, Capital= P195833 + 37499 = P233352
Solution to c )
Ventus Unda Terra Flamma Total
Salaries 40000 40000 40000 120000
Bonus 3333 3333
Balance (5833) (5833) (5833) (5834) (23333)
----------------------------------------------------------------------------------------------------------
Share 34167 34167 (5833) 37499 100000
December 31, 2014 Income Summary 100000
Terra, Capital 5833
Ventus, Capital 34167
Unda, Capital 34167
Flamma, Capital 37499
To record division of profits.
d.) January 1, 2015
Ventus, Capital = P329,167 + 108,646 - 23,874 = P414,939
Terra, Capital = P103,542 - 23,785 = P 79,757
Flamma, Capital = P233,352 - 23,785 = P209,567
Unda, Capital= P217,292 - 108,646 - 108646 = P0
Sol'n :
January. 01, 2015 Unda, Capital 108646
Ventus, Capital 108646
To record 1/2 interest to Ventus.
Jan. 02, 2015 Unda, Capital 108,646
Ventus, Capital 23,784
Terra, Capital 23,785
Flamma, Capital 23,785
Cash 180000
To record retirement of Unda.
Diolola, Noemi Trisha BSA-1A
Mariemar P. Pretencio BSA - IB
ReplyDeleteA.
132,500 / 1/6 = 795,000 - 720,000 = 75,000 revaluation of Patent
Ventus,Capital 360,000 - 23,000 = 337,000
Unda,Capital 225,000 - 204,875 = 204,873
Terra,Capital 135,000 - 14,375 = 120,625
Flamma,Capital 132,500
B.
662,500 / 75% = 833,333 x 25% = 220,833 - 132,500 = 88,333 cash to be invested by Flamma
Ventus,Capital 337,000
Unda,Capital 204,873
Terra,Capital 120,625
Flamma,Capital 132,500 + 88,333 = 220,833
C.
Ventus Unda Terra Flamma Total
Salaries 40,000 40,000 - 40,000 120,000
Bonus - - - 5,000 5,000
Remainder 6,250 6,250 6,250 6,250 25,000
Share 46,250 46,250 6,250 51,250 150,000
Ventus,Capital 337,000 + 46,250 = 283,250
Unda,Capital 204,873 + 46,250 = 251,125
Terra,Capital 120,625 + 6,250 = 126,875
Flamma,Capital 220,833 + 51,250 = 272,083
D.
251,125 x 1/2 = 125,563 capital of Unda that is sold to Ventus
251,125 x 1/2 = 125,562 capital of Unda sold to the partnership
Ventus,Capital 283,250 + 125,563 - 18,146 = 490,667
Terra,Capital 26,875 - 18,146 = 108,729
Flamma,Capital 272,083 - 18,146 = 254,937
Ventus, Capital 360,000
ReplyDeleteUnda, Capital 225,000
Terra, Capital 135,000
720,000
A. APRIL 30, 2014
Revaluation:
132,500 x 6 = 795,000 – 720,000 = 75,000 – patent
Entry:
2014
Apr.30 Patent 75,000 Apr.30 Ventus, Capital 53,000
Ventus, Capital 30,000 Unda, Capital 46,375
Unda, Capital 26,250 Terra, Capital 33,125
Terra, Capital 18,750 Flamma, Capital 132,500
To record revaluation. To record
admission of Flamma.
CAPITAL BALANCES:
Ventus, Capital 360,000 + 30,000 – 53,000 = 337,000
Unda, Capital 225,000 + 26,250 – 46,375 = 204,875
Terra, Capital 135,000 + 18,750 – 33,125 = 120,625
Flamma, Capital 132,500
B. JUNE 30, 2014
Invested Cash by Flamma:
795,000 – 132,500 = 662,500 x 4/3 = 883,333 x ¼ = 220,833 – 132,500 = 88,333
CAPITAL BALANCES:
Ventus, Capital 337,000
Unda, Capital 204,875
Terra, Capital 120,625
Flamma, Capital 132,500 + 88,333 = 220,833
C. DECEMBER 30, 2014 AFTER DISTRIBUTION OF PROFIT
VENTUS UNDA TERRA FLAMMA TOTAL
Salaries 40,000 40,000 40,000 120,000
Bonus 5,000 5,000
Remainder 6,250 6,250 6,250 6,250 25,000
SHARE OF 46,250 46,250 6,250 51,250 150,000
PROFIT
CAPITAL BALANCES:
Ventus, Capital 337,000 + 46,250 = 383,250
Unda, Capital 204,875 + 46,250 = 251,125
Terra, Capital 120,625 + 6,250 = 126,875
Flamma, Capital 220,833 + 51,250 = 272,083
D. JANUARY 1, 2015 AFTER THE RETIREMENT OF UNDA
½ Interest of Unda:
251,125 x ½ = 125,563
ENTRY:
2015
Jan. 1 Unda, Capital 125,563 Jan. 1 Unda, Capital 125,563
Ventus, Capital 125,563 Ventus, Capital 18,146
To record Terra, Capital 18,146
selling of interest. Flamma, Capital 18,145
Cash 180,000
To record
retirement of Unda.
CAPITAL BALANCES:
Ventus, Capital 383,250 + 125,563 – 18,146 = 490,667
Terra, Capital 126,875 – 18,146 = 108,729
Flamma, Capital 272,083 – 18,145 = 253,938
DACDAC,ABIGAEL D.
BSA - 1B
A. Capital balances as of April 30, 2014.
ReplyDeleteVentus 360000 + 30000 + (65000) = 325000
Unda 225000 + 26250 + (41825) = 209375
Terra 135000 + 18750 + (25625) = 128125
Flamma 132500 = 132500
Implied value-= 132500/ 1/6 = 795000 + (720000) = 75000 -patent
Ventus 75000 x 40% = 30000 390000 x 1/6 = 65000
Unda 75000 x 35% = 26250 251250 x 1/6 = 41875
Terra 75000 x 25% = 19750 153750 x 1/6 = 25625
B. Capital balances as of June 30, 2014.
Ventus 325000 = 325000
Unda 209375 = 209375
Terra 128125 = 1238125
Flamma 132500 + 88333 = 220833
Ventus, unda, & terra, capital 662500 / 75% = 883333+(662500)=220833+(132500)=88333
C. Capital balances as of December 31, 2014 after distributing the profit.
Ventus Unda Terra Flamma Total
Salary 40000 40000 40000 120000
Bonus 5000 5000
Remainder 6250 6250 6250 6250 25000
Total shares 46250 46250 6250 51250 150000
Ventus 325000 + 46250 = 371250
Unda 209375 + 46250 = 255625
Terra 1238125 + 6250 = 134375
Flamma 220833 + 51250 = 272083
D. Capital balances as of January 1, 2015 after retirement of Unda.
Unda, Capital 255625/2= 127812
Unda, Capital 127812
Ventus, Capital 127812
To record retirement of Unda.
Unda, Capital 127813
Ventus, Capital 17396
Terra, Capital 17395
Flamma, Capital 17396
Cash 180000
To record retirement of Unda.
