Acctg2 Exam

8/13/2019 Acctg2 Exam

1/23

Chapter 16 Test Bank

DISSOLUTION AND LIQUIDATION OF A PARTNERSHIP

Mut!pe Ch"!#e Quest!"ns

LO1

1$ %h!#h state&ent !s #"rre#t !n 'es#r!(!n) the rank "r'er "*

pa+&ents as spe#!*!e' (+ the Un!*"r& Partnersh!p A#t,

a$ Pa+&ents t" partners -!th "ans t" the partnersh!p are

ranke' e.ua+ -!th pa+&ents t" "ther #re'!t"rs$

($ Pa+&ents t" partners -!th "ans t" the partnersh!p are

ranke' ahea' "* pa+&ents t" partners -!th"ut "ans t" the

partnersh!p$

#$ Pa+&ents t" "ther #re'!t"rs are ranke' ahea' "* pa+&ents t"

partners -!th "ans t" the partnersh!p$

'$ A*ter pa+&ents are &a'e t" "ther #re'!t"rs an' partners

-!th "ans t" the partnersh!p/ pa+&ent #an (e &a'e t"

partners -!th #ap!ta !nterests$

LO1

0$ %h!#h "* the *""-!n) pr"#e'ures !s a##epta(e -hen a##"unt!n)

*"r a 'e*!#!t (aan#e !n a partners #ap!ta a##"unt 'ur!n)

partnersh!p !.u!'at!"n,

a$ A partner -!th a ne)at!2e #ap!ta (aan#e &ust #"ntr!(utepers"na assets t" the partnersh!p that are su**!#!ent t"

(r!n) the #ap!ta a##"unt t" 3er"$

($ I* a partner -!th a ne)at!2e #ap!ta (aan#e !s pers"na+

!ns"2ent/ the ne)at!2e #ap!ta (aan#e &a+ (e a(s"r(e' (+

th"se partners ha2!n) a p"s!t!2e #ap!ta (aan#e a##"r'!n)

t" the res!'ua pr"*!t an' "ss shar!n) rat!"s that app+

t" a the partners$

#$ I* a partner -!th a ne)at!2e #ap!ta (aan#e !s pers"na+

!ns"2ent/ the ne)at!2e #ap!ta (aan#e &a+ (e a(s"r(e' (+

th"se partners ha2!n) a p"s!t!2e #ap!ta (aan#e a##"r'!n)

t" the res!'ua pr"*!t an' "ss shar!n) rat!"s that app+

t" th"se partners ha2!n) p"s!t!2e (aan#es$'$ A the a("2e pr"#e'ures are a##epta(e$

4055 Pears"n E'u#at!"n/ In#$ pu(!sh!n) as Prent!#e Ha

1671


2/23

LO1

8$ A partnersh!p '!ss"ut!"n '!**ers *r"& a !.u!'at!"n !n that

a$ pa+&ents are &a'e t" #re'!t"rs (e*"re partners re#e!2e

2aue$

($ per!"'!# pa+&ents t" partners are &a'e -hen #ash (e#"&es

a2a!a(e$#$ a partner -!th'ra-s *r"& the (us!ness an' the enterpr!se

#"nt!nues t" *un#t!"n$

'$ *u pa+&ent !s &a'e t" a "uts!'e #re'!t"rs (e*"re

re&a!n!n) #ash !s '!str!(ute' t" partners !n a *!na u&p

su& pa+&ent$

LO1

9$ A partnersh!p !n !.u!'at!"n has #"n2erte' a assets !nt" #ash

an' pa!' a !a(!!t!es$ A##"r'!n) t" the Un!*"r& Partnersh!p

A#t/ the "r'er "* pa+&ent

a$ -! ha2e a&"unts 'ue t" partners -!th respe#t t" the!r#ap!ta a##"unts take pre#e'en#e "2er a&"unts "-e' (+

partners "ther than *"r #ap!ta an' pr"*!ts$

($ -! (e a##"r'!n) t" the partners res!'ua pr"*!t an' "ss

shar!n) rat!"s$

#$ -! ha2e a&"unts "-e' (+ partners "ther than *"r #ap!ta

an' pr"*!ts take pre#e'en#e "2er a&"unts 'ue t" partners

-!th respe#t t" the!r #ap!ta a##"unts$

'$ %! (e (+ an+ &anner that !s ("th reas"na(e an' rat!"na

*"r the partnersh!p$

LO1

:$ In partnersh!p !.u!'at!"n/ h"- are partner saar+ a"#at!"ns

treate',

a$ Saar+ a"#at!"ns take pre#e'en#e "2er #re'!t"r pa+&ents$

($ Saar+ a"#at!"ns take pre#e'en#e "2er a&"unts 'ue t"

partners -!th respe#t t" the!r #ap!ta !nterests/ (ut n"t

pr"*!ts$

#$ Saar+ a"#at!"ns take pre#e'en#e "2er a&"unts 'ue t"

