CHAPTER 3 Partnership Operations
E 3-1 1.
Borr Borres es Buendia Bustos
= 250/5 50/500 00 x P300 P300,0 ,000 00 = P150 P150,0 ,000 00 = 150/500 x P300,000 = P90,000 = 100/500 x P300,000 = P60,000
2.
Borres Buendia Bustos
= 3 / 6 x P300,000 = P150,000 = 1 / 6 x P300,000 = P50,000 = 2 / 6 x P300,000 = P100,000
E 3-2 Income Summar Bana!, "a#ita! Benson, "a#ita!
500,000 23$,250 262,$50
10& Interest on a'era(e ca#ita! +emainder di'ided eua!! %ota!
Bana! P )9,000 1*),250 P23$,250
"om#utation o a'era(e ca#ita! Bana! 1/01 - 3/31 P)00,000 */01 */01 - )/31 )/31 960, 960,00 000 0 9/01 10/31 )*0,000 11/01 1/01 12/3 12/31 1 900, 900,00 000 0
Benson
1/01 - 2/ 2/2) 3/01 - 6/ 6/30 $/01 $/01 - 9/30 9/30 10/01 12/31
x x x x
3 5 2 2
P1,200,000 x 1,020,000 x 1,16 1,160,0 0,000 00 x 1,260,000 x
2 * 3 3
Benson P11*,500 1*),250 P262,$50
%ota! P203,500 296,500 P500,000
P
2,*00,000 *,)0 *,)00, 0,00 000 0 1,6)0,000 1,)0 1,)00, 0,00 000 0 P10,6)0,000 / 12
P 2, 2,*00,000 *,0)0,000 3,*) 3,*)0, 0,00 000 0 3,$)0,000 P13,$*0,000 / 12 12
P)90,000
P1,1*5,000
E 3-3
a.
.
Interest o 10& on excess a'era(e ca#ita! Sa!aries +emainder di'ided in te ratio o $030 %ota!
Benito P *0,000 500,000 *2,000 P5)2,000
Interest o 10& on excess a'era(e ca#ita! Sa!aries +emainder di'ided in te ratio o $030 %ota!
P *0,000 500,000 9),000 P**2,000
Bune P300,000 1),000 P31),000
%ota! P *0,000 )00,000 60,000 P 900,000 P
P300,000 *2,000 P25),000
*0,000 )00,000 1*0,000 P $00,000
PC – Chapter 3
page 2
E 3-* 1. B!anco = 120/300 x P120,000 = P*),0004 Banda = 1)0/300 x P120,000 = P$2,000 2.
B!anco = 120/300 x P120,000 = P*),0004 Banda = 1)0/300 x P120,000 = P$2,000
3. Interest o )& on ori(ina! in'estment Ba!ance di'ided eua!! %ota!
B!anco P 9,600 *),000 P5$,600
Banda P1*,*00 *),000 P62,*00
%ota! P 2*,000 96,000 P120,000
Sa!aries to #artners Ba!ance di'ided eua!! %ota!
B!anco P 5*,000 10,500 P 6*,500
Banda P *5,000 10,500 P 55,500
%ota! P 99,000 21,000 P120,000
*.
5.
B!anco = 50/125 x P120,000 = P*),0004 Banda = $5/125 x P120,000 = P$2,000
E 3-5 1. Interest o )& on e(innin( ca#ita! Sa!aries to #artners Ba!ance di'ided 32 %ota! 2.
Bueno P 96,000 *50,000 $$,*00 P*6),600
Beran P10),000 225,000 51,600 P2)1,*00
%ota! P20*,000 6$5,000 129,000 P$50,000
Beran = P$50,000 x 2/5 = P300,0004 oe'er, minimum (uaranteed amount to Beran is P320,000 Bueno = P$50,000 P320,000 = P*30,000
E 3-6 et income ater sa!aries, interest and onus Interest P200,000 x 10 & Sa!aries et income eore interest and sa!aries Bonus rate 7mount o onus to e credited to Basco
P3$*,000 P20,000 96,000
E 3-$ Income eore income tax = P650,000 / 65& = P1,000,000 1.
B = .05 x P1,000,000 = P50,000
2.