Ventus 371250 + 127812 + (17396) = 481666
Unda 255625 + (127812) + (127813) = 0
Terra 134375 + (17395) = 11680
Flamma 272083 + (17396 = 254687
Capital Balances of partner's as of:
ReplyDeletea. April 30, 2014
Ventus: 360 000 + 30 000 + (65 000) = 325 000
Unda: 225 000 + 26 250 + (41 875) = 209 375
Terra: 135 000 + 18 750 + (25 625) = 209 375
Flamma: 132 500 = 132 500
Revaluation:
Ventus: 75 000 x 40%= 30 000
Unda: 75 000 x 35%= 26 250
Terra: 75 000 x 25%= 18 750
Interest Purchased from:
Ventus: 390 000/6 = 65 000
Unda: 251 250/6 = 41 875
Terra: 153 750/6 = 25 625
b. June 30, 2014
Ventus: 325 000 = 325 000
Unda: 209 375 = 209 375
Terra: 128 125 = 128 125
Flamma: 132 500 + 88 333 = 220 833
883 333 - 662 500 = 220 833 + (132 500) = 88 333
c. December 31, 2014
Ventus: 325 000 + 46 250 = 371 250
Unda: 209 375 + 46 250 = 255 625
Terra: 128 125 + 6 250 = 134 375
Flamma: 220 833 + 51 250 = 272 083
d. January 1, 2015
Ventus: 371 250 + 127 812 + (17 396) = 481 666
Unda: 255 625 + (127 812) + (127 813) = 0
Terra: 134 375 + (17 395) = 116 980
Flamma: 272 083 + (17 396) = 254 687
795k-720k=75k
ReplyDeletePatent 75k
V,Cap 30k
U,Cap 26,250
T,Cap 18,750
To record the
rev. of patent.
a) V,Cap U,Cap T,Cap F,Cap
390k 251,250 3 750
(65k) (41 875) (25 625) 132.5k
325,000 209,375 128,125 132,500
325k + 209,375 + 128,125 = 662.5k x 4/3 = 883,333 x ¼ = 220,833 - 132.5k = 88,333
b) V,Cap U,Cap T,Cap F,Cap
325k 209,375 128,125 220,833
V U T F Total
Salary 40k 40k 40k 120k
Bonus 5k 5k
Remainder 6,250 6,250 6,250 6,250 25k
46,250 46,250 6,250 51,250 150k
c.) V,Cap U,Cap T,Cap F,Cap
325k 209,375 128,125 220,833
46,250 46,250 6,250 51,250
371,250 255,625 134,375 272,082
Jan.01, 2015
255,625x1/2=127,813
d) V,Cap U,Cap T,Cap F,Cap
371,250 255,625 134,375 272,083
127,813 (127,813) 0 0
499,063 127,812 134,375 272,083
JACQUELINE P. TADO BSA-IA
ReplyDelete795k-720k=75k
Patent 75k
V,Cap 30k
U,Cap 26,250
T,Cap 18,750
To record the revaluation of patent.
a) V,Cap U,Cap T,Cap F,Cap Total
390k 25, 250 153,750 - 795,000
(65k) (41,875) (25,625) 132,5k -
325,000 209,375 128,125 132,500 795,000
325k+209 375+128 125=662.5kx4/3=883,333x1/4= 220,833-132.5k= 88,333
b) V,Cap U,Cap T,Cap F,Cap
325k 209,375 128,125 220,833
V U T F Total
Salary 40k 40k 40k 120k
Bonus 5k 5k
Remainder 6,250 6,250 6,250 6,250 25k
Share 46,250 46,250 6,250 51,250 150k
c) V,Cap U,Cap T,Cap F,Cap Total
325k 209,375 128,125 220,833 883,333
46,250 46,250 6,250 51,250 150,000
371,250 255,625 134,375 272,083 1,033,333
1/1/15
255,625x1/2=127,813
d) V,Capl U,Cap T,Cap F,Cap
371,250 255,625 134,375 272,083
a)V,Cap U,Cap T,Cap F,Cap
ReplyDelete390k 251 250 3 750
(65k) (41 875) (25 625) 132.5k
325,000 209,375 128,125 132,500
(v.cap)325k + (u.cap)209 375 + (t.cap)128 125=662.5k
662.5k x 4/3=883,333 (total.cap)
883,333 x1/4= 220,833(f.cap)
220,833(f.cap)-132.5k= 88,333(cash)
b) V,Cap U,Cap T,Cap F,Cap
325k 209,375 128,125 220,833
Vent. Un. Te. Fla. Total
Salary 40k 40k 40k 120k
Bonus 5k 5k
Remainder: 6,250 6,250 6,250 6,250 25k
distribution: 46,250 46,250 6,250 51,250 150k
c) V,Cap U,Cap T,Cap F,Cap
cap,bal. 325k 209,375 128,125 220,833
add:bonus&sal. 46,250 46,250 6,250 51,250
371,250 255,625 134,375 272,083
Jan.1,2015
Unda cap:
cap.bal. 255,625 x 1/2=127,813(int,purch.by v.)
d) V,Cap U,Cap T,Cap F,Cap
371,250 255,625 134,375 272,083
127,813 (127,813) 0 0
as.of.dec31: 499,063 127,812 134,375 272,083
Arlito P. Solano Jr. BSA-1A
ReplyDelete795k-720k= 75K Patent 75k
V,Cap 30k
U,Cap 26,250
T,Cap 18,750
To record the
rev. of patent.
a.) April 30, 2014
V,Cap U,Cap T,Cap F,Cap Total
390k 251,250 153,750 - 795k
(65k) (41 875) (25 625) 132.5k 0
325k 209,375 128,125 132,500 795k
b.) June 30,2014
325k+209 375+128 125=662.5kx4/3=883,333x1/4= 220,833-132.5k= 88,333
V,Cap U,Cap T,Cap F,Cap Total
325k 209,375 128,125 132,500 795k
- - - 88,333 88,333
325k 209,375 128,125 220,833 883,333
c.)Dec.31,2014
V U T F Total
Salary 40k 40k 40k 120k
Bonus 5k 5k
Rem: 6,250 6,250 6,250 6,250 25k
PROFITS: 46,250 46,250 6,250 51,250 150k
V,Cap U,Cap T,Cap F,Cap Total
325k 209,375 128,125 220,833 883,333
46,250 46,250 6,250 51,250 150k
371,250 255,625 134,375 272,083 1,033,333
d.)Jan.1,2015
Unda,Capital: 255,625x1/2=127,813
V,Cap U,Cap T,Cap F,Cap Total
371,250 255,625 134,375 272,083 1,033,333
127,813 (127,813) - - 0
499,063 127,812 134,375 272,083 1,033,333
Ariane N. Gata BSA-1A
ReplyDeletea.)
795,000-720,000=75,000
Patent 75,000
V,Capital 30,000
U,Capital 26,250
T,Capital 18,750
To record the revaluation of patent.
