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P 3-4
1.
Basa
Benito
P400,000
P200,000
P 600,000
60,000
40,000
100,000*
Interest
100,000
90,000
P 40,000
P 94,000
324,000
Balance
269,000
269,000
269,000
269,000
1,076,000
P829,000
P599,000
P309,000
P363,000
P2,100,000
Salaries
Bonus
Total
Beltran
Bagnes
Total
2.
Basa
Benito
Salaries
P 400,000
P 200,000
Interest
100,000
90,000
Balance
(431,000)
Beltran
Bagnes
Total
P 600,000
40,000
P 94,000
324,000
(431,000)
(431,000)
(431,000)
(1,724,000)
P 69,000
P(141,000)
P (391,000)
(P337,000)
(P800,000)
Basa
Benito
Beltran
Bagnes
P 100,000
P 90,000
P 40,000
P 94,000
Bonus
22,857
15,238
38,095
Salaries
291,937
145,968
437,905*
P 414,794
P 251,206
Total
3.
Interest
Total
P 40,000
P 94,000
Total
P 324,000
P 800,000
P 3-5
1.
Balte
Bala
Total
8% interest on capital
P40,000
P 24,000
P 64,000
Salaries
120,000
80,000
200,000
238,000
238,000
2.
430,000
258,000
688,000
P828,000
P 362,000
P1,190,000
Sales
4,800,000
2,100,000
Operating Expenses
1,000,000
Income Taxes
510,000
Income Summary
1,190,000
Income Summary
1,190,000
Balte, Capital
828,000
Bala, Capital
362,000
Balte, Capital
60,000
Bala, Capital
100,000
Balte, Drawing
60,000
Bala, Drawing
100,000
Balte
Capital balances, January 1, 2014
Bala
Total
P 500,000
P300,000
P 800,000
P 40,000
P 24,000
P 64,000
Salaries
120,000
80,000
200,000
Bonus
238,000
430,000
258,000
688,000
P 828,000
P 362,000
P1,190,000
P1,328,000
P 662,000
P1,990,000
60,000
100,000
160,000
P1,268,000
P 562,000
P1,830,000
Total
Less Drawings
Capital balances, December 31, 2014
238,000
P 3-6
1.
P1,500,000
Purchases
P980,000
305,000
Gross profit
675,000
P 825,000
330,000
P 495,000
Income tax
148,500
Net income
P 346,500
2.
Brenda
Salaries (P150,000 x 8/12)
Additional 10% of NI after salaries
Balance original capital
Total
3.
Brosas
Total
P100,000
P100,000
24,650
24,650
138,656
P83,194
221,850
P263,306
P83,194
P346,500
Brenda
Brosas
Total
P625,000
P375,000
P1,000,000
263,306
83,194
346,500
P888,306
P458,194
P1,346,500
Less Drawings
100,000
150,000
250,000
Ending capital
P788,306
P308,194
P1,096,500
Beginning capital
Add Share in net income
Total
P 3-7
Be on Top Company
Income Statement
For the Year Ended December 31, 2014
Sales
P5,100,000
P4,920,000
P 99,000
138,000
237,000
P4,683,000
1,406,000
3,277,000
P1,823,000
27,000
( 530,300)
( 801,800)
Operating income
P 517,900
Interest expense
( 30,000)
P487,900
Income Taxes
146,370
P 341,530
Buenas
Total
Interest
P 60,000
P 48,900
P108,900
Salaries
100,000
66,315
66,315
132,630
P226,3150
P115,215
P341,530
Taxes
P 36,500
Store supplies
19,500
Doubtful accounts
Depreciation
21,300
Others
Advertising
100,000
9,500
9,300
756,000
Total
P801,800
P530,300
Be on Top Company
Statement of Changes in Partners Equity
For the Year Ended December 31, 2014
Original capital
Bathan
Buenas
P600,000
P489,000
P1,089,000
226,315
115,215
341,530
P826,315
P604,215
P1,430,530
144,000
54,000
198,000
P682,315
P550,215
P1,232,530
Be on Top Company
Statement of Financial Position
December 31, 2014
Assets
Current assets:
Cash
P582,750
Notes receivable
Accounts receivable
120,000
P186,000
Total
9,300
Interest receivable
176,700
6,000
Merchandise inventory
1,406,000
Prepaid taxes
10,000
Store supplies
16,500
P2,317,950
Noncurrent assets
Store furniture
P222,000
21,300
Total assets
200,700
P2,518,650
P 360,000
756,000
Advertising payable
9,500
Taxes payable
10,500
Interest payable
Income tax payable
3,750
146,370
Total liabilities
P1,286,120
Bathan, capital
P 682,315
Buenas, capital
550,215
1,232,530
P2,518,650
Adjusting entries
Adjustment for inventories is included in the closing entries
a.