B
= = =
.05 P1,000,000 B P50,000 / 1.05 P*$,619
3.
B %
= =
.05 P1,000,000 % .35 P1,000,000 = P350,000
B
= = =
.05 P1,000,000 P350,000 .05 P650,000 P32,500
116,000 P*90,000 x 25& P 122,500
PC – Chapter 3
*.
page 3
B %
= =
.05 P1,000,000 B % .35 P1,000,000 = P350,000
B
= = = =
.05 P1,000,000 B P350,000 .05 P650,000 B P32,500 / 1.05 P30,952
E 3-) 1. "a#ita! a!ances +euired ca#ita! "as recei'ed #aid
Ba!in P2*0,000 256,000 P 16,000
Ba(tas P200,000 22*,000 P 2*,000
Banta, "a#ita! Ba!in, "a#ita! Ba(tas, "a#ita! 2. "a#ita! a!ances +euired ca#ita! 7dditiona! in'estment
Banta P200,000 160,000 P *0,000
%ota! P 6*0,000 6*0,000 ----
*0,000 16,000 2*,000 Ba!in P2*0,000 320,000 P )0,000
Ba(tas P200,000 2)0,000 P )0,000
Banta P200,000 200,000 --------
%ota! P 6*0,000 )00,000 P 160,000
P2*0,000 / *0& = P600,0004 P200,000 / 35& = P5$1,*2)4 P200,000 / 25& = P)00,000
"as
160,000 Ba!in, "a#ita! Ba(tas, "a#ita!
3. "a#ita! a!ances +euired ca#ita! 7dditiona! in'estmentitdraa!s
)0,000 )0 000 Ba!in P2*0,000 2*0,000 --------
Ba(tas P200,000 210,000 10,000
Banta, "a#ita! Ba(tas, "a#ita! "as E 3-9 8rain(s car(ed a(ainst ca#ita! ess 7dditiona! in'estment 8ecrease in ca#ita! ess et decrease in ca#ita! Sare in net income Proit sare et income o te #artnersi#
Banta P200,000 150,000 P50,000
%ota! P6*0,000 600,000 P *0,000
50,000 10,000 *0,000
P520,000 100,000 P*20,000 2*0,000 P 1)0,000 25& P$20,000
PC – Chapter 3
page 4
P 3-1 1. Income Summar Bondoc, "a#ita! Bara, "a#ita! Bondoc = P600,000 x 60& = P360,000 Bara = P600,000 x *0& = P2*0,000 2.
3.
600,000
Income Summar Bondoc, "a#ita! Bera, "a#ita! Bondoc = P600,000 x 255,000/3)2,500: = P*00,000 Bara = P600,000 x 12$,500/3)2,500:: = P200,000
600,000
::;an. 1
P210,000 x * = 300,000 x 5 = 2*0,000 x 3 =
P150,000 x 3 = 120,000 x 9 =
350,000 250,000
*00,000 200,000
P )*0,000 1,500,000 $20,000 P3,060,000 / 12 P *50,000 1,0)0,000 P1,530,000 / 12
P255,000
12$,500 P3)2,500
Income Summar Bondoc, "a#ita! Bara, "a#ita! )& interest on a'e. ca#. Ba!ance eua!!
5.
360,000 2*0,000
Income Summar Bondoc, "a#ita! Bara, "a#ita! Bondoc = P600,000 x 210/360 = P350,000 Bara = P600,000 x 150/360 = P250,000
: ;an. 1 7#r. 30
*.
600,000
600,000 305,100 29*,*00 Bondoc P 20,*00 2)*,$00 P305,100
Bara P 10,200 2)*,$00 P29*,900
%ota! P 30,600 569,*00 P600,000
Income Summar Bondoc, "a#ita! Bara, "a#ita! Sa!aries Ba!. endin( ca#. ratio
600,000 3$6,000 22*,000 Bondoc P120,000 256,000 P3$6,000
Bara P 96,000 12),000 P22*,000
%ota! P216,000 3)*,000 P600,000
PC – Chapter 3
6.
page 5
Income Summar Bondoc, "a#ita! Bara, "a#ita!