April 30,2014
V,Capital U,Capital T,Capital F,Capital Total
Beg. 360,000 225,000 135,000 - 720,000
Patent 30,000 26,250 18,750 - 75,000
Purch (65,000) (41,875) (25,625) 132,500 0
325,000 209,375 128,125 132,500 795,000
b.)June 30,2014
Computation:
325,000+209,375+128,125=662,500*4/3=833,333*1/4=220,883-132,500=88,333
V,Capital U,Capital T,Capital F,Capital
Balance 325,000 209,375 128,125 132,500
Add’l - - - 88,333
325,000 209,375 128,125 220,833
c. December 31,2014
V,Capital U,Capital T,Capital F,Capital Total
Salaries 40,000 40,000 - 40,000 120,000
Bonus - - - 5,000 5,000
Remaind 6,250 6,250 6,250 6,250 25,000
46,250 46,250 6,250 51,250 150,000
d.) Jan. 1, 2015
Computation:
255,625*1/2=127,813
V,Capital U,Capital T,Capital F,Capital
Bal. 325,000 209,375 128,125 220,833
Profit 46,250 46,250 6,250 51,250
Sale of Interest 127,813 (127,813) - -
End.Cap.Bal. 499,063 127,812 134,375 272,083
JANNIEH RUTH DAGAMI BSA-1B
ReplyDeleteVentus, Capital 360,000
Unda, Capital 225,000
Terra, Capital 135,000
= 720,000 total capital balance
Revaluation:
132,500 x 6 = 795,000 – 720,000 = 75,000 revaluation of patent
Patent 75,000 Ventus, Capital 53,000
Ventus, Capital 30,000 Unda, Capital 46,375
Unda, Capital 26,250 Terra, Capital 33,125
Terra, Capital 18,750 Flamma, Capital 132,500
To record revaluation To record admission
a.) April 30, 2014
Ventus Unda Terra Flamma Total
Capital Balance 360,000 225,000 135,000 720,000
Revaluation 30,000 26,250 18,750 75,000
Admission (53,000) (46,375) (33,125) 132,500
_____________________________________________
337,000 204,875 120,625 132,500 795,000
b.) June 30, 2014
795,000
(132,500)
662,500 x 4/3 = 883,333 – 662,500 = 220,833 – 132,500 = 88,333 cash to be invested by Flamma
Ventus, Capital 337,000
Unda, Capital 204,875
Terra, Capital 120,625
Flamma, Capital 132,500 + 88,333 = 220,833
c.) December 31, 2014
Ventus Unda Terra Flamma Total
Salaries 40,000 40,000 40,000 120,000
Bonus 5,000 5,000
Remainder 6,250 6,250 6,250 6,250 25,000
___________________________________________________
Share of Profit 46,250 46,250 6,250 51,250 150,000
Ventus, Capital 337,000 + 46,250 = 383,250
Unda, Capital 204,875 + 46,250 = 251,125
Terra, Capital 120,625 + 6,250 = 126,875
Flamma, Capital 220,833 + 51, 250 = 272,083
d.) January 1, 2015
Unda, Capital : 251,125 x ½ = 125,563
Unda, Capital 125,563
Ventus, Capital 125,563
To record the selling of interest
Unda, Capital 125,562
Ventus, Capital 18,146
Terra, Capital 18,146
Flamma, Capital 18,146
Cash 180,000
To record the retirement
Ventus, Capital 383,250 + 125,563 – 18,146 = 490,667
Terra, Capital 126,875 – 18,146 = 108,729
Flamma, Capital 272,083 – 18,146 = 253,937
Maglinte, Carlo M. Bsa-1a
ReplyDeletea)V,Cap U,Cap T,Cap F,Cap
390k 251 250 3 750
(65k) (41 875) (25 625) 132.5k
325,000 209,375 128,125 132,500
(v.cap)325k + (u.cap)209 375 + (t.cap)128 125=662.5k
662.5k x 4/3=883,333 (total.cap)
883,333 x1/4= 220,833(f.cap)
220,833(f.cap)-132.5k= 88,333(cash)
b) V,Cap U,Cap T,Cap F,Cap
325k 209,375 128,125 220,833
Vent. Un. Te. Fla. Total
Salary 40k 40k 40k 120k
Bonus 5k 5k
Remainder: 6,250 6,250 6,250 6,250 25k
distribution: 46,250 46,250 6,250 51,250 150k
c) V,Cap U,Cap T,Cap F,Cap
cap,bal. 325k 209,375 128,125 220,833
add:bonus&sal. 46,250 46,250 6,250 51,250
371,250 255,625 134,375 272,083
Jan.1,2015
Unda cap:
cap.bal. 255,625 x 1/2=127,813(int,purch.by v.)
d) V,Cap U,Cap T,Cap F,Cap
371,250 255,625 134,375 272,083
127,813 (127,813) 0 0
as.of.dec31: 499,063 127,812 134,375 272,083
AINA MAE MIJARES BSA-1B
ReplyDeleteVentus Unda Terra Total
Capital balance: 360,000 225,000 135,000 720,000
Revaluation of patent: 795,000 - 720,000 = 75,000
Patent 75,000 Ventus, Capital 53,000
Ventus, Capital 30,000 Unda, Capital 46,375
Unda, Capital 26,250 Terra, Capital 33,125
Terra, capital 18,750 Flamma, Capital 132,500
To record revaluation To record admission
a.) April 30, 2014
Ventus Unda Terra Flamma Total
Capital Balance 360,000 225,000 135,000 720,000
Revaluation 30,000 26,250 18,750 75,000
Admission (53,000) (46,375) (33,125) 132,500
337,000 204,875 120,625 132,500 795,000
b.) June 30, 2014
Cash invested by Flamma:
795,000 – 132,500 = 662,500/ 75% = 883,333 x 25% = 220,833 – 132,500 = 88, 333
Capital Balances:
Ventus Unda Terra Flamma Total
337,000 204,875 120,625 132,500 795,000
Cash invested: 88,333 88,333
337,000 204,875 120,625 220,833 883,333
c.) December 31, 2014
Distribution of Profit
Ventus Unda Terra Flamma Total
Salary Allowances 40,000 40,000 40,000 120,000
Bonus 5,000 5,000
Remainder 6,250 6,250 6,250 6,250 25,000
Share of profit 46,250 46,250 6,250 51,250 150,000
Capital Balances:
Ventus Unda Terra Flamma Total
337,000 204,875 120,625 220,833 883,333
Share of Profit 46,250 46,250 6,250 51,250 150,000
383,250 251,125 126,875 272,083 1,033,333
d.) January 01, 2015
Unda, Capital: 251,125
Ventus, Capital: 251,125 x 50% = 125,563
Partnership: 251,125 x 50% = 125,563
Unda, Capital 125,563 Unda, Capital 125,563
Ventus, capital 125,563 Ventus, capital 18,146
To record selling interest Terra, Capital 18,146
Flamma, Capital 18,146
Cash 180,000
To record retirement
Capital Balances:
Ventus Terra Flamma
383,250 126,875 272,083
Interest 125,563
Retirement (18,146) (18,146) (18,146)
490,667 108,729 253,937
Yvette R. Boreres BSA-1A
ReplyDeletea.)April 30, 2014
795,000-720,000=75,000
Patent 75,000
V,Capital 30,000
U,Capital 26,250
T,Capital 18,750
To record the revaluation of patent.
April 30,2014
V,Capital U,Capital T,Capital F,Capital Total
Beg. 360,000 225,000 135,000 - 720,000
Patent 30,000 26,250 18,750 - 75,000
Purch. (65,000) (41,875) (25,625) 132,500 0
325,000 209,375 128,125 132,500 795,000
b.)June 30,2014
Computation:
325,000+209,375+128,125=662,500*4/3=833,333*1/4=220,883-132,500=88,333
V,Capital U,Capital T,Capital F,Capital
Balance 325,000 209,375 128,125 132,500
Add’l - - - 88,333
325,000 209,375 128,125 220,833
c. December 31,2014
V,Capital U,Capital T,Capital F,Capital Total
Salaries 40,000 40,000 - 40,000 120,000
Bonus - - - 5,000 5,000
Remain. 6,250 6,250 6,250 6,250 25,000
46,250 46,250 6,250 51,250 150,000
d.) Jan. 1, 2015
Computation:
255,625*1/2=127,813
V,Capital U,Capital T,Capital F,Capital
Bal. 325,000 209,375 128,125 220,833
Profit 46,250 46,250 6,250 51,250
Sale of Interest 127,813 (127,813) - -
End.Cap.Bal. 499,063 127,812 134,375 272,083
Merilyn C. Hermosilla BSA-1A
ReplyDeletea.)
795,000-720,000=75,000
Patent 75,000
V,Capital 30,000
U,Capital 26,250
T,Capital 18,750
To record the revaluation of patent.
April 30,2014
V,Capital U,Capital T,Capital F,Capital Total
Beg. 360,000 225,000 135,000 - 720,000
Patent 30,000 26,250 18,750 - 75,000
Purch. (65,000) (41,875) (25,625) 132,500 0
325,000 209,375 128,125 132,500 795,000
b.)June 30,2014
Computation:
325,000+209,375+128,125=662,500*4/3=833,333*1/4=220,883-132,500=88,333
V,Capital U,Capital T,Capital F,Capital
Balance 325,000 209,375 128,125 132,500
Add’l - - - 88,333
325,000 209,375 128,125 220,833
c. December 31,2014
V,Capital U,Capital T,Capital F,Capital Total
Salaries 40,000 40,000 - 40,000 120,000
Bonus - - - 5,000 5,000
Remain. 6,250 6,250 6,250 6,250 25,000
46,250 46,250 6,250 51,250 150,000
d.) Jan. 1, 2015
Computation:
255,625*1/2=127,813
V,Capital U,Capital T,Capital F,Capital
Bal. 325,000 209,375 128,125 220,833
Profit 46,250 46,250 6,250 51,250
Sale of Interest 127,813 (127,813) - -
End.Cap.Bal. 499,063 127,812 134,375 272,083
A. April 30, 2014
ReplyDeleteVENTUS UNDA TERRA FLAMMA
Capital 360 000 225 000 135 000
Patent 30 000 26 250 18 750
Purchased of
Interest (53 000) (46 375) (33 125) 132 500
Total 337 000 204 875 120 625 132 500
====== ====== ====== ======
B. June 30, 2014
795 000- 132 500= 662 500/ 75% X 25%= 220 833- 132 500= 88 333
======
VENTUS UNDA TERRA FLAMMA
Capital 337 000 204 875 120 625 132 500
88 333
Total 337 000 204 875 120 625 220 833
====== ====== ====== ======
C. December 31, 2014
Division of Profit: 150 000
Ventus Unda Terra Flamma
Salary 40 000 40 000 40 000
Bonus 5 000
Remainder 6 250 6 250 6 250 6 250
Profit 46 250 46 250 6 250 51 250
====== ====== ====== ======
VENTUS UNDA TERRA FLAMMA
Capital 337 000 204 875 120 625 220 833
Profit 46 250 46 250 6 250 51 250
Total 383 250 251 125 126 875 272 083
====== ====== ====== ======
D. January 1, 2015
Unda, Capital: 251 125/ 2= 125 562
Jan. 1 Unda, Capital 125 562
Ventus, Capital 125 562
To record the purchased of interest.