partners -!th respe#t t" the!r #ap!ta pr"*!ts/ (ut n"t

#ap!ta !nterests$

'$ Saar+ a"#at!"ns are '!sre)ar'e'$

LO1

6$ A s!&pe partnersh!p !.u!'at!"n re.u!res

a$ per!"'!# pa+&ents t" #re'!t"rs an' partners 'eter&!ne' (+ a

sa*e pa+&ents s#he'ue$

($ partnersh!p assets t" (e #"n2erte' !nt" #ash -!th *u

pa+&ent &a'e t" a "uts!'e #re'!t"rs (e*"re re&a!n!n) #ash

!s '!str!(ute' t" partners !n a u&p su& pa+&ent$

#$ "n+ #re'!t"rs t" (e pa!' !n an "r'er+ &anner$

'$ per!"'!# pa+&ents t" partners as #ash (e#"&es a2a!a(e$


1670


3/23

LO0

;$ In a s!&pe partnersh!p !.u!'at!"n/ the ast re&a!n!n) #ash

'!str!(ut!"n sh"u' (e &a'e a##"r'!n) t" the rat!" "*

a$ the !n'!2!'ua partners pr"*!t an' "ss a)ree&ent$

($ the !n'!2!'ua partneru+ 1/ 0556/$ an'

(e)an the !.u!'at!"n pr"#ess$ Dur!n) >u+ the *""-!n) e2ents"##urre'

G Re#e!2a(es "* 8/555 -ere #"e#te'$

G The !n2ent"r+ -as s"' *"r 9/555$

G A a2a!a(e #ash -as '!str!(ute' "n

>u+ 81/ e#ept *"r 0/555 that -as

set as!'e *"r #"nt!n)ent epenses$


1678


4/23

LO0

$ The (""k 2aue "* the partnersh!p e.u!t+ !$e$/ t"ta e.u!t+ "*

the partners "n >une 85/ 0556 !s

a$ 65/555$

($ 0/555$#$ 85/555$

'$ 90/555$

LO0

15$ The #ash a2a!a(e *"r '!str!(ut!"n t" the partners "n >u+ 81/

0556 !s

a$ 0/555$

($ 9/555$

#$ ;/555$

'$ 11/555$

LO0

11$ H"- &u#h #ash -"u' ?!n re#e!2e *r"& the #ash that !s a2a!a(e

*"r '!str!(ut!"n "n >u+ 81,

a$ 5$

($ 655$

#$ 1/555$

'$ 0/555$

LO0

10$ Hara/ I2es/ an' >a#k are !n the pr"#ess "* !.u!'at!n) the!r

partnersh!p$ S!n#e !t &a+ take se2era &"nths t" #"n2ert the

"ther assets !nt" #ash/ the partners a)ree t" '!str!(ute a

a2a!a(e #ash !&&e'!ate+/ e#ept *"r 15/555 that !s set

as!'e *"r #"nt!n)ent epenses$ The (aan#e sheet an' res!'ua

pr"*!t an' "ss shar!n) per#enta)es are as *""-s

Cash 955/555 A##"unts pa+a(e 055/555

Other assets 055/555 Hara/ #ap!ta 95 18:/555

I2es/ #ap!ta 85 016/555

>a#k/ #ap!ta 85 9/555

T"ta assets 655/555 T"ta !a($e.u!t+ 655/555

H"- &u#h #ash sh"u' I2es re#e!2e !n the *!rst '!str!(ut!"n,

a$ 196/555$

($ 19;/555$

#$ 1:8/555$

'$ 1:6/555


1679


5/23

LO0

18$ >a'e/ ah/ an' Lane are !n the pr"#ess "* !.u!'at!n) the!r

partnersh!p$ Lane has a)ree' t" a##ept the !n2ent"r+/ -h!#h hasa *a!r 2aue "* 65/555/ as part "* her sette&ent$ A (aan#e

sheet an' the res!'ua pr"*!t an' "ss shar!n) per#enta)es are

as *""-s

Cash 1=/555 A##"unts pa+a(e 19/555

In2ent"r+ =5/555 >a'e/ #ap!ta 95 ;/555

Pant assets 085/555 ah/ #ap!ta 95 195/555

Lane/ #ap!ta 05 195/555

T"ta assets :5=/555 T"ta !a($e.u!t+ :5=/555

I* the partners then '!str!(ute the a2a!a(e #ash/ Lane -!

