高級會計學（第10版）習題答案 ch16-beams10e-sm

Chapter16

PARTNERSHIPLIQUIDATION

AnswerstoQuestions

1Dissolutionofapartnershipterminatesthepartnershipasalegalentity,butthepartnershipbusinessmay

continueunderanewagreement.Whenapartnershipisliquidated,however,thepartnershipisterminated

bothasalegalandasabusinessentity.Thus,apartnershipmaybedissolvedwithoutliquidation,butit

maynotbeliquidatedwithoutdissolution.

2Asimplepartnershipliquidationistheliquidationofasolventpartnershipinwhichallpartnershaveequity

capita]andallgainsandlossesarerealizedandrecognizedbeforeanydistributionsaremadetothe

partners.Insimplepartnershipliquidations,onlyonecashdistributionismadeandtheamountsdistributed

toindividualpaitnersareequaltotheirpredistributioncapitalaccountbalances.

3ThepriorityrankingforthedistributionofassetsinliquidationpursuanttoRUPAis

RankIAmountsowedtocreditorsotherthanpartnersand

amountsowedtopartnersotherthanforcapitalandprofits

RankIIAmountsduetopartnersafterallassetshavebeenliquidatedandliabilitiespaid.

4Thedistributionofassetsforcapitalinterests(RankIII)priortothepaymentofloanbalancestothe

partners(RankII)isnotinaccordancewiththeRevisedUniformPartnershipAct.Butthepartnersmay

agreetodistributecashorotherassetsforcapitalinterestsbeforealllossesonliquidationareknown.With

agreementamongallpartners,distributionstothepartnerswouldbebasedoneachpartner'sequity

(combinedcapitalandloanbalances)inrelationtohisshareofpossiblefuturelosses.Apartnerwith

sufficientequitytoabsorbhisshareofpossiblefuturelosseswouldbeincludedindistributions,buta

partnerwithloanstothepartnershipwouldnotbeincludedindistributionsuntilhisequitywassufficientto

absorbhisshareofpossiblefuturelosses.

5Theassumptionsfordeterminingdistributionstopartnerspriortorecognitionofallgainsandlosseson

liquidationare(1)allpartnersarepersonallybankruptsuchthatnopartnercouldcontributepersonalassets

intothepartnershipand(2)allnoncashassetsarepossiblelossesandshouldbeconsideredactuallossesfor

purposesofdeterminingamountstobedistributed.Inaddition,liquidationexpensesandprobableloss

contingenciesshouldbeestimatedandassumedtobeactuallossesforpurposesofdeterminingadvance

distributions.

6Capitalbalancesrepresentonefactorindeterminingapartner'sequity,butloansandadvancespayableto

andreceivablefromthepartnershiparefactorsthatmustalsobeconsideredincalculatingsafepayments.

Partnerequities,ratherthancapitalbalances,areusedinsafepaymentschedulesinordertoavoidmaking

distributionstopartnersthatmayendupwithdebitcapitalbalances;i.e.,owingmoneytothepartnership.

7Safepaymentcomputationspersedonotaffectledgeraccountbalances.Actualcashdistributionsbasedon

safepaymentscomputationsdoreducepartnershipassetsandequitiesandrequirerecognitioninledger

accounts.

?2009PearsonEducation,Inc.publishingasPrenticeHall

16-2PartnershipLiquidation

8Astatementofpartnershipliquidationisasummaryoftransactionsandbalancesforapartnershipduring

itsliquidationstage.Suchstatementsprovidecontinuousrecordsofliquidationevents.Interimliquidation

statementsareparticularlyhelpfulinshowingtheprogressthathasbeenmadetowardliquidationtodate

andinidentifyingremainingassetstobeliquidatedandliabilitiestobepaid.Interimliquidationstatements

arehelpfultopartnersandcreditorsinprovidingabasisforcurrentdecisionsaswellasfutureplanning.

Liquidationstatementsareimportantlegaldocumentsfbrpartnershipliquidationsthatcomeunderthe

jurisdictionofacourt.