/ Unda, Capital 125 563
Ventus, Capital 18 146
Terra, Capital 18 146
Flamma, Capital 18 145
Cash 180 000
To record the purchased of interest by
the partnership.
VENTUS UNDA TERRA FLAMMA
Capital 383 250 251 125 126 875 272 083
*Interest purchased
by Ventus. 125 562 (125 562)
(18 146) (125 563) (18 146) (18 145)
Total 490 666 0 108 729 253 938
====== ====== ====== ======
Endong, Mark Millan N. BSA-1A
A.
ReplyDelete132500/6= 795000-720000= 75000 – revaluation
Ventus: 360000+30000= 390000x1/6= 65000
Unda: 225000+26250= 251250x1/6= 41875
Terra: 135000+18750= 153750x1/6= 25625
Capital Balance of each partner as of april 30 2014
Ventus = 360,000 + 30,000 - 65,000 = 325,000
Unda = 225,000 + 26,250 – 41,875 = 209,375
Terra = 135,000 + 18,750 – 25,625 = 128,125
Flamma = = 132,500
B.
662500x 75%= 883333 – 662500= 220833 – 132500= 88333 – cash investment of flamma
Ventus = 325,000
Unda = 209,375
Terra = 128,125
Flamma = 132,500 + 88333= 220833
C.
Ventus = 325,000 + 46,250 = 371,250
Unda = 209,375 + 46,250 = 255,625
Terra = 128,125 + 6,250 = 134,375
Flamma = 220833 + 51,250 = 272083
D.
Unda, capital 127813
Ventus, capital 127813
Unda, capital 127813
Ventus capital 17396
Terra, capital 17396
Flamma, capital 17395
Capital Balance of each partner as of april 30 2014
ReplyDeleteVentus = 360,000 + 30,000 - 65,000 = 325,000
Unda = 225,000 + 26,250 – 41,875 = 209,375
Terra = 135,000 + 18,750 – 25,625 = 128,125
Flamma = = 132,500
132500/6= 795000-720000= 75000 – revaluation
Ventus: 360000+30000= 390000x1/6= 65000
Unda: 225000+26250= 251250x1/6= 41875
Terra: 135000+18750= 153750x1/6= 25625
Cash Investment of Flamma =662500x 75%= 883333 – 662500= 220833 – 132500= 88333
Ventus = 325,000
Unda = 209,375
Terra = 128,125
Flamma = 132,500 + 88333= 220833
Capital as of Dec 31
Ventus = 325,000 + 46,250 = 371,250
Unda = 209,375 + 46,250 = 255,625
Terra = 128,125 + 6,250 = 134,375
Flamma = 220833 + 51,250 = 272083
After Retirement of Unda
Ventus 371250+127813-17396= 481235
Unda 255625-127813-127813= 0
Terra 134375-17396= 116979
Flamma 272083-17395= 254688
PADAON BSA1B
ReplyDeletea. april 30, 2014
ventus :360000+30000-60000=330000
unda :225000+26250-37500=213750
terra :135000+18750-22500=131250
flamma: 120000=120000
b. june 30, 2014
ventus :330000 =330000
unda :213750 =213750
terra :131250 =131250
flamma :120000+105000=225000
c. december 31, 2014
ventus :330000+45000=375000
unda :213750+45000=258750
terra :131250+5000 =136250
flamma :225000+55000=280000
d. january 1, 2015
ventus :375000+129375-16875=487500
unda :258750-129375-129375=0
terra :136250 -16875=119375
flamma :280000 -16875=239792
a.)April 30, 2014
ReplyDeleteImplied Value P 795,000
Book value 720,000
- - - - - - -
Revaluation P 75,000
Computation:
VENTUS UNDA TERRA
360,000 225,000 135,000
30,000 26,250 18,750
- - - - - - - - - - - - - - - - - - -
390,000 251,250 153,750
x 1/6 1/6 1/6
- - - - - - - - - - - - - - - - - -
65,000 41,875 25,625
VENTUS UNDA TERRA FLAMMA
360,000 225,000 135,000
30,000 26,250 18,750
(65,000 ) (41,875) (25,625) 132,500
- - - - - - - - - - - - - - - - - - - - - - - - - - - -
325,000 209,375 128,125 132,500
===============================
b.)June 30
AC CC
O 622,500 662,500 0
N 220,833 220,833 0
- - - - - - - - - - - - - -
883,333 883,333 0
VENTUS UNDA TERRA FLAMMA
325,000 209,375 128,125 220,833
================================
c.)Dec.31
VENTUS UNDA TERRA FLAMMA TOTAL
Salaries 40,000 40,000 40,000 120,000
Bonus 5,000 5,000
Remainder 6,250 6,250 6,250 6,250 25,000
-----------------------------------------------------------------------------
46,250 46,250 6,250 51,250 150,000
VENTUS UNDA TERRA FLAMMA
325,000 209,375 128,125 220,833
46,250 46,250 6,250 51,250
------------------------------------------------------
371,250 255,625 134,375 272,083
==================================
d.)Jan. 1
VENTUS UNDA TERRA FLAMMA
371,250 255,625 134,375 272,083
127,812 (127,812)
(17,396) (127,813) (17,396) (17,395)
------------------------------------------------------------
481,666 0 116,979 254,688
=====================================
Computation:
255,625x1/2 = 127,812
180,000-127,813=52,187/3=17,396
PEACHY M. BANDILLA BSA-1A
a.)April 30, 2014
ReplyDeleteImplied Value P 795,000
Book value 720,000
- - - - - - -
Revaluation P 75,000
Computation:
VENTUS UNDA TERRA
360,000 225,000 135,000
30,000 26,250 18,750
- - - - - - - - - - - - - - - - - - -
390,000 251,250 153,750
x 1/6 1/6 1/6
- - - - - - - - - - - - - - - - - -
65,000 41,875 25,625
VENTUS UNDA TERRA FLAMMA
360,000 225,000 135,000
30,000 26,250 18,750
(65,000 ) (41,875) (25,625) 132,500
- - - - - - - - - - - - - - - - - - - - - - - - - - - -
325,000 209,375 128,125 132,500
===============================
b.)June 30
AC CC
O 622,500 662,500 0
N 220,833 220,833 0
- - - - - - - - - - - - - -
883,333 883,333 0
VENTUS UNDA TERRA FLAMMA
325,000 209,375 128,125 220,833
================================
c.)Dec.31
VENTUS UNDA TERRA FLAMMA TOTAL
Salaries 40,000 40,000 40,000 120,000
Bonus 5,000 5,000
Remainder 6,250 6,250 6,250 6,250 25,000
-----------------------------------------------------------------------------
46,250 46,250 6,250 51,250 150,000
VENTUS UNDA TERRA FLAMMA
325,000 209,375 128,125 220,833
46,250 46,250 6,250 51,250
------------------------------------------------------
371,250 255,625 134,375 272,083
==================================
d.)Jan. 1
VENTUS UNDA TERRA FLAMMA
371,250 255,625 134,375 272,083
127,812 (127,812)
(17,396) (127,813) (17,396) (17,395)
------------------------------------------------------------
481,666 0 116,979 254,688
=====================================
Computation:
255,625x1/2 = 127,812
180,000-127,813=52,187/3=17,396
Basilan, Angielyn I. BSA -IB
a.) April 30, 2014
ReplyDeleteImplied Value (132,500 ÷ 1/6) = P 795,000
Book Value 720,000
- - - - - - - -
Revaluation P 75,000
========
Computation:
Ventus: 75,000 x 40% = P 30,000
Unda: 75,000 x 35% = P 26,250
Terra: 75,000 x 25% = P 18,750
Computation:
Ventus : 360,000 + 30,000 = 390,000 x 1/6 = 65,000
Unda : 225,000 + 26,250 = 251,250 x 1/6 = 41,875
Terra : 135,000 + 18,750 = 153,750 x 1/6 = 25,625
UPDATE:
Ventus Unda Terra Flamma
Original Capital 360,000 225,000 135,000
Patent 30,000 26,250 18,750
Sale of Interest (65,000) (41,875) (25,625) 132,500
- - - - - - - - - - - - - - - - - - - - - - - - - - -
Updated Capital 325,000 209,375 128,125 132,500
======= ======= ======= =======
b.) Agreed Capital Contributed Capital
Old 3/4 662,500 662,500
New 1/4 220,833 220,833
------------ -------------
883,333 883,333
======== ========
Ventus Unda Terra Flamma
Updated Capital 325,000 209,375 128,125 220,833
======== ======= ======= =======
c.)
