Problem 16-5 Advance Cash Distribution Plan
Part A
Baker, Strong, and Weak have called on you to assist them in winding up the affairs of their partnership. You are able to gather the following information.
- The trial balance of the partnership at June 30, 2008, is a follows.
Debit Credit
___________________________________________________________________
Cash $ 6,000
Accounts Receivable 22,000
Inventory 14,000
Plant and Equipment (net) 99,000
Baker, Advance 12,000
Weak, Advance 7,500
Accounts Payable $ 17,000
Baker, Capital 67,000
Strong, Capital 45,000
Weak, Capital ______ 31,500
Total $ 160,500 $ 160,500
- The partner share profits and losses as follows : Baker, 40%; Strong, 40%; and Weak, 20%.
- The partner are considering an offer of $100,000 for the accounts receivable, inventory, and plant and equipment as on June 30. The $100,000 would be paid to the partners in installments, the number and amounts of which are to be negotiated.
Required :
Prepare an advance cash distribution plan as on June 30, 2008. Prepare a schedule to show how the potential cash ($106,000) would be distributed as it becomes available.
Part B
Assume the facts in Part A except that the partners liquidate in stages instead of accepting the offer of $100,000. Cash is distributed to the partners at the end of each month.
A summary of the liquidation transactions follows.
July
$16,500 – collected on accounts receivable; balance is uncollectible.
$10,000 – received for the entire inventory.
$ 1,000 – liquidation expenses paid.
$ 8,000 – cash retained in the business at the end of the month.
August
$ 1,500 – liquidation expenses paid.
As part payments of his capital interest, Weak accepted a piece of special equipment that he developed that had a book value of $4,000. The partners agreed that a value of $10,000 should be placed on the machine for liquidation purposes.
$ 2,500 – cash retained in the business at the end of the month.
September
$75,000 – received on sale of remaining plant and equipment.
$ 1,000 -- liquidation expenses paid
No cash retained in the business.
Required :
Prepare a schedule of cash payments as of September 30, 2008, showing how the cash was actually distributed. Use the advance cash distribution plan developed in Part A where appropriate.
Safe Payment Schedule
TERJEMAHAN
Bagian A
Baker, Strong, and Weak telah meminta Anda untuk membantu mereka dalam penutupan urusan kemitraan mereka. Anda dapat mengumpulkan informasi berikut.
- Neraca saldo kemitraan pada tanggal 30 Juni 2008, Sbb :
Debit Kredit
___________________________________________________________________
Kas $ 6,000
Piutang Usaha 22,000
Persediaan 14,000
Pabrik dan peralatan (bersih) 99,000
Baker, Uang Muka 12,000
Weak, Uang Muka 7,500
Utang Usaha $ 17,000
Baker, Modal 67,000
Strong, Modal 45,000
Weak, Modal ______ 31,500
Total $ 160,500 $ 160,500
- Pangsa keuntungan mitra dan kerugian sebagai berikut: Baker, 40%; Kuat, 40%; dan lemah, 20%.
- Pasangan ini sedang mempertimbangkan tawaran dari $ 100.000 untuk piutang, persediaan, dan pabrik serta peralatan seperti pada Juni 30. $ 100.000 akan dibayarkan kepada mitra dalam angsuran, jumlah dan jumlah yang harus dinegosiasikan.
Diperlukan:
Mempersiapkan rencana pembagian uang tunai muka karena pada tanggal 30 Juni 2008. mempersiapkan jadwal untuk menunjukkan bagaimana uang tunai potensial ($ 106.000) akan didistribusikan karena menjadi tersedia.
Bagian B
Asumsikan fakta-fakta di Bagian A kecuali bahwa mitra melikuidasi dalam tahap bukannya menerima tawaran dari $ 100.000. Kas didistribusikan kepada mitra pada akhir setiap bulan.
Ringkasan dari transaksi likuidasi berikut.
Juli
$ 16.500 - dikumpulkan atas piutang; keseimbangan tertagih.
$ 10.000 - menerima untuk seluruh persediaan.
$ 1.000 - biaya likuidasi dibayar.
$ 8000 - kas yang ditahan dalam bisnis di akhir bulan.
Agustus
$ 1.500 - biaya likuidasi dibayar.
Sebagai bagian dari pembayaran bunga ibukotanya, Lemah menerima sebuah peralatan khusus yang ia mengembangkan yang memiliki nilai buku $ 4.000. Para mitra sepakat bahwa nilai sebesar $ 10.000 harus ditempatkan pada mesin untuk tujuan likuidasi.