600,000 300,000 300,000 Bondoc
Bara Bonus P150,000 Ba!. a'e. ca#ita! ratio P300,000 150,000 P300,000 P300,000 Bonus P600,000 x 1/3 di'ided 1 1/3 = P150,000
%ota! P150,000 *50,000 P600,000
P 3-2 1. Income Summar Berna!, "a#ita! Bur(os, "a#ita!
$00,000 505,)00 19*,200
)& int. on e(. ca#ita! Ba!ance 3 1
2.
%ota! P 6*,000 636,000 P$00,000 $00,000 2)*,000 *16,000
Berna! P 1*0,000 *),000 96,000 P2)*,000
Bur(os P260,000 60,000 96,000 P*16,000
%ota! P*00,000 10),000 192,000 P$00,000
Income Summar Berna!, "a#ita! Bur(os, "a#ita!
$00,000 39*,150 305,)50
Sa!aries 12& int. on a'e. ca#.: Ba!ance 31
: ;an. 1
;an. 1 ;une 30 ;u! 1 ct. 31 o'. 1 8ec. 31
*.
Bur(os P 35,200 159,000 P19*,200
Income Summar Berna!, "a#ita! Bur(os, "a#ita! Sa!aries 12& int. on endin( ca#ita! Ba!ance eua!!
3.
Berna! P 2),)00 *$$,000 P505,)00
Income Summar
Berna! P 90,000 *9,000 255,150 P39*,150
P360,000 x 5 = *60,000 x 5 = *00,000 x 2 =
P**0,000 x 6 = 360,000 x * = 500,000 x 2 =
Bur(os P 1$0,000 50,)00 )5,050 P305,)50
%ota! P260,000 99,)00 3*0,200 P$00,000
P1,)00,000 2,300,000 )00,000 P$,900,000 / 12
P*0),333
P 2,6*0,000 1,**00,000 1,000,000 P5,0)0,000 / 12
P*23,333
$00,000
PC – Chapter 3
page 6
Berna!, "a#ita! Bur(os, "a#ita! Sa!aries 10& int. on a'e. ca#ita! Ba!ance *0&, 60&
5.
Income Summar Berna!, "a#ita! Bur(os, "a#ita! Sa!aries )& int. on e(. ca#ita! Bonus -.10 I S I Ba!ance 23
26$,56$ *32,*33 Berna! P 100,000 *0,)33 126,$3* P26$,56$
Bur(os P200,000 *2,333 190,100 P*32,*33
%ota! P300,000 )3,166 316,)3* P$00,000 $00,000 329,360 3$0,6*0
Berna! P100,000 2),)00 *3,600 156,960 P329,360
Bur(os P100,000 35,200 235,**0 P3$0,6*0
%ota! P200,000 6*,000 *3,600 392,*00 P$00,000
P 3-3 1.
Bi!ao P 33,600
6& interest on ca#ita! Sa!aries Ba!ance 532 %ota!
2.
1*9,000 P115,*00
6& interest on ca#ita! Sa!aries Ba!ance 532 %ota!
3.
P 33,600 6*,000 P 30,*00
6& interest on ca#ita! Sa!aries Bonus Ba!ance 532 %ota!
P 33,600
112,500 P 1*6,100
Berto! P 2*,000 96,000 )9,*00 P 30,600
Bor>a P 1*,*00 )0,000 59,600 P 3*,)00
%ota! P $2,000 1$6,000 29),000 P50,000
P 2*,000 96,000 3),*00 P )1,600
P
P $2,000 1$6,000 12),000 P120,000
P 2*,000 96,000 2$,000 6$,500 P21*,500
P
,1**00 )0,000 25,600 P 6),)00 1*,*00 )0,000
*5,000 P 139,*00
P $2,000 1$6,000 2$,000 225,000 P500,000
P 3-* 1. Sa!aries Bonus Interest Ba!ance %ota!
Basa P*00,000 60,000 100,000 269,000 P)29,000
Benito P200,000 *0,000 90,000 269,000 P599,000
:B = 5& P2,100,000 B = P100,000 x 3/5 = P60,000 x 2/5 = *0,000
Be!tran
Ba(nes
P *0,000 269,000 P309,000
P 9*,000 269,000 P363,000
%ota! P 600,000 100,000: 32*,000 1,0$6,000 P2,100,000
PC – Chapter 3
2.
page 7
Sa!aries Interest Ba!ance %ota!