Ventus Unda Terra Flamma Total
Salaries 40,000 40,000 40,000 120,000
20% Bonus 5,000 5,000
Remainder 6,250 6,250 6,250 6,250 25,000
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Share Partners 46,250 46,250 6,250 51,250 150,000
======= ====== ====== ====== =======
Income Summary 150,000
Ventus, Capital 46,250
Unda, Capital 46,250
Terra, Capital 6,250
Flamma, Capital 51,250
To close the net income.
Ventus Unda Terra Flamma
Previous Capital 325,000 209,375 128,125 220,833
Net Income 46,250 46,250 6,250 51,250
- - - - - - - - - - - - - - - - - - - - - - - - - - -
Updated Capital 371,250 255,625 134,375 272,083
======= ======= ======= =======
d.) Unda, Capital 127,812
Ventus, Capital 127,812
To record the sale of interest.
Unda, Capital 127,813
Ventus, Capital 17,396
Terra, Capital 17,396
Flamma, Capital 17,395
Cash 180,000
To record the retirement of Unda.
Ventus Unda Terra Flamma
Previous Capital 371,250 255,625 134,375 272,083
Sale of Interest 127,812 (127,812)
Retirement (17,396) (127,813) (17,396) (17,395)
- - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL CAPITAL 481,666 0 116,979 254,688
======== ======= ======= =======
Submitted By: Rachelle Niña V. Arteche BSA - 1B
a.) April 30, 2014
ReplyDeleteImplied Value (132,500 ÷ 1/6) = P 795,000
Book Value 720,000
- - - - - - - -
Revaluation P 75,000
========
Computation:
Ventus: 75,000 x 40% = P 30,000
Unda: 75,000 x 35% = P 26,250
Terra: 75,000 x 25% = P 18,750
Computation:
Ventus : 360,000 + 30,000 = 390,000 x 1/6 = 65,000
Unda : 225,000 + 26,250 = 251,250 x 1/6 = 41,875
Terra : 135,000 + 18,750 = 153,750 x 1/6 = 25,625
UPDATE:
Ventus Unda Terra Flamma
Original Capital 360,000 225,000 135,000
Patent 30,000 26,250 18,750
Sale of Interest (65,000) (41,875) (25,625) 132,500
- - - - - - - - - - - - - - - - - - - - - - - - - - -
Updated Capital 325,000 209,375 128,125 132,500
======= ======= ======= =======
b.) Agreed Capital Contributed Capital
Old 3/4 662,500 662,500
New 1/4 220,833 220,833
------------ -------------
883,333 883,333
======== ========
Ventus Unda Terra Flamma
Updated Capital 325,000 209,375 128,125 220,833
======== ======= ======= =======
c.)
Ventus Unda Terra Flamma Total
Salaries 40,000 40,000 40,000 120,000
20% Bonus 5,000 5,000
Remainder 6,250 6,250 6,250 6,250 25,000
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Share Partners 46,250 46,250 6,250 51,250 150,000
======= ====== ====== ====== =======
Income Summary 150,000
Ventus, Capital 46,250
Unda, Capital 46,250
Terra, Capital 6,250
Flamma, Capital 51,250
To close the net income.
Ventus Unda Terra Flamma
Previous Capital 325,000 209,375 128,125 220,833
Net Income 46,250 46,250 6,250 51,250
- - - - - - - - - - - - - - - - - - - - - - - - - - -
Updated Capital 371,250 255,625 134,375 272,083
======= ======= ======= =======
d.) Unda, Capital 127,812
Ventus, Capital 127,812
To record the sale of interest.
Unda, Capital 127,813
Ventus, Capital 17,396
Terra, Capital 17,396
Flamma, Capital 17,395
Cash 180,000
To record the retirement of Unda.
Ventus Unda Terra Flamma
Previous Capital 371,250 255,625 134,375 272,083
Sale of Interest 127,812 (127,812)
Retirement (17,396) (127,813) (17,396) (17,395)
- - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL CAPITAL 481,666 0 116,979 254,688
======== ======= ======= =======
Submitted By: Aigie Grace M. Salvatierra BSA -1B
Mary Mae C. Cesora BSA-1B
ReplyDeleteA.Implied Value (132500/6) ₱795,000
Less: Book Value (360 000+ 225 000+ 135 000) 720,000
Patent ₱75,000
2015
April 30 Patent 75 000
Ventus, Capital 30 000
Unda, Capital 26 250
Terra, Capital 18 750
To record revaluation of patent.
/ Ventus, Capital 53 000
Unda , Capital 46 375
Terra, Capital 33 125
Flamma, Capital 132 500
To record admission of Flamma.
Capital balances of each partner as of April 30,2014:
Ventus, Capital = ₱360 000 + ₱30 000 - ₱53 000 = ₱337 000
Unda, Capital = ₱225 000 + ₱26 250 - ₱46 375 = ₱204 875
Terra, Capital = ₱135 000 + ₱18 750 - ₱33 125 = ₱120 625
Flamma, Capital = ₱132 500 = ₱132 500
B. AGREED CAPITAL CONTRIBUTED CAPITAL
Old ₱662 500 ₱662 500
New 220 833 220 833
₱883 333 ₱883 333
Total Capital = ₱795,000 - ₱132,500 = ₱662,500 / ¾ = ₱883,333 x ¼ = ₱220,833 - ₱132,500 = ₱88,333
Ventus, Capital = ₱ 337 000+ 0 = ₱ 337 000
Unda, Capital = ₱204 875+ 0 = ₱ 204 875
Terra, Capital = ₱ 120 625+ 0 = ₱ 120 625
Flamma, Capital= ₱ 132 500+ ₱ 88 333= ₱ 220 833
2014
June 30 Cash 88 333
Flamma, Capital 88 333
To record investment of Flamma.
Capital balances of each partner as of June 30,2014:
Ventus, Capital = ₱ 337 000+ 0 = ₱ 337 000
Unda, Capital = ₱204 875+ 0 = ₱ 204 875
Terra, Capital = ₱ 120 625+ 0 = ₱ 120 625
Flamma, Capital= ₱ 132 500+ ₱ 88 333= ₱ 220 833
C. Ventus Unda Terra Flamma Total
Salary 40 000 40 000 40 000 120 000
Bonus 5 000 5 000
Remainder 6 250 6 250 6 250 6 250 25 000
Total ₱46 250 ₱46 250 ₱6 250 ₱51 250 ₱150 000
2014
Dec. 31 Income Summary 150 000
Ventus, Capital 46 250
Unda, Capital 46 250
Terra, Capital 6 250
Flamma, Capital 51 250
To record division of profits.
