MODUL UAS 2019: Akuntansi Keuangan Lanjutan 2

Kamis, 05 Desember 2019

MODUL AKUNTANSI KEUANGAN LANJUTAN 2
  1. Partnership income allocation – Salary allowances
     Mel and Dav created a partnership to own & operate a health-food store. The partnership agreement provided that Mel receive a salary of $10.000 and Dav a salary of $5.000 to recognize their relative time spent in operating the store. Remaining profits and losses were divided 60 : 40 to Mel and Dav, respectively. Income of $13.000 for 2011, the first year of operations, was allocated $8.800 to Mel and $4.200. for Dav.
    On January 1, 2012, the partnership agreement was changed to reflect the fact that Dav could no longer devote any time to the store’s operations. The new agreement allows Mel a salary of $18.000, and the remaining profits and losses are divided equally. In 2012, an error has discovered such that the 2011 reported income was understated by $4.000. The partnership income of $25.000 for 2012 included this $4.000 related to 2011. 
Required : Prepare a schedule to allocate the $25.000 reported 2012 partnership income to Mel and Dav.

  1. Recording new partner investment – Revaluation cases
The capital balances and profits and loss sharing percentages for the Sip, Jog, and Run partnership at December 31, 2011, are as follows :
Sip capital (30%) $160.000
Jog Capital (50%) $180.000
Run Capital (20%) $140.000
The partners agree to admit Walk into the partnership on January 1,2012, for a 20 percent interest in the capital and income of the business.
Required :
  1. Prepare the journal entry or entries to record Walk’s admission to the partnership assuming that he invests $100.000 in the partnership for the 20% interest and that partnership capital is revalued. Assume that the book value of partnership assets equals the fair value. 
  2. Prepare the journal entry or entries to record Walk’s admission to the partnership assuming that he invests $140.000 in the partnership for the 20% interest and that partnership capital is revalued.

  1. Partnership Retirement – Revaluation and Bonus approaches
The capital account balances and profit-and-loss sharing ratios of the Byd,Box, Dar, and Fus partnership on December 31, 2011, after closing entries are as follows :
Byd (30%) $30.000
Box (20%)     25.000
Dar (40%)   25.000
Fus (10%)   20.000
Total Capital $100.000
Box is retiring from the partnership, and the partners agree that he will receive a cash payment of $35.000 in final settlement of his interest. The book values of partnership assets and liabilities are equal to fair values, except for a building with a book value of $15.000 and a fair value of $25.000.
Required : 
  1. Prepare the journal entry or entries to record Box’s retirement assuming that assets are revalued to the basis implied by the excess payment to Box.
  2. Prepare the journal entry or entries to record Box’s retirement assuming the bonus approach is used.

  1. Simple liquidation – Schedule of cash available
    The partnership of Flo and Fay is in the process of liquidation. On jan 1, 2011, the ledger shows account balances as follows :
Cash $10.000 Account Payable $15.000
Account Receivable      25.000 Flo Capital   40.000
Lumber Inventory   40.000 Fay Capital   20.000
$75.000 $75.000
   On Jan 10, 2011, the lumber inventory is sold for $25.000 and during January, accounts receivable of $21.000 is collected. No further collections on the receivables are expected. Profits are shared 60% to Flo and 40% to Fay.
Required : Prepar a schedule showing how the cash available on February 1, 2011, should be distributed.

  1. Safe Payments Schedule
    The partnership of Dee, Ema, Lyn, and Geo is being liquidated over the first few months of 2011. The trial balance at January 1, 2011, is as follows :
Cash $200.000 Accounts Payable $400.000
Accounts Receivable    56.000 Dee Capital (20%)   170.000
Inventories   142.000 Ema Capital (10%)     80.000
Equipment   300.000 Lyn Capital (50%)   140.000
Land   150.000 Geo Capital (20%)     78.000
Loan to Dee   20.000 $868.000
$868.000
Additional information :
  1. The partners agree to retain $20.000 cash on hand for contingencies and to distribute the rest of the available cash at the end of each month.
  2. In January, half of the receivables were collected. Inventory that cost $75.000 was liqudated for $45.000. The land was sold for $250.000.
Required : Prepare a schedule of safe payments for the Dee, Ema, Lyn, and Geo partnership for January 31, 2011.

Answer
  •  Income Allocation Schedule – 2012
Dav Mel
      Net Income $21.000
      Salary Allowances to Mel   18.000 $18.000
      Remainder to divide     3.000
      Divided equally   (3.000) $1.500     1.500
      Remainder to divide       0
      Correction income 2011   (4.000) $2.400 $1.600
Net Income Allocation $21.900 $3.100
      Journal Entry
      Income Summary    $25.000
    Dav Corp $21.900
    Mel Corp     3.100

  • A. Membeli kepemilikan baru
Sip $160.000
Jog   180.000
Run   140.000
  480.000
Walk   100.000
$580.000 x 20% = 116.000 (seharusnya dibayar oleh walk, jadi walk membeli kemurahan)
New partnership value = $480.000 ÷ 80% = 600.000
Goodwill = 20.000
Jurnal
Cash       $100.000
Goodwill       20.000
    Walk Capital $120.000