re#e!2e

a$ 08/555$

($ 0/555

#$ 85/555$

'$ 89/555$

LO0

19$ Un'er the rue "* "**set/ -hat !s the pr"per '!sp"s!t!"n "* a

partnersh!p "an that -as &a'e *r"& a partner -h" has a 'e(!t(aan#e,

a$ The "an !s *!rst pa!' t" the 'e(t"r partner (e*"re #ash

pa+&ents are &a'e t" partners$

($ The "an !s -r!tten "** as a partnersh!p "ss !* the

partner '"es n"t ha2e the #ash t" #"2er the 'e(!t (aan#e$

#$ The "an !s #har)e' "** t" the #ap!ta a##"unts "* a the

partners !n the!r pr"*!t an' "ss shar!n) rat!"s$

'$ The "an !s #har)e' "** t" the #ap!ta a##"unt "* the

'e(t"r partner$


167:


6/23

LO8

1:$ In partnersh!p !.u!'at!"ns/ -hat are sa*e pa+&ents,

a$ The a&"unts "* '!str!(ut!"ns that #an (e &a'e t" the

partners/ a*ter a #re'!t"rs ha2e (een pa!' !n *u$

($ The a&"unts "* '!str!(ut!"ns that #an (e &a'e t" the

partners -!th assuran#e that su#h a&"unts -! n"t ha2e t"(e returne' t" the partnersh!p$

#$ The a&"unts "* '!str!(ut!"ns that #an (e &a'e t" the

partners/ a*ter a n"n7#ash assets ha2e (een a'Juste' t"

*a!r &arket 2aue$

'$ A the a("2e are ea&pes "* the sa*e pa+&ents #"n#ept$

LO9

16$ I* a partners are !n#u'e' !n the *!rst !nsta&ent "* an

!nsta&ent !.u!'at!"n/ then !n *uture !nsta&ents

a$ #ash -! (e '!str!(ute' a##"r'!n) t" the res!'ua pr"*!t

an' "ss shar!n) rat!"$($ #ash sh"u' n"t (e '!str!(ute' unt! a n"n7#ash assets

are #"n2erte' !nt" #ash$

#$ a sa*e pa+&ents s#he'ue &ust (e prepare' (e*"re ea#h #ash

'!str!(ut!"n t" a2"!' e#ess!2e pa+&ents t" partners$

'$ a #ash '!str!(ut!"n pan &ust (e prepare' s" that partners

-! kn"- -hen the+ -! (e !n#u'e' !n #ash '!str!(ut!"ns$

LO:

1;$ The +ear7en' (aan#e sheet an' res!'ua pr"*!t an' "ss shar!n)

per#enta)es *"r the Lan)/ Maas/ an' Nea partnersh!p "n

De#e&(er 81/ 055:/ are as *""-s

Cash 85/555 A##"unts pa+a(e 055/555

L"an t" Lan) 95/555 L"an *r"& Maas :5/555

Other assets 9=5/555 Lan)/ #ap!ta 0: ;5/555

Maas/ #ap!ta 0: =5/555

Nea/ #ap!ta :5 1:5/555

T"ta assets ::5/555 T"ta !a($e.u!t+ ::5/555

The partners a)ree t" !.u!'ate the (us!ness an' '!str!(ute

#ash -hen !t (e#"&es a2a!a(e$ A #ash '!str!(ut!"n pan *"r

the Lan)/ Maas/ an' Nea partnersh!p -! sh"- that #asha2a!a(e/ a*ter "uts!'e #re'!t"rs are pa!'/ -! !n!t!a+ )"

t"

a$ Lan) !n the a&"unt "* 05/555$

($ Maas !n the a&"unt "* 9:/555$

#$ Maas !n the a&"unt "* ::/555$

'$ Nea !n the a&"unt "* 5/555$


1676


7/23

LO:

1=$ In a s#he'ue "* assu&e' "ss a(s"rpt!"ns

a$ the partner -!th "-est "ss a(s"rpt!"n !s e!&!nate' ast$

($ !t !s ne#essar+ t" ha2e a #ash '!str!(ut!"n pan *!rst$#$ the east 2unera(e partner !s e!&!nate' *!rst$

'$ the &"st 2unera(e partner !s e!&!nate' *!rst$

LO:

1$ %h!#h partner !s #"ns!'ere' the &"st 2unera(e as a resut "*

a #"&putat!"n "* 2unera(!!t+ rank!n)s,

a$ The partner -!th the "-est 2unera(!!t+ rank!n)/ -h" as"

has the "-est "ss a(s"rpt!"n p"tent!a$

($ The partner -!th the "-est 2unera(!!t+ rank!n)/ -h" as"

has the h!)hest "ss a(s"rpt!"n p"tent!a$

#$ The partner -!th the h!)hest 2unera(!!t+ rat!"/ -h" as"has the "-est "ss a(s"rpt!"n p"tent!a$

