Reference no: EM133111480
Questions -
Q1. On April 30, 2021, Al, Ben and Ces formed a partnership by combining their separate business proprietorships. Al contributed cash of P50,000. Ben contributed property with a P36,000 carrying amount, a P40,000 original cost and P80,000 fair value. The partnership accepted responsibility for the P35,000 mortgage attached to the property. Ces contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. Which partner has the largest capital account balance at April 30, 2021?
A. Al
B. Ben
C. Ces
D. All capital balances are equal
Q2. Partners Lopez and Antonio receive a salary of P150,000 and P300,000, respectively, and share profits and losses in a ratio of 2:1, respectively. If the partnership suffered a loss of P150,000 in 2020, by how much would Lopez's account decrease?
A. P400,000
B. P250,000
C. P200,000
D. P100,000
Q3. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital?
A. P82,500 decrease
B. P120,000 decrease
C. P170,000 decrease
D. P105,000 decrease
Q4. A partner has a capital balance of P4,000,000 for five months, P5,000,000 for four months and P6,000,000 for three months. The average capital balance is
A. P483,333
B. P485,000
C. P491,680
D. P500,000
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