Wandered Thoughts & Blogs

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Sat, 18 May 2013 21:54:03 +0900

thebipolarleo: GOD BLESS POSTDATED CPAs!! ^^ You’ve worked so...

Sat, 18 May 2013 20:12:03 +0900

GOD BLESS POSTDATED CPAs!! ^^

You’ve worked so hard to graduate and review for the board exam. PRAY. You can do it! =D

Road to Ninja ||||| キティ

Sat, 18 May 2013 20:11:49 +0900

Road to Ninja ||||| キティ

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Sat, 18 May 2013 10:35:52 +0900

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Fri, 17 May 2013 21:35:39 +0900

ninadobrev: Matching. Not planned.. But still awesome....

Fri, 17 May 2013 18:59:25 +0900

ninadobrev:

Matching. Not planned.. But still awesome. #greatmindsthinkalike @JosephMorgan and I this am at Upfronts

View more Nina Dobrev on WhoSay

”So, I guess we are who we are for alot of reasons. And maybe...

Fri, 17 May 2013 18:58:35 +0900

”So, I guess we are who we are for alot of reasons. And maybe we’ll never know most of them. But even if we don’t have the power to choose where we come from, we can still choose where we go from there. We can still do things. And we can try to feel okay about them.”

Nick Jonas + Sunglasses

Fri, 17 May 2013 18:58:25 +0900

Nick Jonas + Sunglasses

dearaccounting: Cause we’re EXTRAORDINARY!

Wed, 15 May 2013 08:20:52 +0900

dearaccounting:

Cause we’re EXTRAORDINARY!

PAHINGING SMARTLOAD /m\

Tue, 14 May 2013 11:02:24 +0900

PAHINGING SMARTLOAD /m\

Submit your answers here :)

Tue, 14 May 2013 09:14:47 +0900

Submit your answers here :):

creditcedric:

COMPREHENSIVE REVIEWR IN PARTNERSHIP AND CORPORATION

Part I. (2 points each) Choose the letter of the best answer.

1. Partners Gang and Nam received an interest allowance of P100,000 and P150,000 respectively, divided the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Gang’s capital?

A. P105,000 decrease C. P120,000 decrease

B. P82,500 decrease D. P170,000 decrease

2. A partner who contributes money or property as well as his work or industry to the capital of the partnership is called

A. Industrial partner   C. Managing partner

B. Capitalist partner   D. Capitalist-industrial partner

3. Five persons decide to organize a corporation. Which of the following situation illustrates best the minimum requirement of the law to capital formation?

Authorized Capital                  Subscribed Capital                  Paid-in Capital

A. P100,000                                             P20,000                   P5,000

B. 100,000                                               25,000                     5,000

C. 100,000                                               25,000                     6,250

D. 100,000                                               30,000                     6,000

4. The amount of the shareholders’ investment is called

A.Paid-in Capital                                            C. Retained Earnings

B. Outstanding share   D. Total shareholders’ equity

5. When ordinary shares are sold on a subscription basis and the entire subscription price has been collected, the issuance of the share is recorded by

A. Dr Cash; Cr Ordinary Shares

B. Dr Subs. Receivable; Cr Subscribed Ord. Shs.

C. Dr Ord. Shares; Cr Subs. Receivable

D. Dr Subscribed Ord. Shs.; Cr Ord Shs.

6. How would the declaration of a 15% share dividend by a corporation affect each of the following?

A. Retained Ear.-No effect; Total SHE-No effect

B. Retained Ear.-Decrease; Total SHE-No effect

C. Retained Ear.-No effect; Total SHE-Decrease

D. Retained Ear.-Decrease; Total SHE-Decrease

Part II. (5 points each) Provide the best answer.

1. Chris invested in a partnership a parcel of land which cost his father P200,000. The land had a market value of P300,000 when James inherited it 3 years ago. Currently, the land is independently appraised at P500,000 even though James insisted that he “wouldn’t take P900,000 for it.” The land should be recorded in the accounts of the partnership at _________

2. On Mar. 1 2012 Gang and Nam formed a partnership with each contributing the following assets:

                                                                                Gang                       Nam

Cash                                                                        P30,000                   P70,000

Machinery and Equipment                                   25,000                   75,000

Building 125,000

Furniture and Fixtures                                            10,000

The building is subject to mortgage loan of P80,000 which is to be assumed by the partnership. Agreement provides that Gang and Nam share profits and losses 30% and 70% respectively. On Mar. 1 2012, what should be the balance in Nam’s capital account?

3. Psy had a P500,000 capital balance for 8 months and a P650,000 balance for 4 months. Oppa had a P380,000 capital balance for 5 months and a P500,000 balance for 7 months. How much of the year’s P800,000 profit should Psy receive if profits and losses are distributed based on the ratio of the average capital balances?

Charles and Tine are partners in a business. Charles’ original capital investment was P400,000 and Tine’s was P600,000. They agreed to share profits and losses as follows:

                                                                Charles                    Tine

Salaries                                                   P120,000                 P180,000

Interest on original capital                     10%                         10%

Remaining profits and losses                 3/5                          2/5

4. If loss for the year was P100,000, what is the share of Charles in the partnership profit?

5. If profit for the year was P150,000, what is the share of Tine in the partnership profit?

Partners Oppa, Gang and Nam have capital balances in a partnership of P150,000, P100,000 and P200,000 respectively. Loss for the year was P330,000.

6. What will be Gang’s capital balance if Oppa gets an P180,000 salary, Gang gets a P70,000 salary and Nam gets 10% interest on his beginning balance with the remainder being divided at a 2:2:1 ratio?

7. Apo and Tau are partners who share profits and losses in a ratio of 3:2 respectively, and have the following capital balances on Dec. 31,2012: Apo, Capital P2,000,000 Cr.; Tau, Capital P1,500,000 Cr.. Assume that the partners agreed to let Gamma into the partnership by investing P1,000,000 for a ¼ interest. How much will Apo’s capital balance be?

8. As of Dec. 31, 2012, the books of Bueno partnership showed capital balances of A, P40,000; B, P25,000; and C, P5,000. The partner’s profit and loss ratio was 3:2:1, respectively. The partners decided to liquidate and they sold all non-cash assets for P37,000. After settlement of liabilities amounting to P12,000, they still have cash of P28,000 lest for distribution. Assuming that any capital deficiency is uncollectible, what would be the share of A in the distribution of cash?

9. Enit Corp.’s shareholder’s equity accounts at Dec. 31, 2012 were as follows:

Ordinary shares, P20 par                        P8,000,000

Share Premium                                       2,550,000

Retained Earnings                                  1,275,000

All ordinary shares outstanding at Dec. 31, 2012 were issued in 2011 for P26 a share. On Jan. 4, 2013, Enit re-acquired 20,000 of its ordinary shares at P24 a share and retired them. Immediately after the shares were retired, what was the balance in share premium?

10. On Dec. 1, 2012, Emson Corp. received donation of 2,000 shares of its P50 par value ordinary shares from a shareholder. On that date, the share’s market value was P350 per share. The stock was originally issued for P250 per share. By what amount would this donation cause total shareholders’ equity to decrease?

“A creative man is motivated by the desire to achieve, not by the desire to beat others.”

-Ayn Rand

(C)reditcedric

wanderedthoughtsandblogs: “Life has a peculiar feel when you...

Sun, 12 May 2013 19:00:27 +0900

wanderedthoughtsandblogs:

“Life has a peculiar feel when you look back on it that it doesn’t have when you’re actually living it.”

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Sat, 11 May 2013 10:48:16 +0900

I am convinced Niall's favorite hat is his Dallas Mavericks one...

Sat, 11 May 2013 09:23:20 +0900

kristinelizabethp1d:

plus many more pictures but you get the idea…

and I’m from Dallas, Texas so this makes me very happyyyyyylskjfsd;lf

An Accountant's Diary: Qualities of Accountants Applied in Real Life:

Mon, 06 May 2013 21:34:44 +0900

An Accountant's Diary: Qualities of Accountants Applied in Real Life::

dearaccounting:

1. Trustworthy and Reliable - Tunay na mapagkakatiwalaan ang mga accountant, higit pa sa mga confidential na information na ipinagkakatiwalang ipaalam ng mga kliyente sa kanila, subukan mo rin na ipagkatiwala ang mga problema mo sa kanila asahan mo na handa silang makinig, handa nilang…

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Sun, 05 May 2013 19:33:42 +0900

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Sun, 05 May 2013 19:33:35 +0900

Niall Horan + Justin Bieber requested by anonymous

Sat, 04 May 2013 22:36:46 +0900

Niall Horan + Justin Bieber

~~requested by anonymous~~

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Sat, 04 May 2013 21:59:54 +0900

1D Boys turned Orange.

Sat, 04 May 2013 21:58:43 +0900

1D Boys turned Orange.