Basa P *00,000 100,000 *31,000 P 69,000
Benito P 200,000 90,000 *31,000 P1*1,000
Interest Bonus Sa!aries %ota!
Basa P 100,000 22,)5$ 291,93$ P *1*,$9*
Benito P 90,000 15,23) 1*5,96) P 251,206
3.
Be!tran P
*0,000 *31,000 P 391,000
Ba(nes P 9*,000 *31,000 P33$,000
Be!tran P *0,000
Ba(nes P 9*,000
P *0,000
P 9*,000
%ota! P 600,000 32*,000 1,$2*,000 P)00,000
%ota! P 32*,000 3),095 *3$,905: P )00,000
B = 5& P)00,000 B = P3),095 x 3/5 = P22,)5$4 P3),095 x 2/5 = P15,23) :P*3$,905 x */6 = P291,93$4 P*3$,905 x 2/6 = P1*5,96)
P 3-5 1. 5& interest on ca#ita! Sa!aries 20& onus on net income Ba!ance ca#ita! ratio %ota! 2.
Bente P25,000 120,000 221,000 *02,500 P$6),500
Ba!a P 15,000 )0,000 2*1,500 P 336,500
Sa!es "ost o ?oods So!d #eratin( Ex#enses Income %axes Income Summar
*,)00,000
Income Summar Bente, "a#ita! Ba!a, "a#ita!
1,105,000
%ota! P *0,000 200,000 221,000 6**,000 P1,105,000
2,100,000 1,000,000 595,000 1,105,000
$6),500 336,500
Bente, "a#ita! Ba!a, "a#ita! Bente, 8rain( Ba!a, 8rain(
60,000 100,000 60,000 100,000
Bente and Ba!a Partnersi#
PC – Chapter 3
page 8
Statement o "an(es in Partners@ Euit Aor te ear Ended 8ecemer 31, 2009
"a#ita! a!ances, ;anuar 1, 2009 7dd 8istriution o net income or 2009 Interests Sa!aries Bonus Ba!ance - ca#ita! ratio %ota! sare in net income %ota! ess 8rain(s "a#ita! a!ances, 8ecemer 31, 2009
Bente P 500,000
Ba!a P300,000
%ota! P )00,000
P
P 15,000 )0,000
P
25,000 120,000 221,000 *02,500 P $6),500
2*1,500 P 336,500
*0,000 200,000 221,000 6**,000 P1,105,000
P1,26),500 60,000 P1,20),500
P 636,500 100,000 P 536,500
P1,905,000 160,000 P1,$*5,000
P 3-6 1. et sa!es P1,525,000 P25,000 "ost o (oods so!d Purcases ess
P1,500,000 P9)0,000 365,000
615,000 P ))5,000 320,000 P 565,000 19$,$50 P 36$,250
Brosas
Sa!aries P150,000 x )/12 7dditiona! 10& o I ater sa!aries Ba!ance ori(ina! ca#ita! %ota!
Brenda P100,000 26,$25 150,32) P2$$,053
P 90,19$ P90,19$
%ota! P100,000 26,$25 2*0,525 P36$,250
Be(innin( ca#ita! 7dd Sare in net income %ota! ess 8rain(s Endin( ca#ita!
Brenda P625,000 2$$,053 P902,053 100,000 P)02,053
Brosas P3$5,000 90,19$ P*65,19$ 150,000 P315,19$
%ota! P1,000,000 36$,250 P1,36$,250 250,000 P1,11$,250
3.