'$ The partner -!th the h!)hest 2unera(!!t+ rank!n)/ -h"

as" has the h!)hest "ss a(s"rpt!"n p"tent!a$

LO6

05$ The rank "r'er !s *"r #a!&s a)a!nst a (ankrupt partner "*

I$ Th"se "-!n) t" partners (+ -a+ "* #"ntr!(ut!"n

II$Th"se "-!n) t" separate #re'!t"rs

III$Th"se "-!n) t" partnersh!p #re'!t"rs

a$ II *!rstK I se#"n' an' III th!r'$

($ III *!rstK II se#"n' an' I th!r'$

#$ I *!rstK III se#"n' an' II th!r'$

'$ II *!rstK III se#"n' an' I th!r'$


167;


8/23

LO0

Eer#!se 1

The (aan#e sheet "* the A(a/ B!#k/ an' Ca2" partnersh!p "n

>anuar+ 1/ 0556 the 'ate "* partnersh!p '!ss"ut!"n -as as *""-s

Cash 0/555 L!a(!!t!es 9/515Other assets 18/555 L"an *r"& A(a :55

L"an t" Ca2" 1/555 A(a/ #ap!ta 05 5

B!#k/ #ap!ta95 9/:55

Ca2"/ #ap!ta95 6/555


In >anuar+/ "ther assets -!th a (""k 2aue "* =/555 -ere s"' *"r

:/555 !n #ash$

Re.u!re'

Deter&!ne h"- the a2a!a(e #ash "n >anuar+ 81/ 0556 -! (e

'!str!(ute'$

LO0

Eer#!se 0

The partnersh!p "* Dae/ E')ar/ an' Fre' -as '!ss"2e'/ an' (+ >u+

1/ 0556/ a assets ha' (een #"n2erte' !nt" #ash an' a partnersh!p

!a(!!t!es -ere pa!'$ The partnersh!p (aan#e sheet "n >u+ 1/ 0556

-!th partner res!'ua pr"*!t an' "ss shar!n) per#enta)es -as as

*""-s

Cash 15/555 Fre'/ #ap!ta85 95/555Dae/ #ap!ta95 05/555

E')ar/ #ap!ta85 15/555

T"ta assets 15/555 T"ta e.u!t+ 15/555

The 2aue "* partners< pers"na assets an' !a(!!t!es "n >u+ 1/

0556 -ere as *""-s

Dae E')ar Fre'

Pers"na assets 9:/555 85/555 0:/555Pers"na !a(!!t!es 85/555 05/555 15/555

Re.u!re'

Prepare the *!na state&ent "* partnersh!p !.u!'at!"n$


167=


9/23

LO0

Eer#!se 8

The (aan#e sheet "* the O&ar/ Pa""/ an' Quek partnersh!p "n

N"2e&(er 1/ 0556 (e*"re #"&&en#e&ent "* partnersh!p !.u!'at!"n -as

as *""-s

Cash :=/555 A##"unts pa+a(e 89/555

In2ent"r+ 65/555 N"tes pa+a(e 60/555

L"an t" O&ar =/555 O&ar/ #ap!ta95 09/555

L"an t" Quek 19/555 Pa""/ #ap!ta0: 06/555

Pant assets7net ;5/555 Quek/ #ap!ta 8: 69/555


L!.u!'at!"n e2ents !n N"2e&(er -ere as *""-s

7 The !n2ent"r+ -as s"' *"r 15/555 a("2e (""k 2aueK7 Pant assets -!th a (""k 2aue "* 65/555 -ere s"' *"r 89/555$

Re.u!re'

Deter&!ne h"- the a2a!a(e #ash "n N"2e&(er 81/ 0556 sh"u' (e

'!str!(ute'$

LO0

Eer#!se 9

A #ash '!str!(ut!"n pan *"r the F")er/ "2er/ an' Hae partnersh!p

-as as *""-s

Pr!"r!t+

Cre'!t"rs F")er "2er Hae

F!rst 0:5/555 155

Net 155/555 ;5 85

Net 1:5/555 111: 91:

Re&a!n'er 05 8: 9:

Re.u!re'

I* =:5/555 "* #ash -as '!str!(ute' (+ the partnersh!p/ h"- &u#h -as

re#e!2e' respe#t!2e+ (+ the pr!"r!t+ #re'!t"rs/ F")er/ "2er/ an'

Hae,


167


10/23

LO0

Eer#!se :

The (aan#e sheet "* the >"'+/ ane/ an' Lark partnersh!p "n Ma+ 1/

0556 (e*"re #"&&en#e&ent "* partnersh!p !.u!'at!"n -as as *""-s

Cash :9/555 A##"unts pa+a(e 0=/555

In2ent"r+ 65/555 N"tes pa+a(e 65/555

L"an t" >"'+ 15/555 >"'+/ #ap!ta 85 80/555

L"an t" Lark 16/555 ane/ #ap!ta 9: 5/555

Pant assets7net 115/555 Lark/ #ap!ta 0: 95/555

T"ta assets 0:5/555 T"ta !a($e.u!t+ 0:5/555

L!.u!'at!"n e2ents !n Ma+ -ere as *""-s

7 The !n2ent"r+ -as s"' *"r 6/555 (e"- (""k 2aueK

7 Pant assets -!th a (""k 2aue "* :5/555 -ere s"' *"r 65/555$

Re.u!re'