Capital Balances
Per Books Invest. + Goodwill Capital after Investment
Sip Cap   160.000 160.000 (26,66%)
Jog Cap   180.000 180.000 (30%)
Run Cap   140.000 140.000 (23,33%)
Walk Cap 120.000 120.000 (20%)
600.000 (100%)
B. Membeli kepemilikan baru
Sip $160.000
Jog   180.000
Run   140.000
  480.000
Walk   140.000
$620.000 x 20% = 124.000 (seharusnya dibayar oleh walk, jadi walk membeli kemahalan)
New partnership value = $140.000 ÷ 20% = 700.000
Goodwill = 80.000
Jurnal
Cash       $140.000
    Walk Capital $140.000
Goodwill      80.000
      Sip Capital     24.000
      Jog Capital     40.000
      Run Capital    16.000
Capital Balances
Per Books Invest. + Goodwill Capital after Investment
Sip Cap   160.000 24.000 184.000 (26,28%)
Jog Cap   180.000 40.000 220.000 (31,42%)
Run Cap   140.000 16.000 156.000 (22,28%)
Walk Cap 140.000 140.000 (20%)
  1. 00%)

  1. A ) Kalau basisnya dari excess yang dibayar ke box, maka jumlah excess yang dibayarkan kepada partner yang keluar dibagikan ke partner lain berdasarkan profit-loss sharing, jurnalnya :
Building 10.000
Goodwill 40.000
Byd Cap 15.000
Box Cap 10.000
Dar Cap 20.000
Fur Cap 5.000
B) Bonus to retiring partner, berarti partner yang lain mengalami penaikan kepemilikan karena ada partner yang keluar, jurnalnya :
Byd Capital 3.750
Box Capital 25.000
Dar Capital 5.000
Fur Capital 1.250
Cash 35.000
  1. Proses Likuidasi : 1. Konversi non kas menjadi kas ; 2. Bayar utang ; 3. Distribusi kas ke partner

Jurnal
Cash 25.000
Flo Cap 9.000
Fay Cap 6.000
    Lumber Inventory 40.000
(mencatat penjualan inventory)

Account Payable 15.000
Cash 15.000
(mencatat pembayaran utang)

Cash 21.000
Flo Cap 2.400
Fay Cap 1.600
    Account Receivable 25.000
(mencatat piutang yang ditagih)




Flo and Fay Partnership
Statement of Partnership Liquidation
For the period January 1, 2012, to January 31, 2012
Cash     Noncash Asset     Priority Liab.     Flo Cap.     Fay Cap.
Balances Jan 1 10.000 65.000 15.000   40.000        20.000
Sale of inventory 25.000 (40.000) (9.000)         (6.000)
35.000 25.000 15.000 31.000         14.000
Collection of Rec. 21.000 (25.000) (2.400)         (1.600)
56.000     0 15.000 28.600       12.400
Payment of liab. (15.000) (15.000)
41.000     0 28.600         12.400
Final Distribution (41.000) (28.600)       (12.400)
      0     0   0
Jurnal Distribusi
Flo Capital 28.600
Fay Capital 12.400
Cash 41.000

5. Dee, Ema, Lyn, and Geo
    Statement of partnership liquidation
    For the period January 1, 2011

Cash
Noncash Asset
Loan to Dee
Priority Liabilities
Dee Capital
Ema Capital
Lyn Capital
Geo Capital
Balance Jan 1
200
648
20
400
170
80
140
78
Collection of receivable
28
(28)







228
620
20
400
170
80
140
78
Liquidation of inventory
45
(75)


(6)
(3)
(15)
(6)

273
545
20
400
164
77
125
72
Sale of land
250
(150)


20
10
50
20
Pre-Distribution balance
523
395
20
400
184
87
175
92
January Distribution








Partner
(103)



(65,333)
(37,667)



420








Dee, Ema, Lyn, and Geo
Schedule of Safe Payments
For January 31,

Possible loss
Dee Capital
Ema Capital
Lyn Capital
Geo Capital
Partner’s equity

164.000
87.000
175.000
92.000
Possible loss of noncash assets
395.000
(79.000)
(39.500)
(197.500)
(79.000)


85.000
47.500
(22.500)
13.000
Possible loss on contingency
20.000
(4.000)
(2.000)
(10.000)
(4.000)


81.000
45.500
(32.500)
9.000
Possible loss from lyn

(13.000)
(6.500)
32.500
(13.000)


68.000
39.000
0
(4.000)
Possible loss from geo

(2.667)
(1.333)

4.000


65.333
37.667

0

Journal Entry
Cash 28.000 Cash 45.000
    Acc. Rec 28.000 Dee Cap 6.000
Ema Cap 3.000
Lyn Cap 15.000
Geo Cap 6.000
Inventory 75.000


Cash 250.000 Dee Capital 65.333
Land 150.000 Ema Capital 37.667
Dee Cap 20.000 Cash 103.000
Ema Cap 10.000
Lyn Cap 50.000
Geo Cap 20.000

 

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