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October University for Modern Sciences & Arts Faculty of Management Sciences Final-Term - Spring 2021 Module Title: Essentials of Accounting II Module Code: Acct 202-( Fac201) Time allowed: 3 hours Question Two: (30 Marks) Part a.) (20 marks) Hana and Lana decided to form HL Partnership. Hana's investment in the new partnership consists of $300,000 in cash, and an inventory that has a book value of $250,000 and a market value $200,000. Lana's contribution consists of the following assets of her previous business along with the transfer to the partnership of her business liabilities. The market values of the various items, and their book values on Lana's records are listed below: Market values Cash.... Accounts receivable. Inventory Equipment Allowance for doubtful accounts. Notes payable. Accounts payable.. Accumulated depreciation (equipment) Book values $100,000 350,000 300,000 420,000 120,000 175,000 125,000 100,000 100,000 200,000 50,000 Required: 1. Give 2 journal entries to record the formation of the partnership. (10 marks) 2. Prepare the partnership's beginning balance sheet. (10 marks) Part b.) (10 marks) Sara and Clara have decided to form a partnership. Sara has a capital of L.E. 100,000 and Clara has a capital L.E 200,000. Prepare a schedule for income division and then prepare the journal entry to record the income division suppose that the net income is L.E.70,000 for each case of the following: 1. They share profit 2:3 but Sara has salary of L.E 20,000 (5 marks) 2. They share profit equally but both partners have interest 10% on beginning capital balances. (5 marks) Question Three: (15 Marks) For AM Partnership, the two partners Ahmed and Marwan have capital account balances of L.E 50,000 each and share net income and losses equally. Ahmed and Marwan agreed to admit Badr. Badr is admitted into the partnership for a 30% interest in the net assets with an investment of L.E 50,000 cash. Page 5 of 7 Module Code: Acct 202- Fac201) Time allowed: 3 hours October University for Modern Sciences & Arts Faculty of Management Sciences Final-Term Spring 2021 Module Title: Essentials of Accounting II 1. Journalize the admission of Badr and calculate the amount credited to Badr's beginning capital balance if the Bonus method is used. (5 marks) 2. What is the balance of Ahmed's and Marwan's capital after the new partnership is created if the Bonus method is used? (5 marks) 3. If AM Partnership has been facing severe liquidity problems and Badr admitted into the partnership for a 40% interest in the net assets with an investment of L.E 50,000 cash. Calculate the amount credited to Badr's beginning capital balance and the ending balance of each of the old partners' capital balance after the new partnership is created if the Bonus method is used. (5 marks) Question Four: (20 Marks) The December 31, 2020 balance sheet of JBD Company appears below. At this date the partners John, Bob, and Dillon decided to liquidate their partnership by selling its non- cash assets for $30,000. The partners share income and loss in a ratio 3:2:1, respectively. Dillon is the only solvent partner and can cover any deficit in the other partners' capital accounts. Cash Non-cash assets JBD Company Balance sheet December 31, 2020 $ 10,000 Notes payable 90,000 John, Capital Bob, Capital Dillon, Capital 100,000 $ 30,000 18,000 12,000 40,000 100,000 Jan. 1 Required: Journalize the liquidation process (20 marks) (20 Marks) Question Five: MOON Corporation has started in business in 2020. It has 1000,000 authorized common shares of L.E.10 par value, and 500,000 authorized preferred shares of L.E 50 par value. The company has the following transactions during 2020 as follows: Issued 25,000 shares common stocks at par. Jan.25 Issued 30,000 shares of common stocks for exchange of a service that costs L.E450,000 Issued 50,000 shares preferred stocks at L.E.80. April 10 Issued 20,000 shares of common stocks for exchange of a land, the market value of the land is L.E 250,000, and the book value is L.E 150,000. June. 16 Re-acquired 15,000 shares of its common stocks at L.E 20 July. 19 Sold 5000 shares of treasury stocks at L.E 30 Aug.20 Sold another 5000 of treasury stocks at L.E 22 Nov. 11 Sold another 5000 of treasury stocks at L.E 15 Feb.5 Page 6 of 7 October University for Modern Sciences & Arts Faculty of Management Sciences Final-Term - Spring 2021 Module Title: Essentials of Accounting II Module Code: Acct 202-(Fac201) Time allowed: 3 hours Dec. 1 Dec. 31 Stock split 2:1 The company has net income L.E 515,000 Required: 1. Prepare journal entries for these transactions (17 marks). 