Deter&!ne h"- the a2a!a(e #ash "n Apr! 85/ 0556 sh"u' (e '!str!(ute'$

LO0

Eer#!se 6

The (aan#e sheet "* the Ne(e/ Oak/ an' Pan) partnersh!p "n O#t"(er

1/ 0556 the 'ate "* partnersh!p '!ss"ut!"n -as as *""-s

Cash 8/555 L!a(!!t!es /555Other assets 88/555 L"an *r"& Ne(e 1/555

L"an t" Oak 9/555 Ne(e/ #ap!ta 05 8/555

Oak/ #ap!ta 85 6/555

Pan)/ #ap!ta :5 01/555


In O#t"(er/ "ther assets -!th a (""k 2aue "* 1:/555 -ere s"' *"r

1;/555 !n #ash$

Re.u!re'

Deter&!ne h"- the a2a!a(e #ash "n O#t"(er 81/ 0556 -! (e'!str!(ute'$


16715


11/23

LO0

Eer#!se ;

The partnersh!p "* Han+/ I'e/ an' >en -as '!ss"2e'$ B+ Au)ust 1/

0556/ a assets ha' (een #"n2erte' !nt" #ash an' a partnersh!p

!a(!!t!es -ere pa!'$ The partnersh!p (aan#e sheet "n Au)ust 1/

0556 -!th partner res!'ua pr"*!t an' "ss shar!n) per#enta)es -asas *""-s

Cash :5/555 Han+/ #ap!ta85 9/555

I'e/ #ap!ta05 65/555

>en/ #ap!ta:5 156/555

T"ta assets :5/555 T"ta e.u!t+ :5/555

The 2aue "* partners< pers"na assets an' !a(!!t!es "n Au)ust 1/

0556 -ere as *""-s

Han+ I'e >en

Pers"na assets ;9/555 105/555 :6/555

Pers"na !a(!!t!es ;0/555 =5/555 65/555

Re.u!re'

Prepare the *!na state&ent "* partnersh!p !.u!'at!"n$


16711


12/23

LO:

Eer#!se =

Lu!s/ Ma#/ Ne/ an' O&a are partners -h" share pr"*!ts an' "sses

95/ 0:/ 0:/ an' 15/ respe#t!2e+$ The partnersh!p -! (e

!.u!'ate' )ra'ua+ "2er se2era &"nths (e)!nn!n) >anuar+ 1/ 0556$

The partnersh!p tr!a (aan#e at De#e&(er 81/ 055: !s as *""-s

De(!ts Cre'!ts

Cash 8/555

A##"unts re#e!2a(e 1/555

In2ent"r+ 0:/555

L"an t" Ne :/555

Furn!ture 1:/555

E.u!p&ent 15/555

""'-! 10/555

A##"unts pa+a(e 19/555

N"te pa+a(e 85/555

L"an *r"& Lu!s :/555Lu!s/ #ap!ta 95 1:/555

Ma#/ #ap!ta 0: /555

Ne/ #ap!ta 0: 10/555

O&a/ #ap!ta 15 9/555

T"tas =/555 =/555

Re.u!re'

Prepare a #ash '!str!(ut!"n pan *"r >anuar+ 1/ 0556/ sh"-!n) h"-

#ash !nsta&ents -! (e '!str!(ute' a&"n) the partners as !t

(e#"&es a2a!a(e$


16710


13/23

LO:

Eer#!se

Quan/ Ra+/ Sen/ an' Ta' are partners -h" share pr"*!ts an' "sses 85/ 05/

8:/ an' 1:/ respe#t!2e+$ The partnersh!p -! (e !.u!'ate' )ra'ua+

"2er se2era &"nths (e)!nn!n) >anuar+ 1/ 0556$ The partnersh!p tr!a

(aan#e at De#e&(er 81/ 055: !s as *""-s

De(!ts Cre'!ts

Cash 8/555

A##"unts re#e!2a(e 15/555

In2ent"r+ 0:/555

L"an t" Ra+ 9/555

Furn!ture 1:/555

E.u!p&ent 1=/555

""'-! 15/555

A##"unts pa+a(e 10/555

N"te pa+a(e 85/555

L"an *r"& Sen 6/555Quan/ #ap!ta 85 10/555

Ra+/ #ap!ta 05 /555

Sen/ #ap!ta 8: 10/555

Ta'/ #ap!ta 1: 9/555

T"tas =:/555 =:/555

Re.u!re'

Prepare a #ash '!str!(ut!"n pan *"r >anuar+ 1/ 0556/ sh"-!n) h"-

#ash !nsta&ents -! (e '!str!(ute' a&"n) the partners as !t

(e#"&es a2a!a(e$

LO:

