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LSPU - PARCOR Final Exam

This document contains information about the Laguna State Polytechnic University in the Philippines including its vision, mission, and quality policy. The vision is to be a center of sustainable development initiatives that transform lives and communities. The mission is to provide quality education through responsive instruction, research, extension, and production services to improve quality of life. The quality policy commits to continual improvement to meet requirements and satisfy stakeholders. The document also contains information about a partnership liquidation including a statement of financial position, additional information, and problems requiring preparation of a cash priority program, journal entries, and schedule of safe payments. Finally, it includes problems about accounting for a corporation involving calculation of share capital amounts from trial balance accounts.

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Rosejane EM
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3K views3 pages

LSPU - PARCOR Final Exam

This document contains information about the Laguna State Polytechnic University in the Philippines including its vision, mission, and quality policy. The vision is to be a center of sustainable development initiatives that transform lives and communities. The mission is to provide quality education through responsive instruction, research, extension, and production services to improve quality of life. The quality policy commits to continual improvement to meet requirements and satisfy stakeholders. The document also contains information about a partnership liquidation including a statement of financial position, additional information, and problems requiring preparation of a cash priority program, journal entries, and schedule of safe payments. Finally, it includes problems about accounting for a corporation involving calculation of share capital amounts from trial balance accounts.

Uploaded by

Rosejane EM
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Republic of the Philippines

Laguna State Polytechnic University


Province of Laguna

COLLEGE OF BUSINESS, MANAGEMENT AND ACCOUNTANCY


VISION:
The Laguna State Polytechnic University is a center of sustainable development initiatives transforming lives
and communities.
MISSION:
LSPU provides quality education through responsive instruction, distinctive research, sustainable extension
and production services for improved quality of life towards nation-building.
QUALITY POLICY:
LSPU delivers quality education through responsive instruction, distinctive research, sustainable extension, and
production services. Thus, we are committed with continual improvement to meet applicable requirements to
provide quality, efficient and effective services to the University stakeholders’ highest level of satisfaction
through an excellent management system imbued with utmost integrity, professionalism, and innovation.
PARTNERSHIP AND CORPORATION
FINAL EXAMINATION
December 7, 2018
Name: _____________________________ Course/Year and Section: _______

PART I – Installment Liquidation

Problem 1 – On January 31, 2018, the partners Valdez, Navarro and Pamittan authorized the liquidation of
their partnership. The statement of financial position is as follows:

Valdez, Navarro and Pamittan


Statement of Financial Position
As of January 31, 2018
Assets Liabilities and Partners’ Capital

Cash P10,000 Accounts payable – trade P90,000


Loans receivable – Navarro 50,000 Loan payable – Valdez 60,000
Other assets (net) 240,000 Valdez, capital 140,000
Navarro, capital (70,000)
_______ Pamittan, capital 80,000
Total Assets P300,000 Total liabilities and Partners Capital P300,000

Additional information for 2018:


a. The partners’ profit and loss sharing ratio was Valdez, 40%; Navarro, 40%; and Pamittan, 20%.
b. On February 1, non-cash assets with a book value of P180,000 realized P140,000, and all available
cash was paid to creditors and to partners.
c. On February 4, non-cash assets with a book value of P60,000 realized P50,000, and that amount was
paid to partners.
d. On February 5, Navarro, who was almost insolvent, paid P30,000 on the loan from the partnership.
Valdez and Pamittan agreed that the partnership would receive no more cash from Navarro, and they
instructed the accountant to close the partnership’s accounting records.

Required:
1. Prepare the Cash Priority Program.
2. Prepare the journal entries.

Problem 2 – Schedule of Safe Payments – The statement of financial position for Paraiso and Ligeralde
Partnership on June 1, 2018 before liquidation is as follows:

Cbma/gme 2018
Assets Liabilities and Capital
Cash P50,000 Liabilities P200,000
Other assets 550,000 Paraiso, capital 225,000
_______ Ligeralde, capital 175,000
Total Assets P600,000 Total liabilities & capital P600,000

Partners Paraiso and Ligeralde share profits and losses 60:40, respectively. In June, assets with a book value of
P220,000 were sold for P180,000, creditors were paid in full, and P20,000 was paid to partners. In July, assets
with book value of P100,000 were sold for P120,000, liquidation expenses of P5,000 were paid and cash of
P125,000 was paid to partners. In August, the remaining assets were sold for P225,000.

Required:
1. How much cash should Ligeralde receive in June?
2. How much cash should Paraiso receive in July?
3. How much cash should Ligeralde and Paraiso receive in August?

PART II – ACCOUNTING FOR CORPORATION

Problem III – The accounts below appeared in the December 31, 2018 trial balance of the Ceradony
Corporation:

Ordinary shares, P15 par, 20,000 shares authorized, 18,000 shares issued P270,000
Subcription receivable 17,000
Subscribed ordinary shares 27,000
Retained earnings 200,000
Share premium 95,000
Treasury Stock, 1,000 shares at cost 25,000

Required: From these accounts determine the following:


1. Total authorized ordinary shares.
2. Total unissued ordinary shares.
3. Total issued ordinary shares.
4. Ordinary shares subscribed.
5. Total shareholders; equity
6. Number of shares issued.
7. Number of shares subscribed.
8. Number of shares in treasury.
9. Number of outstanding shares.

Problem IV – The shareholders’ equity section of Nazario Freight Express, Inc. as at December 31, 2017
appeared as follows:

6% Preference shares, P75 par, 200,000 shares authorized, 70,000 shares issued P?
Ordinary shares, P5 stated value, 500,000 shares authorized, ________ share issued
and ________ shares outstanding 500,000
Share premium – ordinary 600,000
Total share capital and retained earnings __________
Less: Treasury stock – Ordinary, 10,000 shares, at cost 40,000
Total shareholders’ equity P ?

Required:
Provide the answers to each of the following questions:

Cbma/gme 2018
1. What is the total issue price of the preference shares?
2. How many ordinary shares were issued?
3. How many ordinary shares are outstanding?
4. What was the total issue price of the ordinary shares?
5. What is the total legal capital of the corporation?
6. What is the total contributed capital of the corporation?
7. What is the total shareholders’ equity?
8. For how much per share was the treasury stock purchased?
9. What is the amount of the required preference dividends?

Good luck!!!
Let everything you say be good and helpful, so that your
words will be an encouragement to those who hear them.
Ephesians 4:29 NLT

Cbma/gme 2018

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