ho_p2_01.docx

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http://slidepdf.com/reader/full/hop201docx 1/6P2 - 01

IMUS INSTITUTE

SY 2015- 2016

PRACTICAL ACCOUNTING II PARTNERSHIP FORMATION andOPERATION

PROBLEM 1.

Kram and Yazi decided to form a artner!"i on Ma# $%& '$%( T"eir Statement of Financia)Po!ition on t"i! date are*

Kram Yazi

Ca!" +,-&,'-($$

+%,.&$,'(-$

Acco/nt! Recei0a1)e %&.23&-$$($$ 24,&23-($$

Merc"andi!e In0entor# 23-&$$$($$ 22-&453(-$

E6/iment ,-,&'-$($$ %&',2&3-$($$

Tota) 5&$2.&53-($$ 5&'%-&,'-($$

Acco/nt! Pa#a1)e .-4&53-($$ %&%-4&53-($$

Kram& Caita) '&,'-&$$$($$

Yazi& Caita) '&$-,&'-$($$

Tota) 5&$2.&53-($$ 5&'%-&,'-($$

T"e# a7reed to "a0e t"e fo))o8in7 ad9/!tment! !"a)) 1e made*

• E6/iment of Kram i! /nderdereciated 1# +23&-$$($$ and t"at Yazi i!

o0erdereciated 1# +%5%&'-$($$

• A))o8ance for do/1tf/) acco/nt! i! to 1e !et / amo/ntin7 to +'43&-$$($$ for Kram

and +%4,&23-($$ for Yazi(• In0entorie! of +'%&23-($$ and +%-&5%'(-$ are 8ort")e!! in t"e 1oo:! of Kram and

Yazi re!ecti0e)#(

• T"e artner!"i a7reement ro0ide! for a ro;t and )o!! ratio of 3$< to Kram and

5$< to Yazi(

Ho8 m/c" i! t"e a7reed caita) of Kram to 1rin7 t"e caita) 1a)ance! roortionate to t"eirro;t and )o!! ratio=

%

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PROBLEM 2.

On >an/ar# $%& '$%-& Kram and Yazi a7reed to form a artner!"i( T"e fo))o8in7 are t"eira!!et! and )ia1i)itie!*

Kram Yazi

Ca!" +%5,&$$$($$ + 3,&$$$($$

Acco/nt! Recei0a1)e 22&$$$($$ .2&$$$($$

In0entor# 5$.&$$$($$ 5,.&$$$($$

Mac"iner# .2$&$$$($$ ..$&$$$($$

Acco/nt! Pa#a1)e '%,&$$$($$ %..&$$$($$

Note! Pa#a1)e %.$&$$$($$ ,$&$$$($$

Kram decided to a#?o@ "i! note! a#a1)e from "i! er!ona) a!!et!( It 8a! a)!o a7reed t"at Yazi in0entorie! 8ere o0er!tated 1# +'.&$$$($$ and Kram mac"iner# 8a! o0er dereciated1# + '$&$$$($$( Yazi in0e!t8it"dra8 ca!" in order to recei0e a caita) credit t"at i! '$<more t"an KramB! tota) net in0e!tment in t"e artner!"i( Ho8 m/c" ca!" 8i)) 1e re!entedin t"e artner!"iB! !tatement of ;nancia) o!ition=

PROBLEM 3.

On ecem1er % '$%.& Kram and Yazi a7reed to in0e!t e6/a) amo/nt! and !"are ro;t!e6/a))# to form a artner!"i( Kram in0e!ted +5&%'$&$$$ ca!" and a iece of e6/iment(

Yazi in0e!ted !ome a!!et! 8"ic" are !"o8n 1e)o8*

Particuar! B""# $au%

Acco/nt! Recei0a1)e! .$$&$$$

In0entor# %&%'$&$$$

Mac"inerie!& Net '&'.$&$$$

Intan7i1)e!& Net 4'$&$$$

T"e a!!et! in0e!ted 1# Yazi are not roer)# 0a)/ed( +5'&$$$ of t"e acco/nt! recei0a1)e! arero0en /nco))ecti1)e( In0entorie! are to 1e 8ritten do8n to +%&$.$&$$$( Inc)/ded in t"e

mac"inerie! i! an o1!o)ete aarat/! ac6/ired for + 52.&$$$ 8it" an acc/m/)ateddereciation 1a)ance of +55,&$$$( Part of t"e intan7i1)e! i! a atent 8it" a carr#in7 0a)/e of +-,&$$$ 8"ic" 8a! !/ed /on 1# a cometitor( Yazi /n!/cce!!f/))# defended t"e ca!e andt"e ;na) deci!ion of t"e co/rt 8a! re)ea!ed on No0em1er '4& '$%.( D"at i! t"e fair 0a)/e of t"e e6/iment in0e!ted 1# Kram=

PROBLEM &.

