Reference no: EM133116730
Questions -
Q1. A and B have capital balances of P150,000 and P180,000, respectively. C is to invest P60,000 for 15% in the partnership interest and in the profit and loss. There is an undistributed net income in the amount of P80,000. Partners A and B share profit and loss 65:35. How much is the capital credit of C upon his admission?
Q2. A and B have capital balances of P150,000 and P180,000, respectively. C is to invest P60,000 for 15% in the partnership interest and in the profit and loss. There is an undistributed net income in the amount of P80,000. Partners A and B share profit and loss 65:35. How much is the bonus from partner A to partner C?
Q3. On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with a profit or loss ratio of 1:6:3.
|
Current asset
|
P2,600,000
|
Total liabilities
|
P600,000
|
|
Noncurrent asset
|
4,000,000
|
A, Capital
|
2,800,000
|
|
|
B, Capital
|
1,400,000
|
|
|
C, Capital
|
1,800,000
|
On January 1, 2021, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. What is the capital balance of C after the admission of D?
Q4. The summary of the statement of financial position of ABC Partnership is presented below:
|
Cash
|
405,000
|
Notes Payable
|
945,000
|
|
Non Cash Asset
|
3,735,000
|
C, Loan
|
135,000
|
|
Other Assets
|
90,000
|
A, Capital (40%)
|
1,395,000
|
|
|
B, Capital (30%)
|
900,000
|
|
|
C, Capital (30%)
|
855,000
|
|
Total
|
4,230,000
|
Total
|
4,230,000
|
All partners consented to admit D as partner in the partnership, with 20% interest. How much should D contribute?
Q5. A, B and C share profits in the ratio of 2:3:5. On January 2, 2021 C opted to retire from the partnership. The capital balances on this date follow:
|
A, Capital
|
P175,000
|
|
B, Capital
|
280,000
|
|
C, Capital
|
245,000
|
How much will be the capital of B, assuming C sold his interest to B for P70,000?
Q6. A, B and C share profits in the ratio of 2:3:5. On January 2, 2021 C opted to retire from the partnership. The capital balances on this date follow:
|
A, Capital
|
P175,000
|
|
B, Capital
|
280,000
|
|
C, Capital
|
245,000
|
At what amount should the capital account of A be debited assuming C was paid P273,000 by the partnership in full settlement of his interest?