9Availablecashmaybedistributedtopartnersaccordingtotheirprofitandlosssharingratiosonlywhen

nonpartnerliabilitieshavebeensatisfiedandpartnerequities(capitalandloanbalancescombined)are

alignedwiththerelativeprofitandlosssharingratiosofthepartners.Intheabsenceofloansoradvances

payabletoorreceivablesfromindividualpartners,cashcanbedistributedtopartnersintheirprofitand

losssharingratioswhencapitalbalancesareintherelativeprofitandlosssharingratiosofthepartnersand

allnonpartnerliabilitieshavebeenpaid.

10Vulnerabilityranksareanorderingofpartnersonthebasisoftheadequacyoftheirequitiesinthe

partnershiptoabsorbpossiblepartnershiplosses.Theorderingistypicallyfromthemostvulnerabletothe

leastvulnerable.Vulnerabilityranksareusedinthepreparationofassumedlossabsorptionschedules,

which,inturn,areusedintheconstructionofcashdistributionplans.

11Partnershipinsolvencyoccurswhenpartnershipliabilitiesexceedpartnershipassets.Inthiscase,all

availablecashisdistributedtopartnershipcreditors.Individualpartnerswillbecalledupontousetheir

personalassetstosatisfytheremainingclaimsofthepartnershipcreditors.

12Partnerswithcreditcapitalbalancesafterallpartnershipassetshavebeendistributedinliquidationhavea

claimagainstpartnerswithdebitcapitalbalances.Ifthepartnerswithdebitbalancesarepersonallysolvent,

theyshouldpayamountsequaltotheirdebitbalancesintothepartnershipsothatpartnerswithcredit

balancescanreceivetheirpartnershipclaimsinfull.Ifpartnerswithdebitcapitalbalancesareinsolvent,

thepartnerswithcreditbalanceswillabsorbthelossesoftheinsolventpartnerswithdebitcapitalbalances

inrelationtotheirrelativeprofitandlosssharingratios.

?2009PearsonEducation,Inc.publishingasPrenticeHall

SOLUTIONSTOEXERCISES

SolutionE16-1

ScheduleofCapitalBalances

60%Folly40%Frill

CapitalbalancesJanuary1,2008$40,000$20,000

Januarylosses:Lumber$15,000(9,000)(6,000)

($40,000bookvalue-$25,000salesprice)

Receivables4,000(2,400)(1,600)

($25,000-$21z000collection)

Capitalbalancesbeforedistribution$28,600$12,400

Cashdistribution:

Accountspayable$15,000

Folly28,600

Frill12z400

Totalcash^56^_000

Cashbalance:Beginningbalance,$10,000+$25,000+$21,000=$56,000

SolutionE16-2

Saleofinventory

Cash$10,000

Inventory$10,000

Torecordsaleofinventoryitems.

Distributionofcash

Accountspayable$5,000

Cash$5,000

Torecordpaymenttocreditors.

Mikecapital$12,600

Nancycapital6,200

Okeycapital25,200

Cash$44,000

Torecorddistributionofavailablecashtopartnerscomputedas

follows:

CapitalPossibleLossfrom

Balance-UnsoldInventory=Balance

Mikecapital$15,000$2,400$12,600

Nancycapital8r000lf8006,200

Okeycapital27,0001,80025,200

Totals$50；000$6；000$44,000

SolutionE16-3

30%Fred30%Ethel40當Lucy

January1balances$85,000$25,000$90,000

Contingencyfundof$10,000(3Z000)(3,000)(4Z000)

Possiblelosseson

assetdisposal($120,000)(36,000)(36,000)(48,000)

46,000(14,000)38,000

LossonEthel'spossible

default3divided3/7and4/7(6,000)14,000(8,000)

16-4PartnershipLiquidation

Availablecashisdistributed40,000030,000

aNoticethatEthelwouldhaveadebitbalanceinhercapitalaccountifthe

contingenciesoccurredandiftheassetswereatotalloss.Inorderto

determinehowmuchcashisavailablefordistribution,FredandLucy's

balancesmustabsorbEthel'sdebitbalance.

?2009PearsonEducation,Inc.publishingasPrenticeHall

SolutionE16-4

Creditors50%Jan30%Kim20%Lee

Beginningbalances$60,000$59,000$29,000$52,000

OffsetKim'sloan(20,000)

Lossonsaleofassets

($180,000-$120,000)(30,000)(18z000)(12,000)

Additionalliability5,000(2Z500)(1,500)(1,000)

65,00026,500(10,500)39,000

DistributeKimzsdebit

balance5/7,2/7(7,500)10,500(3Z000)

Cashdistribution$65,000$19,0000$36,000

Kimowes$7,500toJanand$3,000toLee.

