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################################################################################ ################################################################################ ################################################################################ ################################################################################ ################################################################################ ################################################################################ ################################################################################ ################Chapter Accounting for Partnership Termination of Operations Review Questions The three steps in liquidating a partnership are (1) selling the assets of the entity, (2) paying its liabilities, and (3) disbursing any remaining cash to the partners.2 J & E share (a) gains and losses on the sale of noncash assets based on their profit-and-loss ratio and (b) the final cash distribution based on their capital balances.3 In addition to considering remaining assets worthless, the schedule of safe payments further must reduce capital balances by any additional estimated disposition costs.4 The right of offset allows partners to treat any loan to the partnership as a contribution to capital if the partner�s capital account becomes deficient The significance of this right is that the two amounts are summed to determine the amount of interim distributions that are allocable to the partner during liquidation Payments are first applied, however, against the loan balance.5 Dissolution of a partnership terminates the partnership as a legal entity, but the partnership business may continue under a new agreement When a partnership is liquidated, however, the partnership is terminated both as a legal and as a business entity Thus, a partnership may be dissolved without liquidation, but it may not be liquidated without dissolution.6 A simple partnership liquidation is the liquidation of a solvent partnership in which all partners have equity capital and all gains and losses are realized and recognized before any distributions are made to the partners In simple partnership liquidations, only one cash distribution is made and the amounts distributed to individual partners are equal to their predistribution capital account balances.7 The distribution of assets for capital interests prior to the payment of loan balances to the partners is not in accordance with Partnership Act But the partners may agree to distribute cash or other assets for capital interests before all losses on liquidation are known With agreement among all partners, distributions to the partners would be based on each partner�s equity (combined capital and loan balances) in relation to his share of possible future losses A partner with sufficient equity to absorb his share of possible future losses would be included in distributions, but a partner with loans to the partnership would not be included in distributions until his equity is sufficient to absorb his share of possible future losses.8 A statement of partnership liquidation is a summary of transactions and balances for a partnership during its liquidation stage Such statements provide continuous records of liquidation events Interim liquidation statements are particularly helpful in showing the progress that has been made toward liquidation to date and in identifying remaining assets to be liquidated and liabilities to be paid Interim liquidation statements are helpful to partners and creditors in providing a basis for current decisions as well as future planning Liquidation statements are important legal documents for partnership liquidations that come under the jurisdiction of a court.9 Available cash may be distributed to partners according to their profit and loss sharing ratios only when nonpartner liabilities have been satisfied and partner equities (capital and loan balances