Eer#!se 15

A #ash '!str!(ut!"n pan *"r the Upt"n/ aenta/ an' %aker

partnersh!p -as as *""-s

Pr!"r!t+

Cre'!t"rs Upt"n aenta %aker

F!rst 155/555 155

Net 1=5/555 99 15 96

Net 0;5/555 0 1 08Re&a!n'er 11 99 9:

Re.u!re'

I* ;55/555 "* #ash -as '!str!(ute' (+ the partnersh!p/ h"- &u#h -as

re#e!2e' respe#t!2e+ (+ the pr!"r!t+ #re'!t"rs/ Upt"n/ aenta/ an'

%aker,


16718


14/23

SOLUTIONS

Mut!pe Ch"!#e Quest!"ns

1$ #

0$ #

8$ a

9$ #

:$ '

6$ (

;$ a

=$ '

$ ( 19/555 %are #ap!ta 15/555 ?!n #ap!ta

6/555 @ates #ap!ta :/555 L"an *r"& ?!n 7

6/555 L"an t" %are

15$ a 9/555 (e)!nn!n) (aan#e 8/555 #ash #"e#te'

9/555 *"r !n2ent"r+ s"' 7 ;/555 "* a##"unts pa+a(e

7 0/555 *"r epenses

11$ '

%are ?!n @ates T"ta

E.u!t!es/>un 85 =/555 1:/555 6/555 0/555

In2ent"r+ "ss 0/555 8/555 :/555 15/555

C"nt!n)en#+ *un' 955 655 1/555 0/555

Su(t"tas :/655 11/955 5 1;/555

P"ss!(e "sses "n

re&a!n!n) assets 8/555 9/:55 ;/:55 1:/555

Su(t"tas 0/655 6/55 ;/:55 0/555

E!&!nate @atessDe*!#!t 8/555 9/:55 ;/:55

Su(t"tas 955 0/955 5 0/555

E!&!nate %ares

De*!#!t 955 955

Cash '!str!(ut!"n 5 0/555 5 0/555


16719


15/23

10$ (

L"sses 95

Hara

85

I2es

85

>a#k

E.u!t!es 18:/555 016/555 9/555

P"ss!(e "ss "nre&a!n!n) assets 055/555 =5/555 65/555 65/555

C"nt!n)en#!es 15/555 9/555 8/555 8/555

Su(t"tas :1/555 1:8/555 19/555

E!&!nate >a#ks

'e(!t (aan#e =/555 6/555 19/555

Sa*e pa+&ents 98/555 19;/555 5

18$ a

95

>a'e

95

ah

05

Lane

E.u!t!es ;/555 195/555 195/555

D!str!(ute !n2ent"r+ t"

Lane an'

65/555

re#")n!3e 05/555 "ss =/555 =/555 9/555

P"ss!(e "sses "n pant 0/555 0/555 96/555

Su(t"ta 01/555 95/555 85/555

E!&!nate >a'es 'e(!t

(aan#e t" ah Lane 01/555 19/555 ;/555

Baan#e 5 06/555 08/555

19$ (

1:$ (

16$ a


1671:


16/23

1;$ #

unera(!!t+ ranks

Lan) e.u!t+ ;5/555 7 95/555$0: 105/555 1

Maas e.u!t+ =5/555 :5/5555$0: :05/555 8

Nea e.u!t+ 1:5/555$: 855/555 0

Assu&e' "ss a(s"rpt!"n

0:

Lan)

0:

Maas

:5

Nea T"ta

E.u!t!es 85/555 185/555 1:5/555 815/555

L"ss t" e!&!nate

Lan) 85/555 85/555 65/555 105/555

Su(t"tas 5 155/555 5/555 15/555

L"ss t" e!&!nate

Nea 9:/555 5/555 18:/555

Su(t"tas ::/555 5 ::/555

1=$ '

1$ a

05$ '


16716


17/23

Eer#!se 1

A(a/ B!#k/ an' Ca2" Partnersh!p

Partnersh!p L!.u!'at!"n S#he'ue

Cash

N"n7

CashAssets

F!rst

RankDe(t

05

A(aE.u!t+

95

B!#kE.u!t+

95

Ca2"E.u!t+

>an 1 Baan#e 0/555 18/555 9/515 1/95 9/:55 :/555

Sae "* assets :/555 =/555 655 1/055 1/055

Su(t"ta ;/555 :/555 9/515 =5 8/855 8/=55

Sa*e Pa+&ents S#he'ue

A(a

E.u!t+

B!#k

E.u!t+

Ca2"

E.u!t+

Partners pre7'!str!(ut!"n (aan#es =5 8/855 8/=55P"ss!(e "sses "n n"n7#ash assets 1/555 0/555 0/555