SolutionE16-5

ScheduletoCorrectCapitalAccounts

AnitaBerniceColleen

CapitalCapitalCapital

(50%)(30%)(20%)

December31,2008balance$40,000$35,000$25,000

Overvaluedinventory$10z000(5,000)(3,000)(2,000)

Correctedbalances$35,000$32,000$23,000

Thecapitalbalancesareadjustedfortheerrorincomputingnetincomeinthe

partners'residualequityratios.

SolutionE16-6

ScheduletoCorrectCapitalAccounts

AliBartCarrie

CapitalCapitalCapital

(40%)(20%)(40%)

December31,2008balance$60,000$25,000$65,000

Undervaluedinventory($15,000)6,0003,0006z000

Correctedbalances$66,000$28,000$71z000

Thecapitalbalancesareadjustedfortheerrorincomputingnetincomeinthe

partners'residualequityratios.

16-6PartnershipLiquidation

SolutionE16-7

Evers,Freda,andGracePartnership

SafePaymentSchedule

40%Evers40%Freda20%GraceTotal

Partnerequities$100,000$250,000$170,000$520,000

Lossonsaleofassets(52,000)(52,000)(26,000)(130,000)

48,000198,000144,000390,000

Possiblelossesa(84,000)(84,000)(42,000)(210,000)

(36,000)114,000102,000180,000

AllocateEvers'loss36,000(24,000)(12z000)

0$90,000$90,000$180,000

aRemainingnoncashassetsof$200,000pluscontingencyfundof$10,000equals

$210,000possiblelosses.

Cashtodistribute:Beginningcashbalanceof$100,000plus$170,000fromsale

ofassetsless$10,000contingencyfundequals$260,000.

Distributionofcash:Accountspayable$80,000

Freda90,000

Grace90,000

$260,000

?2009PearsonEducation,Inc.publishingasPrenticeHall

SolutionE16-8

Jerry,Joan,andJillPartnership

StatementofPartnershipLiquidation

atNovember30,2008

40%50%10%

NoncashJerryJoanJill

CashAssetsLiab.CapitalCapitalCapital

BalancesNov.30$8,000$27,000$8,000$10,800$13,200$3,000

Offsetreceivable

fromJerry(3,000)(3,000)

Write-offpatent(8,000)(3,200)(4,000)(800)

Balancesafter

adjustments8,00016,0008,0004,6009,2002,200

Cashdistribution:

Creditors(4,000)(4,000)

Partners(4,000)(4,000)

Balances0$16,0000$4,600$9,200$2,200

(ThissolutionassumesthatJoanagreestoadistributionofamountsthatcan

bedistributedsafely,Ifshedoesnotagree,nodistributioncanbemadeto

eitherJoanorJill.)

Jerry,Joan,andJillPartnership

SafePaymentsScheduleatNovember30,2008

40%50%10%

PossibleJerryJoanJill

LossesEquityEquityEquity

Partners*equities$4,600$13,200$2,200

Possibleinventorylosses$16,000(6,400)(8,000)(1,600)

(1,800)5,200600

AllocateJerry'sdeficit1,800(1,500)(300)

Safepaymentstopartners0$3,700$300

16-8PartnershipLiquidation

SolutionE16-9

ScheduleforPhase-outofthePartnership

30%Alice40%Betty30%CarleTotal

Capitalbalances$20,000$(120,000)$70,000$(30,000)

Creditors'recovery

fromBetty________30,000________30,000

20,000(90,000)70,0000

Partnershiprecovery

fromBettya________20,000________20,000

20,000(70,000)70z00020,000

Write-offofBetty'sdeficit(35,000)70,000(35,000)

(15,000)035,00020,000

Partnershiprecovery

fromAlice10,000________10,000

(5,000)35,00030,000

Write-offofAlice'sdeficit5,000(5,000)

030z00030z000

CashdistributiontoCarle(30,000)(30,000)

00

aBetty"spersonalnetassetsafterpartnershipcreditorrecoveryare$80,000

personalassets-$60,000personalliabilities=$20,000.