$ 2500 - kas yang ditahan dalam bisnis di akhir bulan.
September
$ 75.000 - menerima penjualan pabrik dan peralatan yang tersisa.
$ 1.000 - biaya likuidasi dibayar
Tidak ada kas yang ditahan dalam bisnis.
Diperlukan:
Siapkan jadwal pembayaran tunai pada tanggal 30 September 2008, menunjukkan bagaimana uang itu benar-benar dibagikan. Gunakan rencana distribusi uang tunai dikembangkan di Bagian A mana yang sesuai.
Jadwal Pembayaran Aman.
Jawaban :
Baker _ Strong _ Weak
Part A Capital and loan balances $55,000 $45,000 $24,000
Profit and loss ratio 0.40 0.40 0.20
Loss absorption potential $137,500 $112,500 $120,000
Order of cash distribution 1 3 2
Loss Absorption Potential _ Cash Distribution
Baker Strong _ Weak _ Baker Strong _ Weak
Profit and loss rates 0.40 0.40 0.20 0.40 0.40 0.20
Loss absorption potential $137,500 $112,500 $120,000
Net capital interest $55,000 $45,000 $24,000
Reduce loss absorption
potential of Baker 17,500 7,000
120,000 112,500 _ 120,000 _ 48,000 45,000 _ 24,000
Reduce loss absorption
potential of :
-Baker 7,500 3,000
-Weak 7,500 _ 1,500
$112,500 $112,500 _ $112,500 _ $45,000 $45,000 _ $22,500
Remainder 0.40 0.40 0.20
Cash Distribution
Creditors _ Baker Strong Weak
First $17,000 100%
Next 7,000 100%
Next 4,500 67% 33%
Remainder 40% 40% 20%
Cash Distribution
Total _ Creditors _ Baker _ Strong _ Weak
To Creditors $17,000 $17,000
To Baker 7,000 $7,000
To Baker and Weak 4,500 3,000 $1,500
Remainder --
Profit and Loss Ratio 77,500 _ _ 31,000 _ $31,000 15,500
$106,000 _ $17,000 _ $41,000 _ $31,000 _ $17,000
Part B
July
Cash AR Inventory Plant and AP Baker Strong Weak
Equipment 0.40 0.40 0.20
Account balances $6,000 $22,000 $14,000 $99,000 $(17,000) $(55,000) $(45,000) $(24,000)
Collection of AR 16,500 (22,000) 2,200 2,200 1,100
Sale of inventory 10,000 (14,000) 1,600 1,600 800
Paid liquidation exps (1,000) 400 400 200
Cash distribution (23,500) 17,000 6,500
(Schedule 1)
Account balances
(end of July) 8,000 0 0 99,000 0 (44,300) (40,800) (21,900)
August
Paid liquidation exps (1,500) 600 600 300
Gain on equipment 6,000 (2,400) (2,400) (1,200)
Withdrawal on equipment (10,000) 10,000
Cash distribution
(Schedule 2) (4,000) 3,750 250
Account balances
(end of August) 2,500 0 0 95,000 0 (42,350) (42,350) (12,800)
September
Sale of equipment 75,000 (95,000) 8,000 8,000 4,000
Paid liquidation exps (1,000) 400 400 200
Balances 76,500 _ 0 _ 0 _ 0 _ 0 _ (33,950) _ (33,950) _ (8,600)
Cash distribution (76,500) 0 0 0 0 33,950 33,950 8,600
$0 _ $0 _ $0 _ $0 _ $0 _ $0 _ $0 _ $0
Schedule 1
0.4 0.4 0.2
Total Creditors Baker Strong Weak
First $17,000 $17,000 $17,000
Up to $7,000 6,500 $6,500
$23,500 $17,000 $6,500
Schedule 2
Capital balances $(46,100) $(42,600) $(12,800)
Potential loss of $95,000 plus
Cash retained 97,500 x 0.4 = 39,000
97,500 x 0.4 = 39,000
97,500 x 0.2 = 19,500
(7,100) (3,600) 6,700
Allocate Weak's potential deficit (6,700)
1/2 3,350
1/2 3,350 _
$(3,750) _ $(250) _ $0
Problem 16-7 Incorporation of a Partnership
Jan and Sue have engaged successfully as partners in their low firm for a number of years. Soon after their state’s incorporation laws are changed to allow professionals to incorporate, the partners decide to organize a corporation to take over the business of the partnership.
