Advanced Accounting Guerrero Peralta
Volume 1 Solution Manual Latest Update.
COMPLETE GUIDE WITH 100% CORRECT ANSWERS
, Chapter 1
Multiple Choice Answers And Solutions
1-1:
Jose's Capital Should Be Credited For The Market Value Of The Computer
A Contributed By Him.
1-2: B (40,000 + 80,000) 2/3 = 180,000 X 1/3 = 60,000.
1-3: A
Cash P100,000
Land 300,000
Mortgage Payable ( 50,000)
Net Assets (Julio, Capital) P350,000
1-4: B
Total Capital (P300,000/60%) P500,000
Perla's Interest 40%
Perla's Capital P200,000
Less:Non-Cash Asset Contributed At Market Value
Land P 70,000
Building 90,000
Mortgage Payable ( 40,000) _120,000
Cash Contribution P 80,000
1-5: D - Zero, Because Under The Bonus Method, A Transfer Of Capital Is Only Required.
1-6: B
Reyes Santos
Cash P200,000 P300,000
Inventory – 150,000
Building – 400,000
Equipment 150,000
Mortgage Payable ( 100,000)
Net Asset (Capital) P350,000 P750,000
1-7: C
Aa Bb Cc
Cash P 50,000
Property At Market Value P 80,000
Mortgage Payable ( 35,000)
Equipment At Market Value P55,000
Capital P 50,000 P 45,000 P55,000
,2 Chapter 1
1-8: a
pp rr ss
cash p 50,000 p 80,000 p 25,000
computer at market value 25,000 60,000
capital p 75,000 p 80,000 p 85,000
1-9: c
maria nora
cash p 30,000
merchandise inventory p 90,000
computer equipment 160,000
liability ( 60,000)
furniture and fixtures 200,000
total contribution p230,000 p190,000
total agreed capital (p230,000/40%) p575,000
nora's interest 60%
nora's agreed capital p345,000
less: investment 190,000
cash to be invested p155,000
1-10: d
roy sam tim
cash p140,000 – –
office equipment note – p220,000 –
payable _( 60,000)
net asset invested p140,000 p160,000 p –
agreed capitals, equally (p300,000/3) = p100,000
1-11: a
lara mitra
cash p130,000 p200,000
computer – 50,000
equipment note _( 10,000)
payable
net asset invested p130,000 p240,000
goodwill (p240,000 - p130,000) = p110,000
1-12: a
perez reyes
cash p 50,000 p 70,000
office equipment 30,000 –
merchandise – 110,000
furniture 100,000
notes payable ( 50,000)
net asset invested p 80,000 p230,000
Downloaded by Ma. Tiffany Roble ()
, Partnership – Basic Considerations and Formation 3
1-12: continued
bonus method:
total capital (net asset invested) p310,000
goodwill method:
net assets invested p310,000
add: goodwill (p230,000-p80,000) _150,000
net capital p460,000
1-13 :
required capital of each partner (p300,000/2) p150,000
b contributed capital of ruiz:
total assets p105,000
less liabilities 15,000 90,000
cash to be contributed by ruiz p 60,000
1-14 :
total assets:
d cash p 70,000
machinery 75,000
building _225,000 p370,000
less: liabilities (mortgage payable) 90,000
net assets (equal to ferrer's capital account) p280,000
divide by ferrer's p & l share percentage 70%
total partnership capital p400,000
required capital of cruz (p400,000 x 30%) p120,000
less assets already contributed:
cash p 30,000
machinery and equipment 25,000
furniture and fixtures 10,000 65,000
cash to be invested by cruz p 55,000
1-15 :
adjusted assets of c borja
d cash p 2,500
accounts receivable (p10,000-p500) 9,500
merchandise inventory (p15,000-p3,000) 12,000
fixtures 20,000 p 44,000
asset contributed by d. arce:
cash p 20,000
merchandise 10,000 30,000
total assets of the partnership p 74,000
Volume 1 Solution Manual Latest Update.