combined) are aligned with the relative profit and loss sharing ratios of the partners In the absence of loans or advances payable to or receivables from individual partners, cash can be distributed to partners in their profit and loss sharing ratios when capital balances are in the relative profit and loss sharing ratios of the partners and all nonpartner liabilities have been paid.10 Partnership insolvency occurs when partnership liabilities exceed partnership assets In this case, all available cash is distributed to partnership creditors Individual partners will be called upon to use their personal assets to satisfy the remaining claims of the partnership creditors.11 Partners with credit capital balances after all partnership assets have been distributed in liquidation have a claim against partners with debit capital balances If the partners with debit balances are personally solvent, they should pay amounts equal to their partnership claims in full If partners with debit capital balances are insolvent, the partners with credit balances will absorb the losses of the insolvent partners with debit capital balances in relation to their relative profit and loss sharing ratios Exercises Exercise 1Schedule of Capital Balances#6 0% Black#40% White##Capital balances January 1, 2007#P40,000#P20,000##January losses: Lumber P15,000#(9,000)#(6 ,000)## Receivables 4,000# (2,400)# (1,6 00)##Capital balances before distribution#P28,6 00#P12,400###### Cash distribution:#### Accounts payable#P15,000### Black#28,6 00### White# 12,400### Total cash#P56 ,000###Exercise 2Sale of inventory Cash P10,000 Inventory P10,000 To record sale of inventory items.Distribution of cash Accounts payable P5,000 Cash P5,000 To record payment to creditors Blue, capital P12,6 00 Pink, capital ,200 Yellow, capital 25,200 Cash P44,000 To record distribution of available cash to partners computed as follows:#Capital Balance#Possible Loss from Unsold Inventory#Balance##Blue capital#P15,000#P2,400#P12,6 00##Pink capital#8,000#1,800#6 ,200##Yellow capital# 27,000# 1,800# 25,200##Totals#P50,000#P6 ,000#P25,200##Exercise 3#30% Teal#30% Violet#40% Magenta##January balances#P 85,000#P 25,000#P 90,000##Contingency fund of P10,000#(3,000)#(3,000)#(4,000)##Possible losses on asset disposal (P120,000)# (36 ,000)# (36 ,000)# (48,000)###46 ,000#(14,000)#38,000##Loss on Violet�s possible default divided 3/7 and 4/7# (6 ,000)# 14,000# (8,000)##Available cash is distributed#P 40,000#P 0#P 30,000##Exercise 4#Creditors#50% Carnation#30% Orange#20% Mocha##Beginning balances#P6 0,000#P59,000#P29,000#P52,000##Offset Orange�s loan###(20,000)###Loss on sale of assets (P180,000 � P120,000)##(30,000)#(18,000)#(12,000)##Additional liability# 5,000#(2,500)#(1,500)#(1,000)###6 5,000#26 ,500#(10,500)#(1,000)##Distribute Orange�s debit balance, 5/7, 2/7# # (7,500)# 10,500# (3,000)##Cash distribution#P6 5,000#P19,000#0#P36 ,000##Orange owes P7,500 to Carnation and P3,000 to Mocha.Exercise 5Schedule to Correct Capital Accounts#Red Capital#Green Capital#Gray Capital##December 31, 2008#P40,000#P35,000#P25,000##Overvalued inventory P10,000# (5,000)# (3,000)# (2,000)##Corrected balances#P35,000#P32,000#P23,000##The capital balances are adjusted for the error in computing net income in the partners� residual equity ratios.Exercise Requirement (1) Value of total investment = X 1/5 (P250,000 + X) = X P50,000 + 1/5X = X P50,000 = 4/5 X P6 2,500 = XRequirement (2)(a) Investment recorded as bonus: Cash 88,000 Lime, Capital 10,200 Moss, Capital 7,6 50 Neon, Capital 2,550 Green, Capital 7,6 00 * * (P88,000 � P6 2,500) x 1/5 = P5,100; P6 2,500 + P5,100 = P6 7,6 00(b) Investment recorded as goodwill: Cash 88,000 Goodwill 102,000 Lime, Capital 51,000 Moss, Capital 38,250 Neon, Capital 12,750 Green, Capital 88,000 Requirement (3)Lump sum liquidation schedule:#Assets##Partners� Capital Accounts###Cash#Noncash#Liabilities#Lime#Moss#Neon##Beginning balances#P 45,000#P297,000#P92,000#P16 0,000#P 