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SOLUTIONS MANUAL

for use with

volume 1
advanced
ACCOUNTING
PRINCIPLES AND PROCEDURAL APPLICATONS
2013 EDITION

P.P. GUERRERO
J.F. PERALTA
To the Instructor

This Solutions Manual contains suggested solutions to all the Multiple Choice and
Problems for the 2011 edition of Advanced Accounting Principles and Procedural
Applications. All solutions have been prepared by the authors to ensure accuracy
and consistency with the discussion and illustration in the textbook.

Multiple Choices
The multiple choices are designed to cover a variety of conceptual situations
included in each chapter. Solving these should reinforce the students knowledge of
accounting and also test their understanding of the points covered. You may choose
to assign selected multiple choices to supplement the problems assigned in each
chapter. Most of the multiple choices require a limited amount of computations and
are well suited for inclusion in quizzes or examinations.

Problems
Problems have been provided at the end of each chapter more than you can
reasonably use in a single offering of the course. This abundance of problems allows
you to vary problem assignments in different sections of the course, or from
semester to semester, and to choose these problems that best fit the scope, level and
emphasis of your course.

Final Note
The Solutions Manual intended to accompany the 2011 edition of Advanced
Accounting Principles and Procedural Appliations has been prepared carefully and
reviewed thoroughly to ensure that the instructors who adopt this textbook are
provided with all possible assistance in making their course effective. In the final
analysis, however, any given course is shaped primarily by the person who teaches
it, and the success of our efforts will be proved through extensive experience in the
classroom. We will appreciate any comments for suggestions from you no matter
how minor the point involved. Please address correspondence to Pedro P. Guerrero,
CPAR Building, 837 F. Cayco St., Sampaloc, Metro Manila or you may email me at
ppg@pldtdsl.net.

P. P. Guerrero
J. F. Peralta
Contents

CHAPTER 1: Partnership Basic Considerations and


Formation

CHAPTER 2: Partnership Operations

CHAPTER 3: Partnership Dissolution Changes in


Ownership

CHAPTER 4: Partnership Liquidation

CHAPTER 5: Partnership Liquidation by Installment

CHAPTER 6: Joint Arrangements

CHAPTER 7: Corporation in Financial Difficulty


Liquidation

CHAPTER 8: Reorganization and Troubled Debt


Restructuring

CHAPTER 9: Installment Sales

CHAPTER 10: Long-Term Construction Contracts (PAS 11)

CHAPTER 11: Franchise Accounting