P 3-$ Be on %o# "om#an
PC – Chapter 3
page 9
Income Statement Aor te ear Ended 8ecemer 31, 2009 Sa!es "ost o (oods so!d Purcases ess Purcase returns and a!!oances Purcase discounts "ost o (oods a'ai!a!e or sa!e ess
P5,100,000 P*,920,000 P 99,000 13),000
23$,000 P*,6)3,000 1,**6,000
3,23$,000 P1,)63,000 2$,000 530,000 )01,)00 P 55),200 30,000 52),200 1)*,)$0 P 3*3,330
8i'ision o net income Batan P 60,000 100,000 6$,215 P22$,215
Interest Sa!aries Ba!ance di'ided eua!! %ota! Scedu!e 1 Se!!in( ex#enses Sa!es sa!aries Store su##!ies 8e#reciation 7d'ertisin(
P*)0,000 19,200 21,300 9,500 P530,000
Buenas P *),900 6$,215 P116,115
%ota! P10),900 100,000 13*,*30 P3*3,330
Scedu!e 2 ?enera! and administrati'e ex#enses %axes P 36,500 8outu! accounts 9,300 ters $56,000 %ota! P)01,)00
Be on %o# "om#an Statement o "an(es in Partners@ Euit Aor te ear Ended 8ecemer 31, 2009
ri(ina! ca#ita! 7dd Sare in net income %ota! ess 8rain( "a#ita!, 8ecemer 31, 200)
Batan P600,000 22$,215 P)2$,215 1**,000 P6)3,215
Be on Top Company Statement of Financial Position December 31 !""#
Buenas P*)9,000 116,115 P605,115 5*,000 P551,115
%ota! P1,0)9,000 3*3,330 P1,*32,330 19),000 P1,23*,330
PC – Chapter 3
page 10
7ssets "urrent assets "as otes recei'a!e 7ccounts recei'a!e ess 7!!oance or doutu! accounts Interest recei'a!e
P5)2,$50 120,000 P1)6,000 9,300
Batan, ca#ita! Buenas, ca#ita! %ota! #artners@ ca#ita! %ota! !iai!ities and ca#ita!
1$6,$00 6,000 1,**6,000 10,000 16,)00 P222,000 21,300
P1,32*,620 P 6)3,215 551,115 1,23*,330 P2,55),950
7d>ustin( entries 7d>ustment or in'entories is inc!uded in te c!osin( entries
a.
Store Su##!ies Ex#ense Store Su##!ies
19,200
8e#reciation Ex#ense 7ccumu!ated 8e#reciation
21,300
c.
d.
e. .
7d'ertisin( Ex#ense 7d'ertisin( Paa!e
200,$00 P2,55),950
P 360,000 $56,000 9,500 10,500 3,$50 1)*,)$0
3.
.
P2,35),250
19,200
21,300 9,500 9,500
Pre#aid %axes %axes
10,000
%axes %axes Paa!e Interest Ex#ense Interest Paa!e
10,500
10,000
10,500 3,$50 3,$50
PC – Chapter 3
(.
.
i.
page 11
Interest +ecei'a!e Interest +e'enue
6,000
8outu! 7ccounts Ex#ense 7!!oance or 8outu! 7ccounts
9,300
6,000
Income %ax Income %ax Paa!e
9,300 1)*,)$0 1)*,)$0
"!osin( entries a.
1,**6,000 2$,000 99,000 13),000 5,100,000
.
6,*66,6$0
c.
d.
Income Summar ?enera! Ex#enses ters Interest Ex#ense Purcases Sa!es Sa!aries %axes Store Su##!ies Ex#ense 8e#reciation Ex#ense 7d'ertisin( Ex#ense 8outu! 7ccounts Ex#ense Income %axes
6,)10,000
$56,000 30,000 *,920,000 *)0,000 36,500 19,200 21,300 9,500 9,300 1)*,)$0
Income Summar Batan, "a#ita! Buenas, "a#ita!