5,000#P 25,000##Sale of assets# 249,000#(297,000)##(24,000)#(18,000)#(6 ,000)##Balances#P294,000#-0#P92,000#P136 ,000#P 47,000#P 19,000##Cash distributions#(294,000)# � #(92,000)#(136 ,000)#(47,000)#(19,000)##Ending balances# -0# -0- # -0# -0# -0# -0##Exercise #Predistribution PlanCapital Balances#Maximum Loss Absorbable###Fuchsia #Plum#Aqua#Fuchsia #Plum#Aqua##Beginning balances#30%#30%#40%#�#�#�##Capital and loan balance#P33,000#P33,000#P24,000#�#�#�##Allocation of expected liquidation expenses#(3,000)#(3,000)#(4,000)#�#�#�##Balances#P30,000#P30,000#P24,000#�#�#�## Maximum loss absorbed (MLA)#�#�#�#P100,000#P100,000#P100,000##Amount needed to reduce highest-ranked MLA to next higher MLA#�#�#�#(50,000)#(50,000)# � ##New MLA#�#�#�#P 50,000#P 50,000#P 50,000##Reduction in capital needed to achieve reduction in MLA#(15,000)#(15,000)# � #####New capital balances#P15,000#P15,000#P20,000#####All above transactions should be profit and loss ratios ##Payable to##Level#Amount#Liabilities#Estimated Liquidation Expenses#Fuchsia#Plum#Aqua##I#First P20,000#P20,000######II#Next P10,000##P10,000#####III#Next P30,000###50%#50%###IV#Any additional payments###30%#30%#40%##Exercise 8Part a Square gets P21,000, Circle gets P12,000, and Triangle gets P2,000 Square Circle Triangle Reported balances P25,000 P15,000 P5,000 Loss on sale of land (P10,000) split on a 4:3:3 basis (4,000) (3,000) (3,000) Cash distribution P21,000 P12,000 P2,000Part b Square gets P16 ,429 and Circle gets P8,571 Square Circle Triangle Reported balances P25,000 P15,000 P5,000 Loss on sale of land (P20,000) split on a 4:3:3 basis (8,000) (6 ,000) (6 ,000) Adjusted balances P17,000 P 9,000 P(1,000) Potential loss from Triangle's deficit (split 4:3) (571) (429) 1,000 Cash distribution P16 ,429 P 8,571 P -0-Part c Square gets P10,714 and Circle gets P4,286 Square Circle Triangle Reported balances P25,000 P15,000 P5,000 Loss on sale of land (P30,000) split on a 4:3:3 basis (12,000) (9,000) (9,000) Adjusted balances P13,000 P ,000 P(4,000) Potential loss from Triangle's deficit (split 4:3) (2,286 ) (1,714) 4,000 Cash distribution P10,714 P 4,286 P -0-Exercise The entire P20,000 goes to Faith Faith Hope Love Joy Reported balances P6 0,000 P20,000 P(30,000) P(50,000) Capital contribution -0-0-020,000 Adjusted balances P6 0,000 P20,000 P(30,000) P(30,000) Potential loss from Love and Joy (P6 0,000) split on a 4:3 basis (34,286 ) (25,714) 30,000 30,000 Adjusted balances P25,714 P(5,714) P -0P -0Potential loss from Hope (P5,714) (5,714) 5,714 -0-0Cash distribution P20,000 P -0- P -0P -0-Multiple Choice Questions1 C2 A3 D4 B5 B Sunshine, Capital Sunrise, Capital Sunset, Capital Reported balances P19,000 P18,000 P(12,000) Potential loss from Sunset deficit (split 5/8:3/8) (7,500) (4,500) 12,000 Cash distributions P11,500 P13,500 -0-6 B Lualm Michelle Snowie Jovie Reported balances P50,000 P56 ,000 P14,000 P80,000 Loss on sale of assets (P110,000) split on a 4:3:2:1 basis (44,000) (33,000) (22,000) (11,000) Adjusted balances P ,000 P23,000 P(8,000) P6 9,000 Potential loss from Dennard deficit (split 4:3:1) (4,000) (3,000) 8,000 (1,000) Minimum cash distributions P2,000 P20,000 P -0P6 8,0007 C A predistribution plan should be created.Maximum Losses That Can Be AbsorbedJC P59,000/40% P147,500PJ P39,000/30% 130,000 (most vulnerable to losses)Tin P34,000/10% 340,000Bers P34,000/20% 170,000The assumption is made that a P130,000 loss occurs JC PJ Tin Bers Reported balances P59,000 P39,000 P34,000 P34,000 Assumed loss (P130,000) split on a 4:3:1:2 basis (52,000) (39,000) (13,000) (26 ,000) Adjusted balances P 7,000 P -0P21,000 P 8,000Maximum Losses That Can Now Be AbsorbedJC P7,000/4/7 P12,250 (most vulnerable to losses)Tin P21,000/1/7 147,000 Bers P8,000/2/7 28,000 JC Tin Bers Reported balances P7,000 P21,000 P8,000 Assumed loss (P12,250) split on a 4:1:2 basis (7,000) (1,750) (3,500) Adjusted balances P -0- P19,250 P4,500 Maximum Losses That Can Now Be AbsorbedTin P19,250/1/3 