'

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On ecem1er % '$%.& Kram in0ited Yazi to 9oin "im in "i! 1/!ine!!( Yazi a7reed ro0ided t"atKram 8i)) ad9/!t t"e acc/m/)ated dereciation of "i! e6/iment acco/nt to a certainamo/nt& and 8i)) reco7nize additiona) accr/ed een!e! of +-$&$$$( After t"at& Yazi i! toin0e!t additiona) iece! of e6/iment to ma:e "er intere!t e6/a) to .-<( If t"e caita)1a)ance! of Kram 1efore and after t"e ad9/!tment 8ere + ,4-&$$$ and +,$-&$$$re!ecti0e)#& 8"at i! t"e e@ect in t"e carr#in7 0a)/e of t"e e6/iment a! a re!/)t of t"e

admi!!ion of Kram=

PROBLEM 5.

On ecem1er % '$%.& Kram and Yazi are com1inin7 t"eir !earate 1/!ine!! to form aartner!"i( Ca!" and nonca!" a!!et! are to 1e contri1/ted& T"e nonca!" a!!et! to 1econtri1/ted and t"e )ia1i)itie! to 1e a!!/med are a! fo))o8!*

Particuar!Kram Yazi

B""# $au% 'air $au% B""# $au% 'air $au%

Acco/nt!Recei0a1)e!

'-$&$$$ ','&-$$ '$$&$$$ %4-&$$$

In0entor# .$$&$$$ .-$&$$$ '$$&$$$ '$3&-$$

PPE %&$$$&$$$ 4%'&-$$ 2,'&-$$ 2''&-$$

Acco/nt! Pa#a1)e %-$&$$$ %-$&$$$ %%'&-$$ %%'&-$$

Kram and Yazi are to in0e!t e6/a) amo/nt of ca!" !/c" t"at t"e contri1/tion of Kram 8o/)d1e '$< more t"an t"e in0e!tment of Yazi( D"at i! t"e amo/nt of ca!" re!ented on t"eartner!"iB! Statement of Financia) Po!ition on ecem1er %& '$%.=

PROBLEM 6.

KY Partner!"i 1e7an oeration! on >/ne $%& '$%.( On t"at date& Kram and Yazi "a0e caita)credit! of +%3-&$$$ and +'.$&$$$& re!ecti0e)#( T"e artner!"i "a! t"e fo))o8in7 ro;t?!"arin7 )an*

• %$< intere!t on artnerB! caita) 1a)ance! at t"e end of t"e #ear

• +,$&$$$ and +3-&$$$ ann/a) !a)arie! for Kram and Yazi& re!ecti0e)#(

• Remainin7 ro;t 8i)) 1e di0ided to Kram and Yazi on a 5*' ratio!& re!ecti0e)#(

/rin7 t"e #ear& Kram in0e!ted +%-$&$$$ 8ort" of merc"andi!e and 8it"dre8 + .$&$$$ca!"& 8"i)e Yazi in0e!ted +%'$&$$$ ca!"( T"e artner!"i earned a ro;t + ',,&53- d/rin7

t"e #ear( Ho8 m/c" i! KramB! caita) 1a)ance! at t"e end of '$%.=

PROBLEM (.

Kram and Yazi are artner! 8"o "a0e t"e a7reement to !"are ro;t and )o!! in t"e fo))o8in7manner*

Kram Yazi

5

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Ann/a) Sa)arie! +',%&$$$ +'-4&$$$

Intere!t on a0era7e 1a)ance! -< %$<on/! 1a!ed on net income after !a)arie! andintere!t %$<

Remainder -$< -$<

/rin7 t"e #ear ended ecem1er 5%& '$%.& t"e artner!"i 7enerated a ro;t of +-3-&$$$1efore an# ded/ction!( KramB! and YaziB! a0era7e caita) 1a)ance! for t"e #ear are +,$$&$$$and +5$$&$$$& re!ecti0e)#( Income i! di!tri1/ted to t"e artner! on)# a! far a! it i!a0ai)a1)e( Ho8 m/c" i! t"e tota) !"are of Yazi in t"e net income for t"e #ear ended '$%.=

PROBLEM ).