3*3,330
Batan, "a#ita! Buenas, "a#ita! Batan, 8rain( Buenas, 8rain(
1**,000 5*,000
22$,215 116,115
1**,000 5*,000
P 3-) Bacani, Badeo and Barte Statement o "an(es in Partners@ Euit
PC – Chapter 3
page 12
Aor te %ree ears Endin( 8ecemer 31, 2009
ri(ina! ca#ita! ess Sare in net !oss 200$ sc. 1 8rain( "a#ita!, ;anuar 1, 200) 7dd Sare in net income 200) sc. 2 %ota! ess 8rain( "a#ita!, ;anuar 1, 2009 7dd Sare in net income 2009 sc. 3 %ota! ess 8rain( "a#ita!, 8ecemer 31, 2009
Bacani P1,000,000 ),000 $2,000 P 920,000 10$,200 P1,02$,200 139,600 P ))$,600 1$0,)55 P1,05),*55 163,200 P )95,255
Badeo P500,000 1*,000 )6,)00 P 399,200 99,952 P *99,152 163,200 P 335,952 153,656 P *)9,60) 195,200 P 29*,*0)
Barte P *00,000 20,000 96,000 P 2)*,000 93,0*0 P 3$$,0*0 1$$,200 P 199,)*0 1*5,*)9 P 3*5,329 169,600 P 1$5,$29
%ota! P1,900,000 *2,000 25*,)00 P1,603,200 300,192 P1,903,392 *)0,000 P1,*23,392 *$0,000 P1,)93,392 52),000 P1,365,392
Bacani P 96,000 60,000 16*,000 P ),000
Badeo P 120,000 30,000 16*,000 P 1*,000
Barte P 120,000 2*,000 16*,000 P20,000
%ota! P336,000 11*,000 *92,000 P *2,000
Bacani P 96,000 55,200 **,000 P 10$,200
Badeo P 120,000 23,952 **,000 P 99,952
Barte P 120,000 1$,0*0 **,000 P 93,0*0
%ota! P336,000 96,192 132,000 P300,192
Barte P 120,000 11,990
%ota! P336,000 )5,*03 ),100 *0,*9$ P*$0,000
Scedu!e 1 8istriution o 200$ net !oss Sa!aries Interest on e(innin( ca#ita! Ba!ance eua!! %ota! Scedu!e 2 8istriution o 200) net income Sa!aries Interest on e(innin( ca#ita! Ba!ance eua!! %ota! Scedu!e 3 8istriution o 2009 net income Bacani Badeo Sa!aries P 96,000 P 120,000 Interest on e(innin( ca#ita! 53,256 20,15$ Bonus ),100 Ba!ance eua!! 13,*99 13,*99 %ota! P 1$0,)55 P 153,656 Bonus = P*$0,000 P336,000 C P)5,*03 x 20/120 = P),100
P 3-9 1.
2.
13,*99 P 1*5,*)9
Ba!mes = 5/10 x )0& = *0& Baman = 3/10 x )0& = 2*& Bue!a = 2/10 x )0& = 16& Ba(nes 20&
"orrected net income = P500,000 P2*,000 - P62,000 - P*0,000 C P30,000 C P1),000 x 65& = P*)0,500
PC – Chapter 3
Ba!mes Baman
page 13
= P*)0,500 x *0& = P192,200 = P*)0,500 x 2*& = P115,320
2.
P )0,000 x 3 96,000 x 2 112,000 x 3 $2,000 x *
B
= = = =
P 2*0,000 192,000 336,000 2)),000 P1,056,000 / 12 = P)),000 BaDas P 120,000 32,000 P)),000
"a#ita! e(. Sare in net !oss
3.
Bue!a = P*)0,500 x 16& = P$6,))0 Ba(nes = P*)0,500 x 20& = P96,100
7
Bernardo P 110,000 12,000 P9),000
Sa!aries Ba!ance 60*0
*.
8
7
Be!o P 90,000 ),000 P)2,000 Bustos
et Proit Bonus P220,000 x 10&/110& Interest P220,000 P200,000 = P20,000 x 10& Sa!aries Ba!ance Sare o Bustos %ota! #roit sare o Bustos 5.
Be!da P 11),000 16,000 P102,000
Banta ;an. 1 ;une 30 ;u!. 1 - 8ec. 31
P200,000 x 6 = 320,000 x 6 =
Bera
P300,000 x 10& =
Bor>a ;an. 1 Se#t. 30 ct. 1 8ec. 31
P*50,000 x 9 = 310,000 x 3 =
P220,000 20,000 2,000 **,000 P 15*,000 x 2/10
20,000 2*,000 30,)00 P$*,)00
P 1,200,000 1,920,000 P 3,120,000 / 12 = P260,000 x 10& = P26,000 30,000
P*,050,000 930,000 P*,9)0,000/12 = P*15,000 x 10& =
*1,500 P9$,500
6.
