Case 2-3

Lone Pine Caf (A)*

Group 1
Andi Hakim
Cynthia Anggi
Maulina
Devina Gabriela
Edsa Nathasya
Valentina

Informations
Transaction on November 1, 2009:
The partnership was formed by Mr. and Mrs. Henry Antoine and Mrs. Sandra
Landers.
Each of 3 partners contributed $ 16,000 cash to the partnership.
Signed a one-year lease to he Lone Pine Caf, the monthly rent was $1.500
Bank Loan: $ 21,000 & used this plus $35,000 of partnership funds to buy out
the previous operator of the caf.
- Equipment: $ 53,200
- Food & Beverages: $ 2,800
Local Operating Licences (for one year) : $ 1,428
New Cash Register: $ 1,400
The remainder of the $ 69,000 was deposited in a checking account.
The restaurant was not very successful.
On March 31, 2010, Mr. Antoine and Mrs. Landers had disappeared.
The court subsequently affirmed that the partnership was dissolved as of

Questions 1
Prepare a balance sheet for the Lone Pine Caf as of November
2, 2009.

Lone Pine Caf

Statement of Financial Position
As of November 2, 2009
Assets

Liabilities

Current Asets

Bank Loan

$ 21,000

Total liabilities

$ 21,000

Cash

10,172

Foods and Beverages On Hand

2,800

Prepaid expense

1,428

Total Current Assets

$ 14,400
Owners' equity

Non Current Assets

Mr. Antoine

16,000

Caf Equipment

53,200

Mrs. Antoine

16,000

New Cash Register

1,400

Mrs. Landers

16,000

Total Non Current Assets

$ 54,600

Total equity

$ 48,000

Checking Account Balance

calculation:
= Total Incoming Cash - Total Outgoing Cash
= (Partner's Capital + Bank Loan) - (Equipment + New Cash Register + Foods and Beverages + Licenses)
($ 48,000 + $ 21,000) - ($ 53,200 + $ 1,400 + $ 2,800 + $
= 1,428)
= ($ 69,000) - ($ 58,828)
= $10,172

Equipment
= Caf Equipment + New Cash Register
= $ 53,200 + $ 1,400
= $54,600

Questions 2
Prepare a balance sheet as of March 30, 2010

Total Cash :
= Cash in Cash Register + Checking Account
= $ 311 + $ 1030
Prepaid Expense :
= $ 1428 * 7/12
= $ 833
Total Capital untuk Bertiga
= Total Asset (Total Liabilities)
= (Cash + A/R + Foods & Bevg + Prepaid Expense + Equipment) (Account Payable +
Bank Loan)
= ( $ 1341 + $870 + $ 2430 + $833 + ( $54600 - $ 2445) ( $ 1583 + ( $ 21000 + $
2100)
= ($ 57629) ($ 20483)

Lone Pine Caf

Statement of Financial Position
As of March 30, 2010
Assets
Current Asset
Cash
$ 1341
Account Receivable
Food & Beverages
Prepaid Expense
Total Current Asset

$ 870
$ 2430
$ 833
$ 5474

Liabilities
Current Liabilities
Account Payable
$ 1583
Non Current Liabilllities
Bank Loan
$ 18900
Total Liabilities
$ 20483
Owners Equity

Non Current Asset

Equipment
$ 54600
Less : Accum Depreciation

$ (2445)

Mr. Antoines Capital

$ 12382
Mrs. Antoines Capital
$ 12382
Mrs. Landers Capital$ 12382

Total Non Current Asset

$52155

Total Equity

Total Asset

$ 57629

$ 37146

Total Liabilities & Equity

$57629

Questions 3
Disregarding the marital complications, do you suppose that
the partners would have been able to receive their
proportional share of the equity determided in Question 2 if
the partnership was disolved on March 30, 2010? Why?

Assets
Cash
Account
Receivable
Inventory
Prepaid Expense
Caf equipment
TOTAL

Liquidation Value Estimation

Current Statement of
Assumed Recovery
Financial Position
$ 1,341
100%
$ 870
100%
$2,430
$833
$52,155
$57,629

0%
0%
30%

Liquidation Value
$ 1,341
$ 870
$0
$0
$15,646
$17,857

Based on Liquidation value estimation, their asset will not bring enough cash to pay the
liabilities and partners. On caf equipment, we assume that caf equipment worth 30% for
cash value.
The Partners would not been able to receive their proportional share of the equity.

The Lone Pine Caf has obligation to precede payment to secured creditor (in line
case in Bank), then payment to unsecured creditor (in this case is Supplier).
Payment to Partners/Shareholders will be placed in the final sequence therefore
we suppose that it is very unlikely the Partners would have been able to receive
their proportional share of the equisty ($ 12,382 each) as determined in Statement
of Financial Position as of March 30, 2010.
Anggi ini g masukin sini ya.. Soalnya ini slide untuk Q3.

Thanks!
Any questions?