T"e fo))o8in7 Statement of Financia) Po!ition for t"e Partner!"i of Eren& Mi:a!a and Armin8ere ta:en from t"e 1oo:! on Octo1er $%& '$%.(

*!!%t! Lia+iiti%! a, a/ita

Ca!" P %$$&$$$($$ Lia1i)itie! P '$$&$$$($$

Ot"er A!!et! .$$&$$$($$ Eren& Caita) %'$&$$$($$

Mi:a!a& Caita) 4-&$$$($$

Armin& Caita) 2-&$$$($$

Tota) A!!et! -$$&$$$($$ Tota) Lia1i)itie! and Caita) -$$&$$$($$

T"e artner! a7reed to di!tri1/te ro;t! a! fo))o8!*

• Ann/a) Sa)afrie! to Eren and Mi:a!a of +-&$$$ eac"

• Ann/a) intere!t of -< on 1e7innin7 caita)

• on/! of %-< to Eren 1a!ed on income after !a)arie!& intere!t and 1on/!

• Remainin7 ro;t* '-< to Eren& 5-< to Mi:a!a and .$< to Armin

T"e artner!"i 1e7an it! oeration on Oct& $% '$%. and net income a! of ec( 5%& '$%. i!+,4&-$$( Ho8 m/c" i! t"e !"are of Eren in t"e net income=

PROBLEM .

Kram and Yazi are artner! en7a7ed in a man/fact/rin7 1/!ine!!( Tran!action! a@ectin7 t"e

artnerB! caita) acco/nt! in '$%. are a! fo))o8!*

Kram Yazi

r r r r

e7( a)ance '$$&$$$ '2$&$$$Ari) $%& '$%-

.

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%'$&$$$ 2$&$$$

>/ne 5$& '$%- %$$&$$$ '$$&$$$

Setem1er $%& '$%- %2$&$$$ '.$&$$$

Octo1er $%& '$%- '2$&$$$ %,$&$$$

T"e income !/mmar# "a! a de1it 1a)ance of +%2$&$$$(

A7reement 1et8een Kram and Yazi are a! fo))o8!*

• Intere!t on a0era7e caita) at 2<

• Sa)arie! of +%$$&$$$ and %.$&$$$ are 7i0en to Kram and Yazi& re!ecti0e)#(

• on/! to Yazi at '-< of net income after ded/ctin7 intere!t and !a)arie! 1/t 1efore

ded/ctin7 1on/!

•a)ance i! to 1e di0ided e6/a))#(

Ho8 m/c" i! t"e netincrea!e decrea!e in Yazi caita) acco/nt d/rin7 '$%.=

PROBLEM 10.

Kram and Yazi are artner! of KY artner!"i 1e7in it! ;r!t #ear of oeration! on >/ne $%&'$%. 8it" t"e fo))o8in7 caita) 1a)ance!*

Kram& Caita) +%&..$&$$$

Yazi& Caita) 3'$&$$$

Accordin7 to t"e artner!"i a7reement& a)) ro;t! and )o!!e! 8i)) 1e di!tri1/ted a! fo))o8!*• Kram 8i)) 1e a))o8ed an ann/a) !a)ar# of +4,$&$$$ 8"i)e Yazi 8i)) 1e a))o8ed a

mont")# !a)ar# of +%%'&$$$

• T"e artner! 8i)) 1e a))o8ed 8it" intere!t e6/a) to %-< of t"e caita) 1a)ance a! of

t"e ;r!t da# of t"e #ear(

• Yazi 8i)) 1e a))o8ed a 1on/! %'< of t"e net income after 1on/!

• T"e remainder 8i)) 1e di0ided e6/a))#(

• Eac" artner i! a))o8ed to 8it"dra8 / to +3'&$$$($$ on t"e ;r!t #ear and / to

+4,&$$$ t"e fo))o8in7 #ear and for t"e net t"ree #ear!(

A!!/me t"at t"e re!/)t! of oeration! in '$%. from t"e date of formation are +-,$&$$$ netincome and '2$&$$$ net )o!!e! on t"e fo))o8in7 #ear( A!!/me f/rt"er t"at eac" artner8it"dra8! t"e maim/m amo/nt from t"e 1/!ine!! eac" eriod(

D"ic" of t"e fo))o8in7 !tatement! i! 8ron7=

a T"e caita) 1a)ance of Kram at end of '$%- i! +%&'.'&4'-

1 T"e !"are of Yazi in t"e net )o!! in '$%- i! a credit to caita) acco/nt of %.&-3-

-

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c T"ere i! a net increa!e of 43&-$$ in t"e caita) acco/nt of Kram from 1e7innin7 toend of '$%.(

d T"e caita) 1a)ance of Yazi at t"e end of ;r!t #ear i! %&$52&-$$

,

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