COMPLETE GUIDE WITH 100% CORRECT ANSWERS
, Chapter 1
Multiple Choice Answers And Solutions
1-1:
Jose's Capital Should Be Credited For The Market Value Of The Computer
A Contributed By Him.
1-2: B (40,000 + 80,000) 2/3 = 180,000 X 1/3 = 60,000.
1-3: A
Cash P100,000
Land 300,000
Mortgage Payable ( 50,000)
Net Assets (Julio, Capital) P350,000
1-4: B
Total Capital (P300,000/60%) P500,000
Perla's Interest 40%
Perla's Capital P200,000
Less:Non-Cash Asset Contributed At Market Value
Land P 70,000
Building 90,000
Mortgage Payable ( 40,000) _120,000
Cash Contribution P 80,000
1-5: D - Zero, Because Under The Bonus Method, A Transfer Of Capital Is Only Required.
1-6: B
Reyes Santos
Cash P200,000 P300,000
Inventory – 150,000
Building – 400,000
Equipment 150,000
Mortgage Payable ( 100,000)
Net Asset (Capital) P350,000 P750,000
1-7: C
Aa Bb Cc
Cash P 50,000
Property At Market Value P 80,000
Mortgage Payable ( 35,000)
Equipment At Market Value P55,000
Capital P 50,000 P 45,000 P55,000
,2 Chapter 1
1-8: a
pp rr ss
cash p 50,000 p 80,000 p 25,000
computer at market value 25,000 60,000
capital p 75,000 p 80,000 p 85,000
1-9: c
maria nora
cash p 30,000
merchandise inventory p 90,000
computer equipment 160,000
liability ( 60,000)
furniture and fixtures 200,000
total contribution p230,000 p190,000
total agreed capital (p230,000/40%) p575,000
nora's interest 60%
nora's agreed capital p345,000
less: investment 190,000
cash to be invested p155,000
1-10: d
roy sam tim
cash p140,000 – –
office equipment note – p220,000 –
payable _( 60,000)
net asset invested p140,000 p160,000 p –
agreed capitals, equally (p300,000/3) = p100,000
1-11: a
lara mitra
cash p130,000 p200,000
computer – 50,000
equipment note _( 10,000)
payable
net asset invested p130,000 p240,000
goodwill (p240,000 - p130,000) = p110,000
1-12: a
perez reyes
cash p 50,000 p 70,000
office equipment 30,000 –
merchandise – 110,000
furniture 100,000
notes payable ( 50,000)
net asset invested p 80,000 p230,000
Downloaded by Ma. Tiffany Roble ()
, Partnership – Basic Considerations and Formation 3
1-12: continued
bonus method:
total capital (net asset invested) p310,000
goodwill method:
net assets invested p310,000
add: goodwill (p230,000-p80,000) _150,000
net capital p460,000
1-13 :
required capital of each partner (p300,000/2) p150,000
b contributed capital of ruiz:
total assets p105,000
less liabilities 15,000 90,000
cash to be contributed by ruiz p 60,000
1-14 :
total assets:
d cash p 70,000
machinery 75,000
building _225,000 p370,000
less: liabilities (mortgage payable) 90,000
net assets (equal to ferrer's capital account) p280,000
divide by ferrer's p & l share percentage 70%
total partnership capital p400,000
required capital of cruz (p400,000 x 30%) p120,000
less assets already contributed:
cash p 30,000
machinery and equipment 25,000
furniture and fixtures 10,000 65,000
cash to be invested by cruz p 55,000
1-15 :
adjusted assets of c borja
d cash p 2,500
accounts receivable (p10,000-p500) 9,500
merchandise inventory (p15,000-p3,000) 12,000
fixtures 20,000 p 44,000
asset contributed by d. arce:
cash p 20,000
merchandise 10,000 30,000
total assets of the partnership p 74,000