B
Sa!aries = P120,000 C P96,000 C P$2,000 Interest Ba!ance = P10,000 x 3 %ota!
P 2)),000 9$,500 30,000 P *15,500
$.
8
ri(ina! ca#ita! 7dditiona! in'estment itdraa!s
P 950,000 120,000 1*0,000
PC – Chapter 3
page 14
et income %ota! #artnersi# ca#ita! ).
B Interest Sa!aries 7dd@! #roit to Badue! Ba!ance
Besa P $,500 15,000
Basco P3,$50 9,000
Buan P3,$50
15,000: P3$,500
15,000 P2$,$50
10,000 P13,$50
*15,500 P1,3*5,500 Badue! %ota! P3,000 P1),000 2*,000 5,000 5,000 10,000 50,000 P1),000 P9$,000
:P3$,500 P$,500 P15,000 = P15,000/30& = P50,000 9.
B
10.
8
11.
"
12.
"
tr distriutin( an #roit or !oss
Sa!aries Interest Ba!ance 2** %ota!
13.
Bustos P1),000 2*,$00 20,960 P63,660
Bucao P12,000 29,*00 20,960 P62,360
Bu!an ;an. 1 ;u! 1 ;u! 1 ct. 1 ct. 1 8ec. 31
P150,000 x 6 = 1)0,000 x 3 = 1$0,000 x 3 =
P 900,000 5*0,000 510,000 P1,950,000 / 12 = P162,500
Bustos ;an. 1 7u(. 1 7u(. 1 ct. 1 ct. 1 8ec. 31
P200,000 x $ = 220,000 x 2 = 210,000 x 3 =
P1,*00,000 **0,000 630,000 P2,*$0,000 / 12 = P205,)33
Bucao ;an. 1 o'. 1 o'. 1 8ec. 31
P250,000 x 10 = 220,000 x 2 =
P2,500,000 **0,000 P2,9*0,000 / 12 = P2*5,000
7 ri(ina! ca#ita! 7dditiona! in'estment itdraa!s Sare in net income "a#ita!, 8ec. 31, 2005
1*.
Bu!an P2*,000 19,500 10,*)0 P53,9)0
8 Interest Sa!aries Ba!ance Eua!!
Bu!an P150,000 30,000 10,000 53,9)0 P223,9)0
Briones P 9*,500 2**,650 2$),616
Ba!en P *$,$30 2$),616
Bustos P200,000 20,000 10,000 63,660 P2$3,660
Bur(os P 32,*$0 165,250 2$),616
%ota! P 5*,000 $3,600 52,*00 P1)0,000
Bucao P250,000 30,000 62,360 P2)2,360
%ota! P1$*,$00 *09,900 )35,)*)
PC – Chapter 3
page 15
%ota!
P 60,53*
P)0,)96
P251,2*)
%< 10 1. A 2. A 3. % *. %
5. 6. $. ).
% A % %
9. 10. 11. 12.
A % % %
13. 1*. 15. 16.
% % A %
1$. 1). 19. 20.
% A % %
%< 11 1. A 2. ? 3. <
*. 5. 6.
B 7 P
$. ). 9.
" F 8
10. 11. 12.
E
13. 1* 15.
; G
%< 12 1. 8 2. B 3. B *. " 5. " 6. " "a#ita! e(innin( Sare in net income-eua!! Sare in net !oss 21 "a#ita!, end
Be!tran P*00,000 200,000 160,000 P**0,000
Bara P500,000 200,000 )0,000 P620,000
%ota! P900,000 *00,000 2*0,000 P1,060,000
$.
8
P2,500,000 C P1,)00,000 C P*00,000 = P*,$00,000 P2,000,000 = P2,$00,000
).
B
Beran and Banda = 300/1,100 x P1,100,000 = P300,0004 Ban>o = 500/1,100 x P1,100,000 = P500,000
9.
B Sa!aries Interest on e(innin( ca#ita! +emainder eua!! %ota!
BanHon P160,000 36,000 $2,000 P26),000
Bor>a P200,000 60,000 $2,000 P332,000
10.
