Afar quicknotes from cpar

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(REVIEWER: Dr. Rodiel C. Ferrer, CPA, MBA, DBA, PhD CAR, CMA) Quick Notes in AFAR *NOTES:  To transfer the depreciable asset, it should be in net amount.  To transfer the accounts receivable to the new book, it should not be in net amount.  ₱3000  PURPOSE: To engage other party  The juridical personality of the partnership arises from the meeting of minds. I. PARTNERSHIP PARTNERSHIP FORMATION VALUATION: 1. Cash – Face Value 2. Land, Depreciable Asset, & NCA a. Agreed Value b. Fair Value c. Appraised Value d. Carrying Value/Book Value 3. Liabilities – are considered assumed if the problem is silent 4. Inventory – Lower of Cost and Net Realizable Value (LCNRV) 5. Capital 5.1. Bonus Method 5.2. Investment/Withdrawal Method BONUS METHOD (*The problem is silent) 1. There would be a transfer of capital. 2. There is no recognition of goodwill. 3. The total asset and capital will remain unchanged. INVESTMENT/WITHDRAWAL 1. Agreed Capital is more than Unadjusted Capital = Investment 2. Agreed Capital is less than Unadjusted Capital = Withdrawal ADJUSTING ENTRIES (*Use contra-asset) 1. Building – Carrying Value: ₱10M, Agreed Value: ₱15M Accumulated Depreciation ₱5M Capital PARTNERSHIP OPERATION 1. Salaries  This could be fractional year  Given, regardless of the result of operation 2. Interest  This could be in fractional year  Given, regardless whether there is profit or loss (*Use the salary/interest ratio if the problem states that the a ...
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