2. Prepare the ledger for the stockholders' equity accounts: Common stocks, Preferred stock, and Treasury stock (3 marks). Best Wishes Page 7 of 7 October University for Modern Sciences & Arts Faculty of Management Sciences Final-Term - Spring 2021 Module Title: Essentials of Accounting II Module Code: Acct 202-( Fac201) Time allowed: 3 hours Question Two: (30 Marks) Part a.) (20 marks) Hana and Lana decided to form HL Partnership. Hana's investment in the new partnership consists of $300,000 in cash, and an inventory that has a book value of $250,000 and a market value $200,000. Lana's contribution consists of the following assets of her previous business along with the transfer to the partnership of her business liabilities. The market values of the various items, and their book values on Lana's records are listed below: Market values Cash.... Accounts receivable. Inventory Equipment Allowance for doubtful accounts. Notes payable. Accounts payable.. Accumulated depreciation (equipment) Book values $100,000 350,000 300,000 420,000 120,000 175,000 125,000 100,000 100,000 200,000 50,000 Required: 1. Give 2 journal entries to record the formation of the partnership. (10 marks) 2. Prepare the partnership's beginning balance sheet. (10 marks) Part b.) (10 marks) Sara and Clara have decided to form a partnership. Sara has a capital of L.E. 100,000 and Clara has a capital L.E 200,000. Prepare a schedule for income division and then prepare the journal entry to record the income division suppose that the net income is L.E.70,000 for each case of the following: 1. They share profit 2:3 but Sara has salary of L.E 20,000 (5 marks) 2. They share profit equally but both partners have interest 10% on beginning capital balances. (5 marks) Question Three: (15 Marks) For AM Partnership, the two partners Ahmed and Marwan have capital account balances of L.E 50,000 each and share net income and losses equally. Ahmed and Marwan agreed to admit Badr. Badr is admitted into the partnership for a 30% interest in the net assets with an investment of L.E 50,000 cash. Page 5 of 7 Module Code: Acct 202- Fac201) Time allowed: 3 hours October University for Modern Sciences & Arts Faculty of Management Sciences Final-Term Spring 2021 Module Title: Essentials of Accounting II 1. Journalize the admission of Badr and calculate the amount credited to Badr's beginning capital balance if the Bonus method is used. (5 marks) 2. What is the balance of Ahmed's and Marwan's capital after the new partnership is created if the Bonus method is used? (5 marks) 3. If AM Partnership has been facing severe liquidity problems and Badr admitted into the partnership for a 40% interest in the net assets with an investment of L.E 50,000 cash. Calculate the amount credited to Badr's beginning capital balance and the ending balance of each of the old partners' capital balance after the new partnership is created if the Bonus method is used. (5 marks) Question Four: (20 Marks) The December 31, 2020 balance sheet of JBD Company appears below. At this date the partners John, Bob, and Dillon decided to liquidate their partnership by selling its non- cash assets for $30,000. The partners share income and loss in a ratio 3:2:1, respectively. Dillon is the only solvent partner and can cover any deficit in the other partners' capital accounts. Cash Non-cash assets JBD Company Balance sheet December 31, 2020 $ 10,000 Notes payable 90,000 John, Capital Bob, Capital Dillon, Capital 100,000 $ 30,000 18,000 12,000 40,000 100,000 Jan. 1 Required: Journalize the liquidation process (20 marks) (20 Marks) Question Five: MOON Corporation has started in business in 2020. It has 1000,000 authorized common shares of L.E.10 par value, and 500,000 authorized preferred shares of L.E 50 par value. The company has the following transactions during 2020 as follows: Issued 25,000 shares common stocks at par. Jan.25 Issued 30,000 shares of common stocks for exchange of a service that costs L.E450,000 Issued 50,000 shares preferred stocks at L.E.80. April 10 Issued 20,000 shares of common stocks for exchange of a land, the market value of the land is L.E 250,000, and the book value is L.E 150,000. June. 16 Re-acquired 15,000 shares of its common stocks at L.E 20 July. 19 Sold 5000 shares of treasury stocks at L.E 30 Aug.20 Sold another 5000 of treasury stocks at L.E 22 Nov. 11 Sold another 5000 of treasury stocks at L.E 15 Feb.5 Page 6 of 7 October University for Modern Sciences & Arts Faculty of Management Sciences Final-Term - Spring 2021 Module Title: Essentials of Accounting II Module Code: Acct 202-(Fac201) Time allowed: 3 hours Dec. 1 Dec. 31 Stock split 2:1 The company has net income L.E 515,000 Required: 1. Prepare journal entries for these transactions (17 marks). 2. Prepare the ledger for the stockholders' equity accounts: Common stocks, Preferred stock, and Treasury stock (3 marks). Best Wishes Page 7 of 7