Capital balances of each partner as of December 31,2014:
Ventus, Capital = ₱337 000 + ₱46 250 = ₱383 250
Unda, Capital = ₱204 875 + ₱46 250 = ₱251 125
Terra, Capital = ₱120 625 + ₱ 6 250 = ₱126 875
Flamma, Capital = ₱220 833 + ₱51 250 = ₱272 083
D. 2015
Jan. 1 Unda, Capital 125 563
Ventus, Capital 125 563
To record sale of interest of Unda to Ventus.
2 Unda, Capital 125 562
Ventus, Capital 18 146
Terra, Capital 18 146
Flamma, Capital 18 146
Cash 180 000
Capital balances of each partner as of January 2,2015:
Ventus, Capital = ₱383 250 + ₱125 563 - ₱18 146 = ₱490 667
Unda, Capital = ₱251 125 - ₱125 563 - ₱125 562 = ₱0
Terra, Capital = ₱126 875 - ₱18 146 = ₱108 729
Flamma, Capital = ₱272,083 - ₱18,146 = ₱253 937
This comment has been removed by the author.
ReplyDeleteReynanel Argales BSA 1A
ReplyDelete1. Ventus Unda Terra Flamma Total
Capital 360,000 225,000 135,000 720,000
Patent 30,000 26,250 18,750 75,000
Admission (53,000) (46,375) (33,125) 132,500 _____________________________________________________________________
Capital 337,000 204,875 120,625 132,500 795,000
============================================================
b. Ventus Unda Terra Flamma Total
capital 337,000 204,875 120,625 132,500 795,000
investment 88,333 88,333
______________________________________________________________________
Capital 337,000 204,875 120,625 220,833 883,333
===========================================================
c. Ventus Unda Terra Flamma Total
Capital 337,000 204,875 120,625 220,833 883,333
profit 46,250 46,250 6,250 51,250 150,000
_____________________________________________________________________
Capital 383,250 251,125 126,875 272,083 1,033,333
============================================================
d. Ventus Unda Terra Flamma Total
Capital 383,250 251,125 126,875 272,083 1,033,333
125,562 (125,562) 0
(18,146) (125,563) (18,145) (18,146) (180,000)
______________________________________________________________________
Capital 490,666 0 108,730 253,937 853,333
=============================================================
A.) ventus unda terra flamma
ReplyDeletecapital 360,000 225,000 135,000
revaluation 23,000 20,125 14,375 132,500
------------------- ---------------- --------------------- ----------------
337,000 204,875 120,625 132,500
========= ======== ========= =======
B.) ventus unda terra flamma
capital 360,000 225,000 135,000
revaluation 23,000 20,125 14,375 132,500 additional cash investment 88,333
------------------ --------------- ----------------- ---------------
337,000 204,875 120,625 220,833
======== ======== ======== ========
C.) ventus unda terra flamma
capital 360,000 225,000 135,000
revaluation 23,000 20,125 14,375 132,500 additional cash investment 88,333
share in NI 46,250 46,250 6,250 51,250
----------------- ------------------ ------------------- ------------------
383,250 251,125 126,875 272,083
======== ========== ========= ========
D.) ventus unda terra flamma
capital 360,000 225,000 135,000
revaluation 23,000 20,125 14,375 132,500 additional cash investment 88,333
share in NI 46,250 46,250 6,250 51,250
----------------- ------------------ ------------------- ------------------
383,250 251,125 126,875 272,083
*transfer of unda`s half 125,562 (125,562)
capital interest to ventus
*transfer of unda`s capital (18,146) (125,562) (18,146) (18,146)
interest to the partnership
and was paid by 180,000
----------------- ------------------ ----------------- ---------------
490,666 0 108,729 253,937
======== ========= ========= ========
A). April 30, 2014
ReplyDeleteVentus = 360,000 + 30,000 - 65,000 = 325,000
Unda = 225,000 + 26,250 – 41,875 = 209,375
Terra = 135,000 + 18,750 – 25,625 = 128,125
Flamma = = 132,500
The revalued patent is 75,000 increased in their capital with the old partners.
Flamma purchased 1/6 interest into the partnership .
Admission of Flamma .
B). June 30 , 2014
Ventus = 325,000
Unda = 209,375
Terra = 128,125
Flamma = 132,500 + 265,000 = 397,500
Flamma Invest 265,000 additional investment by Flamma .
The old partners capital are unchanged.
C). December 31, 2014
Ventus = 325,000 + 46,250 = 371,250
Unda = 209,375 + 46,250 = 255,625
Terra = 128,125 + 6,250 = 134,375
Flamma = 397,500 + 51,250 = 448,750
Distribution of Profits , including salaries and bonus and to close income summary .
D). January 1 , 2015
Ventus = 371,250 + 127,812 – 17,396 = 481,666
Terra = 134,375 – 17,396 = 116,979
Flamma = 448,750 – 17,395 = 431,355
½ interest of unda sells to ventus amounted to 127,812 , and the remaining ½ are to be in the partnership amounted to 127,813 . and the remaining partners pay unda 180,000 cash .
127,813 – 180,000 = 52,187
The amount 52,187 is to be deducted to the remaining partners , by distributing according to their P/L ratio .
Retirement Of Unda.
Jill Fritz Dale C. Dela Cruz BSA 1-B :)
A). April 30, 2014
ReplyDeleteVentus = 360,000 + 30,000 - 65,000 = 325,000
Unda = 225,000 + 26,250 – 41,875 = 209,375
Terra = 135,000 + 18,750 – 25,625 = 128,125
Flamma = = 132,500
The revalued patent is 75,000 increased in their capital with the old partners.
Flamma purchased 1/6 interest into the partnership .
Admission of Flamma .
B). June 30 , 2014
Ventus = 325,000
Unda = 209,375
Terra = 128,125
Flamma = 132,500 + 265,000 = 397,500
Flamma Invest 265,000 additional investment by Flamma .
The old partners capital are unchanged.
C). December 31, 2014
Ventus = 325,000 + 46,250 = 371,250
Unda = 209,375 + 46,250 = 255,625
Terra = 128,125 + 6,250 = 134,375
Flamma = 397,500 + 51,250 = 448,750
Distribution of Profits , including salaries and bonus and to close income summary .
D). January 1 , 2015
Ventus = 371,250 + 127,812 – 17,396 = 481,666
Terra = 134,375 – 17,396 = 116,979
Flamma = 448,750 – 17,395 = 431,355
½ interest of unda sells to ventus amounted to 127,812 , and the remaining ½ are to be in the partnership amounted to 127,813 . and the remaining partners pay unda 180,000 cash .
127,813 – 180,000 = 52,187
The amount 52,187 is to be deducted to the remaining partners , by distributing according to their P/L ratio .
Retirement Of Unda.
