diff --git a/lib/active_model/serializer.rb b/lib/active_model/serializer.rb
index 5ab3bcc1..07ac2a7a 100644
--- a/lib/active_model/serializer.rb
+++ b/lib/active_model/serializer.rb
@@ -180,11 +180,20 @@ module ActiveModel
           end
         end
 
-        associations = _associations.inject({}) do |hash, (attr,association_class)|
+        associations = {}
+        _associations.each do |attr, association_class|
           association = association_class.new(attr, self)
 
-          model_association = klass.reflect_on_association(association.name)
-          hash.merge association.key => { model_association.macro => model_association.name }
+          if model_association = klass.reflect_on_association(association.name)
+            # Real association.
+            associations[association.key] = { model_association.macro => model_association.name }
+          else
+            # Computed association. We could infer has_many vs. has_one from
+            # the association class, but that would make it different from
+            # real associations, which read has_one vs. belongs_to from the
+            # model.
+            associations[association.key] = nil
+          end
         end
 
         { :attributes => attrs, :associations => associations }
diff --git a/test/serializer_test.rb b/test/serializer_test.rb
index 17c2da3d..43150927 100644
--- a/test/serializer_test.rb
+++ b/test/serializer_test.rb
@@ -678,11 +678,13 @@ class SerializerTest < ActiveModel::TestCase
         define_method(:model_class) do model end
       end
 
-      # Computed attribute; not a column.
+      # Computed attributes (not real columns or associations).
       def can_edit; end
+      def drafts; end
 
       attributes :name, :age, :can_edit
       has_many :posts, :serializer => Class.new
+      has_many :drafts, :serializer => Class.new
       has_one :parent, :serializer => Class.new
     end
 
@@ -690,6 +692,7 @@ class SerializerTest < ActiveModel::TestCase
       :attributes => { :name => :string, :age => :integer, :can_edit => nil },
       :associations => {
         :posts => { :has_many => :posts },
+        :drafts => nil,
         :parent => { :belongs_to => :parent }
       }
     }