19,500
Store Supplies
b.
Depreciation Expense
19,500
21,300
Accumulated Depreciation
c.
Advertising Expense
21,300
9,500
Advertising Payable
d.
Prepaid Taxes
9,500
10,000
Taxes
e.
Taxes
10,000
10,500
Taxes Payable
f.
Interest Expense
10,500
3,750
Interest Payable
g.
Interest Receivable
3,750
6,000
Interest Revenue
h.
6,000
9,300
i.
Income Tax
9,300
146,370
146,370
Closing entries
a.
Merchandise Inventory
1,406,000
Interest Revenue
27,000
99,000
Purchase Discounts
Sales
138,000
5,100,000
Income Summary
b.
Income Summary
6,770,000
6,428,470
756,000
Interest Expense
30,000
Purchases
4,920,000
Sales Salaries
480,000
Taxes
36,500
19,500
Depreciation Expense
21,300
Advertising Expense
9,500
9,300
Income Taxes
c.
d.
Income Summary
146,370
341,530
Bathan, Capital
226,3150
Buenas, Capital
115,215
Bathan, Capital
144,000
Buenas, Capital
54,000
Bathan, Drawing
144,000
Buenas, Drawing
54,000
P 3-8
Bacani, Badeo and Barte
Statement of Changes in Partners Equity
For the Three Years Ending December 31, 2014
Bacani
Badeo
Barte
P1,000,000
P500,000
P 400,000
P1,900,000
( 8,000)
( 14,000)
( 20,000)
( 42,000)
(72,000)
(86,800)
( 96,000)
(254,800)
P 920,000
P 399,200
P 284,000
P1,603,200
107,200
99,952
93,040
300,192
P1,027,200
P 499,152
P 377,040
P1,903,392
139,600
163,200
177,200
480,000
P 887,600
P 335,952
P 199,840
P1,423,392
170,855
153,656
145,489
470,000
P1,058,455
P 489,608
P 345,329
P1,893,392
163,200
195,200
169,600
528,000
P 895,255
P 294,408
P 175,729
P1,365,392
Bacani
Badeo
Barte
Total
P 96,000
P 120,000
P 120,000
P336,000
60,000
30,000
24,000
114,000
Balance equally
( 164,000)
( 164,000)
( 164,000)
( 492,000)
Total
P( 8,000)
P( 14,000)
P(20,000)
P( 42,000)
Bacani
Badeo
Barte
Total
P 96,000
P 120,000
P 120,000
P336,000
55,200
23,952
17,040
96,192
Balance equally
( 44,000)
( 44,000)
( 44,000)
( 132,000)
Total
P 107,200
P 99,952
P 93,040
P300,192
Original capital
Less: Share in net loss 2012 (sch. 1)
Drawing
Capital, January 1, 2013
Add Share in net income 2013 (sch. 2)
Total
Less Drawing
Capital, January 1, 2014
Add Share in net income 2014 (sch. 3)
Total
Less Drawing
Capital, December 31, 2014
Total
Salaries
Interest on beginning capital
Bonus
Bacani
Badeo
Barte
Total
P 96,000
P 120,000
P 120,000
P336,000
53,256
20,157
11,990
85,403
8,100
Balance equally
Total
8,100
13,499
13,499
13,499
40,497
P 170,855
P 153,656
P 145,489
P470,000
P 3-9
1.
2.