Jill Fritz Dale C. Dela Cruz BSA 1-B :)
A. April 30,2014
ReplyDeleteRevaluation : 132,500x6/1 = 795,000
(720,000)= 75,000
75,000x40%=30,000 75,000x35%=26,250 75,000x25%=18,750
Ventus 390,000x1/6= 65,000
Unda 251,250x1/6= 41,875
Terra 153,750x1/6= 25,625 Flamma,Capital =132,500
Ventus 360,000+30,000= 390,000
Unda 225,000+26,250= 251,250 Terra 135,000+18,750= 153,750 Flamma 132,500
B. June 30,2014
795,000x4/3= 1,060,000x1/4 = 265,000
Ventus 390,000
Unda 251,250
Terra 153,750
Flamma 265,000
C. December 31,2014
Ventus 390,000+46,250= 436,250
Unda 251,250+46,250= 297,500
Terra 153,750+6,250= 160,000
Flamma 265,000+51,250= 316,250
D. January 1,2015
Unda 297,500/2 =148,750Ventus
180,000-148,750= 31,250/3
Ventus 436,250+148,750-10,416=574,584
Terra 160,000-10,417=149,583
Flamma 316,250-10,417=305,833
Romell Belano
a. Ventus P337 000 (360 000-23 000)
ReplyDeleteUnda P204 875 (225 000-20 125)
Terra P120 625 (135 000---14 375)
Flamma P132 500
b. Ventus P337 000
Unda P204 875
Terra P120 625
Flamma P220 833 (132 500+88 333)
c. Ventus P383 250 (40 000+6250+337 000)
Unda P251 125 (40 000+6 250=204 875)
Terra P126 875 ( 6 250+120 625)
Flamma P272 083 (40 000+5 000+6 250)
d. Ventus P490 667 (383 250+125 563-18 146)
Unda P0 (251 125-125 543-125 563)
Terra P108 729 (126 785-18 146)
Flamma P253 937 (272 083—18 146)
GUIRA BSA 1B
A. Patent: P 132,500 ÷ 16⅙ % = P 795,000 – P720,000 = P 75,000
ReplyDeleteVentus: P 360,000+ 30,000− 53,000= P 337,000
Unda: P 225,000+ 26,250− 46,375= 204,875
Terra: P 135,000+ 18,750− 33,125= 120,625
Flamma: = 132,500
Total Capital Balances: P 795,000
B. Total Capital Balances: P 795,000
Flamma Investment : (132,500)
Cash Investment of Flamma: P 662,500 ÷ 75% = P883,333 × 25% = P 220,833− 132,500= P 88,333
Ventus: = P 337,000
Unda: = 204,875
Terra: = 120,625
Flamma: 132,500+ 88,333 = 220,833
Total Capital Balances: P 883,333
C. Ventus Unda Terra Flamma Total
Salary Allowances P40,000 P40,000 P40,000 P120,000
Bonus 5,000 5,000
Balance to be Divided Equally 6,250 6,250 P6,250 6,250 25,000
Share of Partners in Profits P46,250 P46,250 P6,250 P51,250 P150,000
Ventus:P 337,000+ 46,250= P 383,250
Unda: 204,875+ 46,250= 251,125
Terra: 120,625+ 6,250= 126,875
Flamma: 220,833+ 51,250= 272,083
Total Capital Balances: P 1,033,333
D. Unda, Capital :P251,125 - 125,563= P 125,562
Terra, Capital :126,875 - 18,146 = 108,729
Flamma, Capital: 272,083 - 18,146 = 253,937
Ventus, Capital: P383,250 + 125,563 - 18,146 = P490,667
Lagonoy, Lorie Lyn C. BSA-1B
A. Patent: P 132,500 ÷ 16⅙ % = P 795,000 – P720,000 = P 75,000
ReplyDeleteVentus: P 360,000+ 30,000− 53,000= P 337,000
Unda: P 225,000+ 26,250− 46,375= 204,875
Terra: P 135,000+ 18,750− 33,125= 120,625
Flamma: = 132,500
Total Capital Balances: P 795,000
B. Total Capital Balances: P 795,000
Flamma Investment : (132,500)
Cash Investment of Flamma: P 662,500 ÷ 75% = P883,333 × 25% = P 220,833− 132,500= P 88,333
Ventus: = P 337,000
Unda: = 204,875
Terra: = 120,625
Flamma: 132,500+ 88,333 = 220,833
Total Capital Balances: P 883,333
C. Ventus Unda Terra Flamma Total
Salary Allowances P40,000 P40,000 P40,000 P120,000
Bonus 5,000 5,000
Balance to be Divided Equally 6,250 6,250 P6,250 6,250 25,000
Share of Partners in Profits P46,250 P46,250 P6,250 P51,250 P150,000
Ventus:P 337,000+ 46,250= P 383,250
Unda: 204,875+ 46,250= 251,125
Terra: 120,625+ 6,250= 126,875
Flamma: 220,833+ 51,250= 272,083
Total Capital Balances: P 1,033,333
D. Unda, Capital :P251,125 - 125,563= P 125,562
Terra, Capital :126,875 - 18,146 = 108,729
Flamma, Capital: 272,083 - 18,146 = 253,937
Ventus, Capital: P383,250 + 125,563 - 18,146 = P490,667
Lagonoy, Lorie Lyn C. BSA-1B
Go Yvette
ReplyDeleteA.132 500 x 6 = 795 000
852 500
(57 500)
Ventus Unda Terra Flamma
360 000 225 000 135 000 132 500
(23 000) (20 125) (14 375) ----------
337 000 304 875 120 625 132 500
B.795 000 x 25% = 198 750
132 500
66 250 / 75% = 88 333
Ventus Unda Terra Flamma
337 000 204 875 120 625 132 500
88 333
220 833
C. VentusUnda Terra Flamma Total
Salary 40 000 40 000 40 000 120 000
Bunos 5 000 5 000
Remainder 62506 2506 2506 25025 000
46 250 46 250 6 250 51 250 150 000
Ventus Unda Terra Flamma
337 000 204 875 120 625 220 833
46 250 46 250 6 250 51 250
383 250 251 125 126 875 272 083
D. Unda, capital 125 563
Ventus, Capital 125 563
Unda sell ½ of his interst.
Unda, capital 125 563
Ventus, capital 18 146
Terra, capital 18 146
Flamma, capital 18146
Cash 180 000
Retirement of Unda.
Ventus Unda Terra Flamma
383 250 251 125 126 875 272 083
125 563 (125 563)
(18 146) (125 563) (18 146) (18 146)
490 667 0 108 729 253 937
JAYMAR M. CAUNTE BSA-1A
ReplyDeleteA.
Ventus Unda Terra Flamma
Capital 360,000 225,000 135,000
Patent 30,000 26,250 18,750
New Capital (65,000) (41,875) (25,625) 132,500
_______________________________________________
325,000 209,375 128,125 132,500
============================================
Revaluation: 132,500 / 1/6 = 795,000 – 720,000 = 75,000
B.
132,500 / 1/6 = 795,000 – 132,500 = 662,500
662,500 / 75% = 883,333
883,333 x 25% = 220,833
Ventus: 325,000
Unda : 209,375
Terra : 128,833
Flamma: 220,833 >> (132,500 + 88,333)
C.
Ventus Unda Terra Flamma Total
Salary 40,000 40,000 40,000 120,000
Bonus 5,000 5,000
Balance 6,250 6,250 6,250 6,250 25,000
_____________________________________________________
46,250 46,250 6,250 51,250 150,000
================================================
Salary : 5,000 x 8 = 40,000
Bonus: 150,000 - 120,000 = 30,000 / 120% = 25,000 x 20% = 5,000
Balance: 150,000 - 125,000 = 25,000 / 4 = 6,250
Ventus: 325,000 + 46,250 = 371, 250
Unda : 209,375 + 46,250 = 255,625
Terra : 128,125 + 6,250 = 134,375
Flamma: 220,833 + 51,250 = 272,083
D.
Ventus Unda Terra Flamma
371,250 255,625 134,375 272,083
127,812 (127,812)
(17,396) (127,812) (17,395) (17,396)
__________________________________________
481,666 0 116,930 254,687
======================================
Unda, Capital 127,813
Ventus, Capital 17,396
Flamma, Capital 17,395
Terra, Capital 17,396
Cash 180,000
Durante, Daniel Y. BSA - 1B
ReplyDeleteVENTUS UNDA TERRA FLAMMA Total
Original Balances 360000 225000 135000
(revaluation) 30000 26250 18750 75000
a. 390000 251250 153750 132500
(adjustment) 132500 132500
b. 390000 251250 153750 265000
(profit shares) 46250 46250 6250 51250 150000
c. 436250 297500 160000 316250
(retirement) 148750 (148750)
(paid of 180000) 10417 (148750) 10416 10417
d. 595417 ----------- 170416 326667
MARCON, MAE A. BSA-1B
ReplyDeleteA.Capital Balance of each partner as of April 30 2014
Ventus,Capital 360,000 + 30,000 - 65,000 = 325,000
Unda,Capital 225,000 + 26,250 – 41,875 = 209,375
Terra,Capital 135,000 + 18,750 – 25,625 = 128,125
Flamma,Capital 132,500
B.
