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Solutions to chapter 3 selected problems

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

*B = 5% (P2,100,000 B) = P100,000 x 3/5 = P60,000


x 2/5 = 40,000

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

B = 5% (P800,000 B) = P38,095 x 3/5 = P22,857; P38,095 x 2/5 = P15,238


*P437,905 x 4/6 = P291,937;

P437,905 x 2/6 = P145,968

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

20% bonus on net income

238,000

238,000

Balance capital ratio


Total

2.

430,000

258,000

688,000

P828,000

P 362,000

P1,190,000

Sales

4,800,000

Cost of Goods Sold

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 and Bala Partnership


Statement of Changes in Partners Equity
For the Year Ended December 31, 2014

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

Balance - capital ratio

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

Add Distribution of net income for 2014:


Interests

Total share in net income

Total
Less Drawings
Capital balances, December 31, 2014

238,000

P 3-6
1.

Net sales (P1,525,000 P25,000)


Cost of goods sold:

P1,500,000

Purchases

P980,000

Less Merchandise inventory, end

305,000

Gross profit

675,000
P 825,000

Operating expenses (300,000 12,500 5,000 + 17,500 + 30,000)

330,000

Income before income tax

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

Cost of goods sold:


Purchases
Less: Purchase returns and allowances
Purchase discounts
Cost of goods available for sale
Less Merchandise inventory, December 31
Gross profit
Other operating income interest

P4,920,000
P 99,000
138,000

237,000
P4,683,000
1,406,000

3,277,000
P1,823,000
27,000

Selling expenses (schedule 1)

( 530,300)

Administrative and general expenses (schedule 2)

( 801,800)

Operating income

P 517,900

Interest expense

( 30,000)

Net income before Income Tax

P487,900

Income Taxes

146,370

Net Income after Income Tax

P 341,530

Division of net income:


Bathan

Buenas

Total

Interest

P 60,000

P 48,900

P108,900

Salaries

100,000

Balance divided equally


Total

Schedule 1 Selling expenses


Sales salaries

66,315

66,315

132,630

P226,3150

P115,215

P341,530

Schedule 2 General and administrative expenses


P480,000

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

Add Share in net income


Total
Less Drawing
Capital, December 31, 2010

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

Less Allowance for doubtful accounts

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

Less Accumulated depreciation

21,300

Total assets

200,700
P2,518,650

Liabilities and Capital


Current liabilities;
Notes payable
Accounts payable

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

Total partners capital

1,232,530

Total liabilities and capital


3.

P2,518,650

Adjusting entries
Adjustment for inventories is included in the closing entries

a.

Store Supplies Expense

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.

Doubtful Accounts Expense

6,000

9,300

Allowance for Doubtful Accounts

i.

Income Tax

9,300

146,370

Income Tax Payable

146,370

Closing entries
a.

Merchandise Inventory

1,406,000

Interest Revenue

27,000

Purchase Returns and Allowances

99,000

Purchase Discounts
Sales

138,000
5,100,000

Income Summary

b.

Income Summary

6,770,000

6,428,470

General Expenses Others

756,000

Interest Expense

30,000

Purchases

4,920,000

Sales Salaries

480,000

Taxes

36,500

Store Supplies Expense

19,500

Depreciation Expense

21,300

Advertising Expense

9,500

Doubtful Accounts Expense

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

Schedule 1 Distribution of 2012 net loss


Salaries
Interest on beginning capital

Schedule 2 Distribution of 2013 net income


Salaries
Interest on beginning capital

Schedule 3 Distribution of 2014 net income

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

Bonus = P470,000 (P336,000 + P85,403) x 20/120 = P8,100

P 3-9
1.

2.

Balmes = 5/10 x 80% = 40%


Bamban = 3/10 x 80% = 24%
Buela
= 2/10 x 80% = 16%
Bagnes
20%

Corrected net income = P400,000 ( P24,000 - P62,000 - P40,000 + P30,000 + P18,000


x 70%) = P379,000
Balmes
= P379,000 x 40% = P151,600
Bamban = P379,000 x 24% = P 90,960

Buela = P379,000 x 16% = P60,640


Bagnes = P379,000 x 20% = P75

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