P57,750Bers P4,500/2/3 ,750 (most vulnerable to losses) The assumption is made that a P6 ,750 loss occurs Tin Bers Reported balances P19,250 P4,500 Assumed loss (P6 ,750) split on a 1:2 basis (2,250) (4,500) Adjusted balances P17,000 P -0-8 C To work this problem, a predistribution schedule is necessary That schedule, which is computed below, is as follows:�First P3,000 goes to Ayen�Next P15,000 goes to Ayen (2/3) and Det (1/3)�Next P42,000 goes to Tins (4/7), Ayen (2/7), and Det (1/7)�All remaining cash goes to Tins (4/10), Bert (3/10), Ayen (2/10), and Det (1/10) Tins Bert Ayen Det Beginning balances P6 0,000 P27,000 P43,000 P20,000 Assumed loss of P90,000 (see Schedule 1)(4:3:2:1) (36 ,000) (27,000) (18,000) (9,000) Step one balances P24,000 P #0# P25,000 P11,000 Assumed loss of P42,000 (see Schedule 2) (allocated on a 4:0:2:1 basis) (24,000) P #0# (12,000) (6 ,000) Step two balances P #0# P #0# P13,000 P 5,000 Assumed loss of P15,000 (see Schedule 3) (allocated on a 0:0:2:1 basis) #0# #0# (10,000) (5,000) Step three balances P #0# P #0# P 3,000 P #0#Schedule Maximum Loss Capital Balance/ That Can Partner Loss Allocation Be Absorbed Tins P6 0,000/40% P150,000 Bert P27,000/30% P 90,000 (most vulnerable) Ayen P43,000/20% P215,000 Det P20,000/10% P200,000Schedule Maximum Loss Capital Balance/ That Can Partner Loss Allocation Be Absorbed Tins P24,000/(4/7) P 42,000 (most vulnerable) Ayen P25,000/(2/7) P 87,500 Det P11,000/(1/7) P 77,000Schedule Maximum Loss Capital Balance/ That Can Partner Loss Allocation Be Absorbed Ayen P13,000/(2/3) P 19,500 Det P 5,000/(1/3) P 15,000 (most vulnerable)9 C The P16 ,000 available cash can be distributed but should be done under the assumption that all deficit balances will be total losses After offsetting Jack� loan, the two deficits total P4,000 Hansel and Gretel, the two partners with positive capital balances, share profits in a 30:20 relationship (the equivalent of a 0%:40% ratio) Hansel would absorb P2,400 of the potential loss with Gretel being allocated P1,6 00 The remaining capital balances (P10,6 00 and P5,400) are safe capital balances and those amounts can be immediately distributed.Test MaterialsTest Material -1#A#B#C#D#E#F##1234#Good, Better, and BestSale of Noncash Assets (For P145,000)##56 #Cash#Noncash Assets#Liabilities#GoodCapital#BetterCapital#Best Capital##7# ##8#P ,000#P126 ,000#P77,000#P12,000#P37,000#P6 ,000##9#145,000#(126 ,000)##4,750#10,450 #3,800##10# # -# -# # # ##11#P151,000#P 0#P77,000#P16 ,750#P47,450#P9,800##12#=======#======#======#======#======#=====## 13###141516 #(For P95,000)##1718#Cash#Noncash Assets#Liabilities#Good Capital#BetterCapital#Best Capital##19# ##20#P ,000#P126 ,000#P77,000#P12,000#P37,000#P ,000##21#95,000#(126 ,000)##(7,750)#(17,050)#(6 ,200)##22# # # # # # ##23#P101,000#P 0#P77,000#P4,250#P19,950#P (200)##24#=======#=======#======#======#======#======##Two ways the partners can deal with Best�s capital deficiency include:1 Best may contribute assets of P200 to the partnership to erase the deficiency.2 Good and Better can absorb Best�s deficiency in proportion to their remaining profit-sharing percentages: Good, 25/80; Better, 55/80.Test Material -2Requirement (a)Single, Double, and TripleSummary of Liquidation Transactions###########Cash#Noncash Assets#Liabilities#Single 10%#Double 30%#Triple 0%##Balances before sale of assets#P 27,000#P202,000#P131,000#P21,000#P39,000#P38,000##Sales of assets and sharing of gain#212,000#(202,000)##1,000*#3,000*#6 ,000*##Balances #239,000#-0#131,000#22,000#42,000#44,000##Payment of liabilities#(131,000)##(131,000)#####Balances#108,000#-0-#-0#22,000#42,000#(44,000)##Disbursement of cash to partners#(108,000)###(22,000)#(42,000)#(44,000)##Balances#P -0-#P -0-#P -0-#P -0-#P -0-#P -0-## * Allocation of gain to partners:Gain: P212,000 � P202,000 = P10,000 Single: P 10,000 x 0.10 = P 1,000Double: P 10,000 x 0.30 = P 3,000Triple: P 10,000 x 0.6 = P ,000Requirement (b)Single, Double, and