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Dissolution

P1
A condensed balance sheet for AA, BB and CC partnership at December 31, 2018, and their profit and loss sharing percentages on that date are as
follows:
Cash 15,000 Liabilities 50,000
Other Assets 185,000 AA, Capital 75,000
BB, Capital 50,000
CC, Capital 25,000
On January 1, 2019 the partners decided to bring DD into the partnership under the following independent assumptions:
Questions:
a. Assuming that DD would purchase ½ of AA’s capital and right to future profits directly from AA for 60,000, how much capital is to be credited
to DD?
b. Assuming that DD would purchase ¼ of each of the partner’s capital and rights to future profits by paying a total of 45,000 directly to the
partners, the partnership net assets are to be revalued. How much will be the capital balance of BB after DD’s admission?
c. Assuming that DD would invest 55,000 cash in the partnership for a 25% interest in capital. Future profits would be divided 37-1/2 percent, 22-
1/2 percent, 15 percent and 25 percent for AA, BB, CC and DD respectively. Partnership net assets are to be revalued. How much capital is to
be credited to DD?

P2
Capital balances and profit sharing percentages for the partnership of Aaron, Nimrod, and Elijah on January 1, 2018 are as follows:
Aaron 140,000
Nimrod 100,000
Elijah 160,000
On January 3, 2018 the partners agree to admit Ruth into the partnership for a 25% interest in the capital and earnings for her investment in the
partnership of 120,000. Partnership assets are not to be revalued.
Questions:
a. The capital balances of Aaron, Nimrod, Elijah, and Ruth, immediately after the admission of Ruth would be:
b. What will be new profit and loss ratio for Aaron, Nimrod, Elijah, and Ruth if old partners will share profits using old ratio?

P3
The balance sheet of the Dylan and Samuel Partnership at December 31, 2018, appears as follows:
Cash 15,000 A/P 35,000
A/R(net) 45,000 N/P 25,000
Inventories 75,000 Accrued liabilities 40,000
PPE(net) 225,000 Mortgage Payable 110,000
Dylan, Capital 60,000
Samuel, Capital 90,000
Determine the capital balances of partners immediately after the admission of Sebastian under the following independent situations:
a. Sebastian acquired a 25% interest in capital by investing 50,000 of cash into the partnership. Total capital of the Dylan-Samuel-Sebastian
Partnership on January 1, 2019, amounted to 200,000. Determine the capital balances of Sebastian immediately after his admission.
b. Sebastian acquired 25% interest in capital by investing 80,000 of cash into the partnership. Total capital of the Dylan-Samuel-Sebastian
Partnership after Sebastian’s admission amounted to 320,000. The fair market value of the inventories was 85,000 and the fair value of
PPE(net) was 305,000 on January 1, 2019. Determine the capital balance of Dylan, Samuel and Sebastian Immediately after Sebastian’s
Admission.

P4
A, B and C have capital balances of 112,000, 130,000 and 58,000, respectively, and share profits in the ratio 3:2:1. D invest cash in the partnership
for a ¼ interest.
Questions:
a. D receives a ¼ interest in the assets of the partnership, which includes credit for 25,000 of goodwill that is recognized upon admission. How
much cash D invest?
b. D receives a ¼ interest in the assets of the partnership and B is credited with 15,000 of the bonus from D, how much cash D invest?

P5
I and H are partners who have capitals of 60,000 and 48,000 and who share profits in the ratio of 3:2. J is admitted as a partner upon investing cash
of 50,000 with profits to be shared equally.
Questions:
a. Assume that J is allowed a 25% interest in the firm, which method (goodwill or bonus) will benefit J, and how much?
b. Assume that J is allowed a 40% interest in the firm, which method (goodwill or bonus) will benefit J, and how much?
P6
F, G, and H are partners with capital balances on June 30, 2018, of 300,000, 300,000, and 200,000, respectively. Profits are shared equally. H
withdraws from the partnership. The partners agree that H is to take certain furniture and fixtures at their secondhand value of 12,000 and a not
for the balance of her interest. The furniture and fixtures are carried on the books as fully depreciated.
Questions:
a. How much is the note payable issued to H?
b. Is there an effect on the capital accounts of F, and G, regarding H’s taking of the furniture and fixtures at their secondhand value of 12,000?

P7
L, M, and N are partners sharing profits in the ratio of 3:2:1, respectively. Capital accounts are 500,000, 300,000 and 200,000 on December 31,
2018, when N decides to withdraw. It is agreed to pay 300,000 for N’s interest. Profits after the withdrawal of N are to be shared equally.
Questions:
a. Using the bonus approach, how much are the capital balances of L and M after N’s withdrawal?
b. Using the goodwill approach, how much are the capital balances of L and M after N’s withdrawal?

P8
O, P, and Q share profits in the ratio of 5:3:2. Q is permitted to withdraw from the firm on December 31, 2018. Profits after the withdrawal of Q are
to be shared 3:2. The partnership balance sheet on this date is as follows:
Receivable from Q 10,000 Liabilities 80,000
Goodwill 80,000 Payable to P 30,000
Other Assets 190,000 O, Capital 70,000
P, Capital 60,000
Q, Capital 40,000
Questions:
a. Assuming that Q is paid 44,000 in full settlement of the capital interest and 10,000 claim balance, using the bonus method of recording the
withdrawal of Q, how much are the capital balances of O and P after Q’s withdrawal?
b. Using the data in the question A, using the goodwill method of recording Q’s withdrawal, how much are the capital balances of O and P after
Q’s retirement?
c. In relation to A & B, which method is preferred by GAAP in recording Q’s withdrawal and why?
d. Assuming that is paid 24,000 in full settlement of the capital interest and 10,000 claim balance, using the bonus method, how much are the
capital balances of O and P after withdrawal of Q?
e. Using the date in the question d, using the goodwill method, how much are the capital balances of O and P after Q’s withdrawal?
f. In relation to D & E, which method is preferable by GAAP? And why?

P9
Philip, of Philip and Romy, partners sharing a profits in the ratio of 60% and 40% wants to retire. The partners agree that the fixed assets are
undervalued by 20,000 and that Philip’s share of this increase shall be recorded and creditable to his capital account. Since the working capital is
only 70,000, it is decided that Philip shall receive only 1/3 of his adjusted capital credit in cash. For the remainder, he accepts securities, which have
been carried as other assets at their book value and market value of 12,000, and six month note payable. On the retirement of Philip, Romy will
receive a bonus of 7,000.
The balance sheet, which is then prepared as follows:
Current Assets 51,000 Current Liabilities 49,000
Other Assets 3,000 Romy, Capoital 50,000
Fixed Assets 45,000
Questions:
a. Current assets before Philip’s retirement must be:
b. Current Liabilities before Philip’s retirement must be:
c. Fixed assets before Philip’s retirement must be:
d. Other assets before Philip’s retirement must be:
e. Philip’s Adjusted capital balance before settlement must be: