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AFAR CODES

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1 views4 pages

AFAR CODES

Uploaded by

fcpa2024
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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COMPUTATIONS; FINALS = PIAP

• C purchases 20% = 320,000


• C invests 120,000 = 88,000
• A acquires B’s interest = 320,000
• The partnership pays B 180K = 140,000

• Capital balances of Partners A&B= 2,255,364 ; 1,503,576


• Total assets after the formation = 8,058,336

• Loss of 210K;cash will be distributed = 400,000


• After exhausting = 190,000
• If C received 112,750 = 225,625

• P/L ratio is determined after deduction = 1,551,000

Cash; BV 160K – RV 160K


• Estimated Recovery Percentage = 40%
• Estimated Deficiency = 840,000
• Estimated Loss on Realization = 840,000

• Unsecured creditors received a 25% of their claims = 6,500,000

POC; 20x1 30% - 20x2 82.5%


• Total cost incurred in yr 20x2 = 3,120,000
• Realized gross profit (loss) in yr 20x2 = (1,055,000)
• Construction cost of sales for the yr 20x2 = 3,233,750
• Construction in Progress as of 20x2 = 3,310,000

Software License – 9,000,000


• Transaction price = 14,400,000
• Allocated to each performance obli = 7.2 ; 2.88 ; 1.92 ; 2.4
• Revenue = 10,944,000

HOBA – A to H
• Unadjusted balance of the HO account = 18,427,950
• Adjusted balance of the reciprocal acc = 18,052,000
• Net adjustment to Branch Current Account = 500,000 Debit
• Net adjustment to Home Ocice Account = 375,950 Debit

P acquireD 80% interest of S Inc. for 1.2M


• Investment in Subsidiary; using cost method = 1,200,000
• NCI ; Net Income 20x2 = 13,200
• NCI ; Net Assets 20x2 = 293,200
• Investment Income; 20x3 = 160,000
• NCI ; Net Income 20x3 =55,200
• NCI ; Net Assets 20x3 = 308,400

Acquired 60%
• Consolidated NI attributable to P = 848,000
• NCI ; Net Income of Subsidiary = 80,000

P issue 30,000 ordinary shares


• Goodwill/GBP = (1,400,000)
• Combined OS = 6,000,000
• Combined Share Premium = 980,000
• Combined Retained Earnings = 2,590,000
• Total Shareholders equity = 9,570,000

COMPUTATIONS; REMDIAL
ABC Partnership ; original capital 600K 1M 400K
• Partnership profit 20x1 = 2,100,000
• Partner A share in partnership profit 2018 = 1,080,000

The partnership assume the 300K mortgage on the land


• If B is to receive capital credit = 450,000
• Assuming the capital is proportionate to PL ratio = Bonus to B 18,000
• Capital balance of A after formation ; bonus method = 702,000

E.F.G PL 2:5:1 ; inventory increased from 85K to 97K


• Capital balance of E after retirement of F = 91,333
• Capital balance of G after retirement of F = 100,667
• If the equip is overvalued = 8,000
• In relation to 1st question ; capital balance of E after F = 86,000
• In relation to 1st question ; capital balance of G after retirement of F = 98,000

ASSET 1,404,000 ; Liab and Equity 1,404,000


• Realizable value of Asset Pledged to Fully sec creditors = 88,000
• Estimated Deficiency to unsecured creditors = 44,000
• Expected recovery percentage of creditors = 88%
• Paid to unsecured creditors w/o priority = 123,200
• Construction revenue 20x3 = 880,000
• RGP 20x4 = 360,000
Penalty amounting to 400,000
• CIP 20x4 = 2,400,000
• Cost of Inventory sold = 15,000
• German pays Chris = 22,500
• Chris Profit = 15,000

Franchisor receives 200,000


• Right to Use = 367,000
• Right to access = 102,500

DEF Company maintains branches that market the products it produces. = EFC ;
CBC/HOC ; SBC
• Excess freight cost ; books of HO = 0
• Cavite branch current ; books of HO = 27,125
• Upon receipt of shipment; freight in is debited = 4,000
• HO current is debited by Bulacan = 28,125

PARENT CO. ACQUIRED 75% = G II NN C


• Goodwill ; consolidated FS = 129,770
• Investment in Subsidiary 20x1; books of parent; cost method = 1,000,000
• Investment income; books of parent 20x3 = 90,000
• NCI; net income = 120,814
• NCI; net asset = 390,814
• Consolidated Net Income attributable to Controlling interest = 858,956

P Co. acquires 80% pf the common stock = GG CCC NPC


• Goodwill ; Business Combi = 25,000
• Goodwill; Parent and NCI = 15,840 and 9,160
• Consolidated Net Income 20x1 = 216,000
• Consolidated Net Income; Parent 20x1 = 206,400
• Consolidated Net Income; NCI 20x1 = 9,600
• NCINAS = 100,000
• Presented Investment in S Co. ; consolidated FS = 0
• Consolidated Inventory 20x2 = 210,000

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