Reference no: EM133184060

Question - Maya and Ser Chief are friends who agreed to form a partnership. On January 1, Maya contributed a small office worth P500,000, while Ser Chief contributed cash of P100,000. On the 31st day of March, Maya invested an Inventory with a value of P80,500. They agreed that this inventory be carried on the books of the partnership for only P50,000. In addition, she also contributed another P35,000 worth of cash to the partnership on October 1. On the other hand, Ser Chief had an additional investment on May 1, P390,100 (average market price) worth of Supplies. This has an original cost of P450,000 and a carrying amount of P350,000. On September 1, Ser Chief withdrew cash amounting to P10,000. Any withdrawals are considered permanent by the partnership.

1. If Maya and Ser Chief are given an interest of 10% based on their ending capital balances, how much interest would Maya and Ser Chief receive, respectively?

a. P58,500 ; P48,010

b. P50,000 ; P10,000

c. P61,550 ; P44,000

d. P58,500 ; P44,000

2. Assuming that the partnership suffered a loss of P760,500, how much would be the balance to be divided by Maya and Ser Chief, respectively, after considering the interest (which you have answered in #2),the salaries amounting to P72,000 for Maya and P45,000 for Ser Chief and the bonus of P25,000 each? They agreed that the balance be divided on the ratio of their original investments.

a. P536,990

b. P(984,010)

c. P486,990

d. P(1,034,010)

3. How much is the total share of Maya in the loss of the partnership?

a. P(561,325)

b. P(689,508)

c. P(706,175)

d. P(577,992)