Capital Balance of each partner as of June 30 2014
Ventus,Capital 325 000
Unda,Capital 209 375
Terra,Capital 128 125
Flamma,Capital 132 500 + 88 333 = 220833
C. December 31, 2014 after distributing of the profit
Ventus,Capital 325 000 + 46 250 = 371 250
Unda,Capital 209 375 + 46 250 = 255 625
Terra,Capital 128 125 + 6 250 = 134 375
Flamma,Capital l 220 833 + 51 250 = 272 083
D. January 1, 2015 after retirement of Unda
Unda,Capital 127 813
Ventus,Capital 127 813
Unda,Capital 127 813
Ventus,Capital 17 396
Terra,Capital 17 396
Flamma,Capital 17 395
BACASNO, YSRAH.
ReplyDeleteVentus = 360 000 + 30 000 - 65 000 = 325 000
Unda = 225 000 + 26 250 – 41 875 = 209 375
Terra = 135 000 + 18 750 – 25 625 = 128 125
Flamma = 132 500 = 132 500
Investment of Flamma – 132 500 ÷1⁄6= 795 000
Capital 720 000
Revaluation 75 000
Total Capital 662 500 ÷75%=883 333
662 500
220 833
132 500
88 333
Ventus – 325 000 = 325 000
Unda – 209 375 = 209 375
Terra – 128 125 = 128 125
Flamma – 132 500 + 88 333 = 220 833
Ventus Unda Terra Flamma Total
Salaries 40 000 40 000 40 000 120 000
Bonus 5 000 5 000
Rem. 6 250 6 250 6 250 6 250 25 000
46 250 46 250 6 250 51 250 150 000
Ventus = 325 000 + 46 250 = 371 250
Unda = 209 375 + 46 250 = 255 625
Terra = 128 125 + 6 250 = 134 375
Flamma = 220 833 + 51 250 = 272 083
Unda, Capital = 225 625 ÷ 2 = 127 812
Ventus, Capital = 225 625 ÷ 2 = 127 812 ÷ 3 = 17 396
Terra, Capital = 127 813 ÷ 3 = 17 395
Flamma, Capital = 127 813 ÷ 3 = 17 396
Ventus – 371 250 + 127 182 + (17 396) = 481 036
Unda – 255 625 + (127 182) + (127 182) = 1 261
Terra – 134 375 + (17 395) = 116 980
Flamma – 272 083 + (17 396) = 254 687
April 30
ReplyDeleteVentus: P337000
Unda: P204875
Terra: P120625
Flamma:P132500
Solution:
Revaluation: 132500÷1/6=795000-720000=75000
75000x.4=30000
75000x.35=26250
75000x.25=18750
purchase by Flamma
795000x1/6=132500
132500x.4=53000
132500x.35=26250
132500x.25=18750
Capital Update:
Ventus: 360000+30000-53000=337000
Unda: 225000+26250-46375=204875
Terra: 135000+18750-33125=120625
Flamma: 132500
June 30:
Ventus:337000
Unda:204875
Terra:120625
Flamma:220883
Soln:
795000-132500=662500÷.75=883333x.25=220833-132500=88333(cash investment of Flamma)
132500+88333=220883
Dec 31
Ventus:383250
Unda:251125
Terra:126875
Flamma:272083
Solution:
Salaries: 5000x8=40000
Bonus: 150000-120000=30000÷1.2=25000x.2=5000
Remainder: 150000-125000=25000/4=6250
Profit:
Ventus:46250
Unda:46250
Terra:6250
Flamma:51250
total: 150000
Capital Update:
Ventus:337000+46250=383250
Unda:257125+46250=251125
Terra:120625+6250=126875
Flamma:220833+51250=272083
Jan 1
Ventus:532521
Terra:150583
Flamma:295791
Unda: 0
Soln:
1/2 to ventus
251125x.5=125562.5 or 125563
Unda (125563)
Ventus +125563
1/2 to the partnership
125562/3=41854
125562-180000=(54438)/3=(18146)
Ventus: 383250+125563+41854-18146=532521
Unda:257125-125563-125562=0
Terra:126875+41854-18146=150583
Flamma272083+41854-18146=295791
A.Implied Value (132500/6) ₱795,000
ReplyDeleteLess: Book Value (360 000+ 225 000+ 135 000) 720,000
-------------
Patent ₱75,000
2015
April 30 Patent 75 000
Ventus, Capital 30 000
Unda, Capital 26 250
Terra, Capital 18 750
Revaluation of patent.
/ Ventus, Capital 53 000
Unda , Capital 46 375
Terra, Capital 33 125
Flamma, Capital 132 500
Admission of Flamma.
Capital balances of each partner as of April 30,2014:
Ventus, Capital = ₱360 000 + ₱30 000 - ₱53 000 =₱337 000
========
Unda, Capital = ₱225 000 + ₱26 250 - ₱46 375 =₱204 875
=========
Terra, Capital = ₱135 000 + ₱18 750 - ₱33 125 = ₱120 625
========
Flamma, Capital = ₱132 500 = ₱132 500
=========
B. AGREED CAPITAL CONTRIBUTED CAPITAL
Old ₱662 500 ₱662 500
New 220 833 220 833
------------- ------------
₱883 333 ₱883 333
======== ========
Total Capital = ₱795,000- ₱132,500 = ₱662,500 / ¾ = ₱883,333 x ¼ = ₱220,833 - ₱132,500 = ₱88,333
Ventus, Capital = ₱ 337 000+ 0 = ₱ 337 000
========
Unda, Capital = ₱204 875+ 0 = ₱ 204 875
========
Terra, Capital = ₱ 120 625+ 0 = ₱ 120 625
========
Flamma, Capital= ₱ 132 500+ ₱ 88 333= ₱ 220 833
========
2014
June 30 Cash 88 333
Flamma, Capital 88 333
To record investment of Flamma.
Capital balances of each partner as of June 30,2014:
Ventus, Capital = ₱ 337 000+ 0 = ₱ 337 000
========
Unda, Capital = ₱204 875+ 0 = ₱ 204 875
========
Terra, Capital = ₱ 120 625+ 0 = ₱ 120 625
========
Flamma, Capital= ₱ 132 500+ ₱ 88 333= ₱ 220 833
========
C. Ventus Unda Terra Flamma Total
Salary 40 000 40 000 40 000 120 000
Bonus 5 000 5 000
Remainder 6 250 6 250 6 250 6 250 25 000
-------------- ------------- ------------ ---------- ------------
Total ₱46 250 ₱46 250 ₱6 250 ₱51 250 ₱150 000
======== ====== ====== ======= ========
2014
Dec. 31 Income Summary 150 000
Ventus, Capital 46 250
Unda, Capital 46 250
Terra, Capital 6 250
Flamma, Capital 51 250
To record division of profits.
Capital balances of each partner as of December 31,2014:
Ventus, Capital = ₱337 000 + ₱46 250 = ₱383 250
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Unda, Capital = ₱204 875 + ₱46 250 = ₱251 125
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Terra, Capital = ₱120 625 + ₱ 6 250 = ₱126 875
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Flamma, Capital = ₱220 833 + ₱51 250 = ₱272 083
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D.2015
Jan. 1 Unda, Capital 125 563
Ventus, Capital 125 563
To record sale of interest of Unda to Ventus.
2 Unda, Capital 125 562
Ventus, Capital 18 146
Terra, Capital 18 146
Flamma, Capital 18 146
Cash 180 000
Capital balances of each partner as of January 2,2015:
Ventus, Capital = ₱383 250 + ₱125 563 - ₱18 146 = ₱490 667
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Unda, Capital = ₱251 125 - ₱125 563 - ₱125 562 = ₱0
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Terra, Capital = ₱126 875 - ₱18 146 = ₱108 729
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Flamma, Capital = ₱272,083 - ₱18,146 = ₱253 937
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