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Advance Accounting Chapter 10 Essay

2488 words - 10 pages

CHAPTER 10

SUGGESTED ANSWERS

EXERCISES

Exercise 10 - 1
|1. Assets, other than goodwill |550,000 | |
| Goodwill |196,000 | |
| Liabilities | |230,000 |
| Ordinary Share Capital | |516,000 |

| | |Co. A |Co. B ...view middle of the document...

Assets |550,000 | |
| Liabilities | |230,000 |
| Ordinary Share Capital | |320,000 |
|Co. A |142,000/516,000 x 32,000 sh | 8,806 sh |
|Co. B |176,000/516,000 x 32,000 sh |10,915 sh |
|Co. C |198,000/516,000 x 32,000 sh |12,279 sh |

Exercise 10 - 2
|Total contribution (P50,000 / 10%) |P500,000 |
|Net asset contribution equal to preference shares issued | 400,000 |
|Goodwill contribution equal to ordinary shares issued |P100,000 |
| | |
|Preference Share Capital (P400,000/P100) |4,000 shares |
|Ordinary Share Capital (P100,000/P50) |2,000 shares |

Exercise 10 - 3
|1. |1,500 shares/2,000 shares x 100 shares = 75 shares |
|2. |1,500 shares x P150 = P225,000 |
|3. |1,000 shares x P150 = P150,000 |
|4. |P500,000/2,000 shares x 100 shares = P 25,000 |

Exercise 10 - 4
|Cost (10,000 sh x P120 = P1,200,000 + P75,000) |P1,275,000 |
|Fair value of net assets acquired | 450,000 |
|Goodwill |P 825,000 |

Exercise 10 - 5

|1. Cost |P 50,000 |
| FMV of net assets acquired | 60,000 |
| Negative Goodwill |P 10,000 |
| ...

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