115 1/855 1/=55

%r!te "** A(a :57:5 115 :: ::

Cash '!str!(ut!"n t" partners 5 1/09: 1/;9:

Cash '!str!(ut!"n pan "n >anuar+ 81

F!rst 9/515 )"es t" pr!"r!t+ #re'!t"rs/ an' then B!#k re#e!2es

1/09: an' Ca2" re#e!2es 1/;9:$


1671;


18/23

Eer#!se 0

Dae/ E')ar/ an' Fre' Partnersh!p

F!na State&ent "* Partnersh!p L!.u!'at!"n

CashDae

Cap!taE')arCap!ta

Fre'Cap!ta T"ta

Baan#e/ >u+ 1 15/555 05/555 15/555 95/555 15/555

Daes pers"na

#"ntr!(ut!"n 1:/555 1:/555 1:/555

0:/555 :/555 15/555 95/555 0:/555

%r!te7"** Dae :/555 0/:55 0/:55

0:/555 5 10/:55 8;/:55 0:/555

E')ars pers"na

#"ntr!(ut!"n 15/555 15/555 15/555

8:/555 0/:55 8;/:55 8:/555

%r!te7"** E')ar 0/:55 0/:55

8:/555 5 8:/555 8:/555

D!str!(ute #ash 8:/555 8:/555 8:/555

5 5 5

Eer#!se 8

O&ar/ Pa""/ an' Quek

S#he'ue "* Partnersh!p L!.u!'at!"n

N"2e&(er 85/ 0556

Assets De(ts

95

O&ar

0:

Pa""

8:

Quek

Baan#e/ N"2$ 1 015/555 6/555 09/555 06/555 69/555

In2ent"r+ s"' 15/555 9/555 0/:55 8/:55

Sae "* pant 06/555 15/955 6/:55 /155

Baan#es (e*"re

'!str!(ut!"n 19/555 6/555 1;/655 00/555 :=/955

O**set "ans 00/555 =/555 19/555

Pa+ #re'!t"rs 6/555 6/555

Partner e.u!t+ ;6/555 /655 00/555 99/955

P"ss!(e "ss

Pant assets 15/555 9/555 0/:55 8/:55D!str!(ut!"n 66/555 :/655 1/:55 95/55

Cash D!str!(ut!"n :=/555 ;5/555 89/555 7 6/555 66/555

N"2$ 1 In2ent"r+ Pant Cre'!t"rs N"2$ 85


1671=


19/23

Eer#!se 9

Pr!"r!t+

Cre'!t"rs F")er "2er Hae

F!rst 0:5/555 0:5/555

Net 155/555 ;5/555 85/555

Net 1:5/555 115/555 95/555Last 8:5/555 ;5/555 100/:55 1:;/:55

T"ta =:5/555 0:5/555 0:5/555 1:0/:55 1;/:55

Eer#!se :

>"'+/ ane/ an' Lark

S#he'ue "* Partnersh!p L!.u!'at!"n

Ma+ 85/ 0556

Assets De(ts

85

>"'+

9:

ane

0:

Lark

Baan#e/ Ma+ 1 0:5/555 ==/555 80/555 5/555 95/555

Pant s"' 15/555 8/555 9/:55 0/:55

In2ent"r+ s"' 6/555 1/=55 0/;55 1/:55

Baan#es (e*"re

'!str!(ut!"n 0:9/555 ==/555 88/055 1/=55 91/555

O**set "ans 06/555 15/555 16/555

Pa+ #re'!t"rs ==/555 ==/555

Partner e.u!t+ 195/555 08/055 1/=55 0:/555

P"ss!(e "ss

Pant assets 65/555 1=/555 0;/555 1:/555

D!str!(ut!"n =5/555 :/055 69/=55 15/555

Cash D!str!(ut!"n :9/555 :9/555 65/555 7 ==/555 =5/555

Ma+ 1 In2ent"r+ Pant Cre'!t"rs Ma+ 85


1671


20/23

Eer#!se 6

Ne(e/ Oak/ an' Pan) Partnersh!p

Partnersh!p L!.u!'at!"n S#he'ue

Cash

N"n7

CashAssets

F!rst

RankDe(t

85

OakE.u!t+

05

Ne(eE.u!t+

:5

Pan)E.u!t+

>an 1 Baan#e 8/555 88/555 /555 0/555 9/555 01/555

Sae "* assets 1;/555 1:/555 655 955 1/555

Su(t"ta 05/555 1=/555 /555 0/655 9/955 00/555

Sa*e Pa+&ents S#he'ue

Oak

E.u!t+

Ne(e

E.u!t+

Pan)