B
P520,000 P100,000 P2*0,000 = P1)0,000 / 20& = P900,000
11.
8
;an. 1 ;une 30 ;u! 1 ;u! 31 7u(. 1 8ec. 31
12.
" Sa!aries +emainder 60*0 %ota!
13. 1*. 15.
7 " B
P )*0,000 x 6 = 1,0)0,000 x 1 = 990,000 x 5 =
%ota! P360,000 96,000 1**,000 P600,000
P5,0*0,000 1,0)0,000 *,950,000 P11,0$0,000/12 = P922,500 x12&=P110,$00 Basi!io P220,000 2*,000 P 196,000
Bituin P 1)0,000 16,000 P 16*,000
P1,000,000 C P1,)00,000 x 20& P200,000 = P1,160,000 P600,000 C P200,000 = P)00,000/2 = P*00,000 P*50,000 x 60& = P2$0,000
%ota! P*00,000 *0,000 P360,000
PC – Chapter 3
page 16
%< 13 Pro!em 7 Beltran Bernal an$ Basco Partnership Sche$%le of the Distrib%tion of Partnership Profit
Be!tran P5$,600 3*,560 55,0*0 P1*$,200
Sa!aries Interest Ba!ance eua!! %ota! distriution o net income
Berna! P*),000 *6,0)0 55,0*0 P1*9,120
Basco P3),*00 66,2*0 55,0*0 P159,6)0
%ota! P1**,000 1*6,))0 165,120 P*56,000
Berna! P5$6,000
Basco P)6*,000
1*9,120 P$25,120 *),000 P6$$,120
159,6)0 P1,023,6)0 192,000 P)31,6)0
%ota! P 1,)2*,000 96,000 *56,000 P2,3$6,000 2)),000 P2,0)),000
Beltran Bernal an$ Basco Partnership Statement of Chan&es in Partners' E(%ity For the )ear En$e$ December 31 !""#
Be!tran P3)*,000 96,000 1*$,200 P62$,200 *),000 P5$9,200
ri(ina! ca#ita! 7dd 7dditiona! in'estment Sare in net income %ota! ess 8rain( "a#ita!, 8ecemer 31, 200) Pro!em B 1.
8ou!e B Partnersi# Income Statement Aor te ear Ended 8ecemer 31, 2009 Sa!es "ost o (oods so!d In'entor, ;anuar 1 Purcases "ost o (oods a'ai!a!e or sa!e ess In'entor, 8ecemer 31 ?ross #roit #eratin( ex#enses 8e#reciation ui!din( 8e#reciation urniture and ixtures ter o#eratin( ex#enses et income eore Income %ax Income %ax et Income ater Income %ax 2. et income is a!!ocated as o!!os Sa!aries Interest on e(innin( ca#ita!
P1,)00,000 P )00,000 1,200,000 P2,000,000 1,100,000
P30,000 30,000 300,000
Bi!ao P2*0,000 $5,000
Bra(as P2*0,000 62,000
900,000 P900,000
360,000 P5*0,000 1)9,000 P351,000 %ota! P*)0,000 13$,000
PC – Chapter 3
page 17
+emainder -23 %ota!
3.
106,*00 P20),600
159,600 P1*2,*00
Income Summar Bi!ao, "a#ita!, Bra(as, "a#ita!
351,000
Bi!ao, "a#ita! Bra(as, "a#ita! Bi!ao, 8rain( Bra(as, 8rain(
200,000 2*0,000
266,000 P351,000
20),600 1*2,*00
200,000 2*0,000
8ou!e B Partnersi# Statement o "an(es in Partners@ Euit Aor te ear Ended 8ecemer 31, 2009
"a#ita!, ;anuar 1 7dd 7dditiona! in'estment Sare in net income %ota! ess 8rain( "a#ita!, 8ecemer 31
Bi!ao P1,300,000 200,000 20),600 P1,$0),600 200,000 P1,50),600
Bra(as P1,2*0,000 1*2,*00 P1,3)2,*00 2*0,000 P1,1*2,*00
%ota! P2,5*0,000 200,000 351,000 P3,091,000 **0,000 P2,651,000
