Reference no: EM133134507
Question 1 - A, B and C are partners in an accounting firm. Their capital balances at year end were P180,000, P220,000 and P100,000, respectively. The share profits and losses on a 4:4:2 ratio, after considering the following terms: a) C is to receive a bonus of 10% of profit after bonus. b) Interest of 10% shall be paid on that portion of a partner's capital in excess of P200,000. c) Salaries of P20,000 and P24,000 shall be paid to partners A and C, respectively. Assuming a profit of 220,000 for the year, compute the total profit share of C?
a. P62,250
b. P48,750
c. P74,800
d. P8,750
Question 2 - One of the partners is a solvent partner with a capital deficit and no loan balance that can be adjusted. What can be done to address the deficiency?
a. The partnership will pay for his/her capital deficiency.
b. The deficient can apply the right of offset.
c. The capital deficiency will be absorbed by the other partners.
d. The deficient will make additional cash investment.
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