E.u!t+

Partners pre7'!str!(ut!"n (aan#es 0/655 9/955 00/555

P"ss!(e "sses "n n"n7#ash assets :/955 8/655 /555 0/=55 =55 18/555

%r!te "** Oak 0; an' :; 0/=55 =55 0/555

Cash '!str!(ut!"n t" partners 5 5 11/555

Cash '!str!(ut!"n pan "n O#t"(er 81

F!rst /555 )"es t" pr!"r!t+ #re'!t"rs/ an' then Pan) re#e!2es

11/555$


16705


21/23

Eer#!se ;

Han+/ I'e/ an' >en Partnersh!p

F!na State&ent "* Partnersh!p L!.u!'at!"n

CashI'e

Cap!taHan+Cap!ta

>enCap!ta T"ta

Baan#e/ Au)$ 1 :5/555 65/555 9/555 156/555 :5/555

I'es pers"na

#"ntr!(ut!"n 95/555 95/555 95/555

5/555 05/555 9/555 156/555 5/555

%r!te7"** I'e 05/555 ;/:55 10/:55

5/555 5 8/:55 8/:55 5/555

Han+s pers"na

#"ntr!(ut!"n 0/555 0/555 0/555

0/555 1/:55 8/:55 0/555

%r!te7"** Han+ 1/:55 1/:55

0/555 5 0/555 0/555

D!str!(ute #ash 0/555 0/555 0/555

5 5 5


16701


22/23

Eer#!se =

L"ss a(s"rpt!"n p"tent!a

Partners

E.u!t+

Pr"*!t

an' L"ss

Rat!"

L"ss

A(s"rpt!"n

P"tent!a

unera(!!t+

Rank!n)Lu!s 05/555 95 :5/555 9

Ma# /555 0: 86/555 0

Ne ;/555 0: 0=/555 1

O&a 9/555 15 95/555 8

S#he'ue "* assu&e' "ss a(s"rpt!"n

95

Lu!s

0:

Ma#

0:

Ne

15

O&a T"ta

Partnersh!pe.u!t+ 05/555 /555 ;/555 9/555 95/555

Assu&e' "ss

t" a(s"r( Ne 11/055 ;/555 ;/555 0/=55 0=/555

=/=55 0/555 5 1/055 10/555

Assu&e' "ss

t" a(s"r( Ma# 8/055 0/555 =55 6/555

:/655 5 955 6/555

Assu&e' "ss

t" a(s"r( O&a 1/655 955 0/555

9/555 5 9/555

Cash '!str!(ut!"n pan

F!rst 99/555 pa+s the pr!"r!t+ #re'!t"rsK

Net 9/555 )"es t" Lu!sK

Net 0/555 )"es 1/655 t" Lu!s/ an' 955 t" O&aK

Net 6/555 )"es 8/055 t" Lu!s/ 0/555 t" Ma#/ an' =55 t" O&aK

Re&a!n'er )"es 95 t" Lu!s/ 0: t" Ma#/ 0: t" Ne/ an' 15 t" O&a$


16700


23/23

Eer#!se

L"ss a(s"rpt!"n p"tent!a

Partners

E.u!t+

Pr"*!t

an' L"ss

Rat!"

L"ss

A(s"rpt!"n

P"tent!a

unera(!!t+

Rank!n)Quan 10/555 85 95/555 8

Ra+ :/555 05 0:/555 1

Sen 1=/555 8: :1/90 9

Ta' 9/555 1: 06/66; 0

S#he'ue "* assu&e' "ss a(s"rpt!"n

85

Quan

1:

Ta'

05

Ra+

8:

Sen T"ta

Partnersh!p

e.u!t+ 10/555 9/555 :/555 1=/555 8/555Assu&e' "ss

7 a(s"r( Ra+ ;/:55 8/;:5 :/555 =/;:5 0:/555

9/:55 0:5 5 /0:5 19/555

Assu&e' "ss

t" a(s"r( Ta' :55 0:5 :=8 1/888

9/555 5 =/66; 10/66;

Assu&e' "ss

t" a(s"r( Quan 9/555 9/66; =/66;

5 9/555 9/555

Cash '!str!(ut!"n pan

F!rst 90/555 pa+s the pr!"r!t+ #re'!t"rsK

Net 9/555 )"es t" SenK

Net =/66; )"es 9/66; t" Sen/ an' 9/555 t" QuanK

Net 1/888 )"es :=8 t" Sen/ :55 t" Quan/ an' 0:5 t" Ta'K

Re&a!n'er )"es 8: t" Sen/ 85 t" Quan/ 05 t" Ra+/ an' 1: t" Ta'$

Eer#!se 15

Pr!"r!t+

Cre'!t"rs Upt"n aenta %aker

F!rst 155/555 155/555

Net 1=5/555 ;/055 1=/555 =0/=55Net 0;5/555 65/555 85/555 1=5/555

Last 1:5/555 16/:55 66/555 6;/:55

T"ta ;55/555 155/555 1::/;55 119/555 885/855


16708

Acctg2 Exam

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