TripleSummary of Liquidation Transactions###########Cash#Noncash Assets#Liabilities#Single 10%#Double 30%#Triple 0%##Balances before sale of assets#P 27,000#P202,000#P131,000#P21,000#P39,000#P38,000##Sales of assets and sharing of gain#182,000#(202,000)##(2,000)*#(6 ,000)*#(12,000)*##Balances #209,000#-0#131,000#19,000#33,000#26 ,000##Payment of liabilities#(131,000)##(131,000)#####Balances#78,000#-0-#-0#19,000#33,000#26 ,000##Disbursement of cash to partners#(78,000)###(19,000)#(33,000)#26 ,000##Balances#P -0-#P -0#P -0-#P -0-#P -0-#P -0-## * Allocation of gain to partners:Gain: P182,000 � P202,000 = P10,000 Single: P 20,000 x 0.10 = P 3,000Double: P 20,000 x 0.30 = P ,000 Triple: P 20,000 x 0.6 = P12,000Requirement 2GENERAL JOURNALDate# Accounts and Explanation#PostRef#Debit#Credit##Dec 31#Cash##182,000####Single, Capital##2,000####Double, Capital##6 ,000####Triple, Capital##12,000#### Noncash Assets###202,000### To sell noncash assets in liquidation and distribute loss to partners.########### 31#Liabilities##131,000#### Cash###131,000### To pay liabilities in liquidation.########### 31#Single, Capital##19,000####Double, Capital##33,000####Triple, Capital##26 ,000#### Cash###78,000### To distribute cash to partners in liquidation.##### Test Material -3#Morales#Modena#Chariya#MMC Construction Company###Assets#Liab.#Assets#Liab.#Assets#Liab.#Assets#Liab.#Morales, Capital#Modena, Capital#Chariya, Capital##Beginning balances#P 52,000#P 47,000#P 41,500#P 33,500#P 28,000#P 34,000#P 149,000#P 16 5,000#P 7,000#P 3,000#P (26 ,000)##Pay liabilities# (47,000)# (47,000)# (33,500)# (33,500)# (28,000)# (28,000)# (149,000)# (149,000)# ####Balances#P 5,000#-0-#P 8,000#-0-#-0-#P ,000#-0-#P 16 ,000#P 7,000#P 3,000#P (26 ,000)##Morales contribution# (5,000)######P 5,000## 5,000####Modena contribution### (8,000)#### 8,000### 8,000###Pay MMC creditors####### (13,000)# (13,000)#####Balances#-0-#-0-#-0-#-0-#-0-#P ,000#-0-#P 3,000#P 12,000#P 11,000#P (26 ,000)##Chariya contribution*###### (6 ,000)#P 10,000#### 10,000##Pay MMC creditors####### (3,000)# (3,000)#####Balances#-0-#-0-#-0-#-0-#-0-#-0-#P 7,000#-0-#P 12,000#P 11,000#P (16 ,000)##Absorption of Chariya�s balance######### (10,000)# (6 ,000)# 16 ,000##Balances#-0-#-0-#-0-#-0-#-0-#-0-#P 7,000#-0-#P 2,000#P 5,000#-0-##Payment to Morales####### (2,000)## (2,000)####Payment to Modena####### (5,000)### (5,000)###Balances#-0-#-0#-0-#-0-#-0-#-0-#-0-#-0-#-0-#-0-#-0-##* Claims against Chariya�s inheritance exist in the following priority:Chariya�s personal creditors P ,000MMC partnership creditors 3,000Due Morales 2,000Due Modena 5,000 P16 ,000 Existing unsatisfied claims:Due Morales P10,000Due Modena ,000 P16 ,000 Test Material -4Joo and YunStatement of Financial PositionOctober 31, 2007 ASSETS#####Cash#P 11,700##Accounts receivable (net)#26 ,500##Inventory#81,100##Plant assets (net)# 180,900##Total assets#P300,200#####LIABILITIES#####Accounts payable#P 32,700##Accrued expenses payable#3,6 00##Notes payable# 75,000##Total liabilities#P111,300#####CAPITAL#####Joo, Capital# 92,6 00 *##Yun, Capital# 96 ,300 *##Total liabilities and capital# P300,200##Note: All amounts are the sum of the current market value of the assets, liabilities, and capital of the two proprietorships For example, Cash of P11,700 = P8,000 + P3,700 and accounts receivable (net) of P26 ,500 = P6 ,300 + P20,200. * Total assets � Total liabilities = Partner capitalJoo: P193,400 � (P23,6 00 + 2,200 � P75,000) = P92,6 00Yun: P106 ,800 � (P9,100 + P1,400) = P96 ,300##### PAGE #4# Chapter Accounting for Partnership Termination of Operations # PAGE #3## PAGE #14# Chapter Accounting for Partnership Termination of Operations # PAGE #15# ################################################################################ ################################################################################ ################################################################################ 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