SolutionE16-10

Daniel,Eric,andFredPartnership

ScheduleforPhaseoutofPartnership

40%Daniel30%Eric30%Fred

CapitalCapitalCapitalTotal

Capitalbalances$10,000$60,000$(90,000)$(20,000)

Fred'spaymenttocreditors______________20,00020,000

10,00060,000(70z000)0

Fred'spaymenttothe

partnerships______________40,00040,000

10,00060,000(30,000)40,000

Write-offofFred's

deficitintherelative

profitsharingratioof

DanielandEric4/7:3/7(17,143)(12,857)30,000

(7,143)47,143040,000

Daniel'spaymenttothe

partnershipforhis

deficit5,000_______5,000

(2,143)47z14345,000

WriteoffofDaniel's

deficittoEric2"43(2,143)0

045,000

PaymenttoEric(45,000)(45,000)

00

aFred'spersonalassetsof$100,000lessthe$40,000owedtohispersonalcreditors,

andlessthe$20,000paidtopartnershipcreditors,equals$40,000availablefor

hisdebitcapitalaccountbalance.

?2009PearsonEducation,Inc.publishingasPrenticeHall

SolutionE16-11

AcefBen,Cid,andDon

StatementofPartnershipLiquidation

fortheperiodJune30toJuly31,2008

Ace(50%)Ben(20%)Cid(20%)Don(10%)

CashLiabilitiesCapitalCapitalCapitalCapital

Balances

June30,2008$200,000$400,000$40,000$10,000$(170,000)$(80,000)

July1,2008

InvestmentofAce200,000200,000

400,000400,000240,00010,000(170,000)(80,000)

July1,2008

Paymentof

liabilities(400,000)(400,000)

Balances

July1,200800240,00010,000(170,000)(80,000)

July15,2008

InvestmentofCid100,000100,000

InvestmentofDon80,00080,000

180,000240,00010,000(70,000)

LossonCid's(50,000)(20,000)70,000

Insolvencya180,000190,000(10,000)0

LossonBen's(10,000)10,000

insolvency180,000180,0000

July31,2008

Finaldistribution(180,000)(180,000)

00

()Debitcapitalbalanceordeduct.

aAllocatingCid'sinsolvencytoAce&Ben:70,000*5/7=50,000Ace

70,000*2/7=20,000Ben

SolutionE16-12

Denver,Elsie,FannieandGeorgePartnership

SafePaymentSchedule

January31,2008

Possible

LossesDenverElsieFannieGeorge

(20%)(10%)(50%)(20%)

Partner'sequityat1/1$170,000$80,000$140,000$78,000

Januaryprofit/loss

transactions:

Inventorysale(6,000)(3,000)(15,000)(6,000)

Landsale20,00010,00050,00020,000

Partnerzsequityat1/31$164,000$87,000$175,000$92,000

Possiblelosses—noncash$395,000(79,000)(39,500)(197,500)(79,000)

Possiblelosses-contingent20,000(4,000)(2Z000)(10,000)(4,000)

$81,000$45,500$(32,500)$9,000

Possiblelosses—Fannie(13,000)(6Z500)32,500(13zOOP)

$68,000$39,000$0$(4,000)

Possiblelosses——George(2,667)(1,333)4,000

$65,333$37,667$0

16-10PartnershipLiquidation

SolutionE16-12(contzd)

Paymentsof$103,000canbesafelymadetoDenverandElsieintheamounts

shownabove.

Check:Cashavailable3$523,000

Accountspayable$(400,000)

Contingencies(20,000)

Availabletopartners$103,000

a(250,000land+45,000inv.+28,000rec.+200,000cash)

SolutionE16-13

1b

2d

3a

Supportingcomputations:Seecashdistributionplanthatfollows.

VulnerabilityRankings

Partners'LossAbsorptionVulnerability

Equities3PotentialRanks

Quen$45z00030%$150,0003

Reed$25,00050%50,0001

Stacy$25,000-r20%125,0002

ScheduleofAssumedLossAbsorption

QuenReedStacyTotal

Predistributionequities$45,000$25,000$25,000$95,000

LosstoabsorbReed(15,000)(25,000)(10z000)(50,000)