The after-closing trial balance for the partnership is a follow :
After-Closing Trial Balance
December 31, 2008
Debit Credit
___________________________________________________________________
Cash $15,000
Accounts Receivable 32,400
Allowance for Uncollectibles $ 2,000
Prepaid Insurance 800
Office Equipment 30,200
Accumulated Depreciation 12,600
Jan. Loan (outstanding since 2000, at 5%) $ 12,600
Jan, Capital (50%) 29,400
Sue, Capital (50%) _______ 28,000
Total $ 78,400 $ 78,400
Figuration shown parenthetically reflect agreed profit-and loss-sharing ratios.
The partner have hired you as an accountant to adjust the recorded assets and liabilities to their market values and to close the partners’ capital accounts to the new corporate capital stock. The corporation is to retain the partnership’s books, and the assets of the partnership should be taken over by the corporation in the following amounts :
Cash $15,000
Accounts Receivable 32,400
Allowance for uncollectibles 2,900
Prepaid Insurance 800
Office Equipment 16,000
Jans’s loan is to be transfereed to her capital account in the amount of $6,600.
Required :
- Prepared the necessary journal entries to express the agreement described.
- Prepare the entries to record the issuance of shares to Jan and Sue, assuming the issuance of 400 shares (par value $100) of stock to Jan and Sue.
TERJEMAHAN
Soal 16-7 Pendirian Kemitraan
Jan dan Sue telah terlibat berhasil sebagai mitra dalam perusahaan mereka rendah untuk beberapa tahun. Segera setelah hukum penggabungan negara mereka berubah untuk memungkinkan para profesional untuk menggabungkan, mitra memutuskan untuk mengatur sebuah perusahaan untuk mengambil alih bisnis kemitraan.
Penutupan setelah neraca saldo untuk kemitraan sbb :
After-Closing Trial Balance
December 31, 2008
Debit Credit
__________________________________________________________________
Kas $15,000
Piutang Usaha 32,400
Penyisihan piutang tak tertagih $ 2,000
Asuransi dibayar dimuka 800
Peralatan kantor 30,200
Akumulasi penyusutan 12,600
Pinjaman Januari (luar biasa sejak tahun 2000, pada 5%) $ 12,600
Jan, Modal (50%) 29,400
Sue, Modal (50%) _______ 28,000
Total $ 78,400 $ 78,400
Figurasi ditampilkan sisipan mencerminkan setuju laba-rugi-sharing rasio.
Mitra telah mempekerjakan Anda sebagai akuntan untuk menyesuaikan aset dan kewajiban pada nilai-nilai pasar mereka dan untuk menutup rekening modal mitra 'ke modal saham perusahaan yang baru. Korporasi adalah untuk mempertahankan buku kemitraan ini, dan aset kemitraan harus diambil alih oleh perusahaan dalam jumlah berikut:
Kas $ 15.000
Piutang 32.400
Penyisihan piutang tak tertagih 2.900
Prabayar Asuransi 800
Peralatan kantor 16.000
Pinjaman Jans adalah untuk transfereed ke rekening modal usahanya dalam jumlah $ 6600.
diperlukan:
- Sebuah. Disiapkan entri jurnal yang diperlukan untuk mengungkapkan kesepakatan dijelaskan.
- Siapkan entri untuk mencatat penerbitan saham untuk Jan dan Sue, dengan asumsi penerbitan 400 lembar saham (nilai nominal $ 100) dari saham untuk Jan dan Sue.
Jawaban :
Part A Valuation Adjustment 2,700
Accumulated Depreciation 12,600
Office Equipment 14,200
Allowance for Uncollectibles 900
Jan, Loan 200
Jan, Loan 6,600
Jan, Capital 6,600
Jan, Capital 1,350
Sue, Capital 1,350
Valuation Adjustment 2,700
Part B Jan, Capital ($29,400 + $6,600 - $1,350) 34,650
Sue, Capital ($28,000 – $1,350) 26,650
Capital Stock (400 $100) 40,000
Additional Paid-in Capital 21,300
Proof
Cash $15,000
Accounts receivable 32,400
Allowance for uncollectibles (2,900)
Prepaid insurance 800
Office equipment 16,000
Total stockholders' equity $61,300
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