Reference no: EM133176206

Questions -

Q1. Partners L, M. N and O formed a partnership on January 1, 2022 by contributing as follows: L contributed P300,000 cash; M contributed gross accounts receivable P300,000 with 10% allowance for uncollectible accounts: N contributed office furniture with original cost P250,000, book value P180,000 and fair value P220,000; and O contributed office equipment with original cost P250,000, book value P210,000 and fair value P200,000. What is the total equity of the partnership?

Q2. Partners W, X Y and Z formed a partnership on January 1, 2022 by contributing as follows: W contributed P300,000 cash; X contributed gross accounts receivable P300,000 with 10% allowance for uncollectible accounts: Y contributed office furniture with original cost P250,000. book value P180,000 and fair value P220,000, and Z contributed office equipment with original cost P250,000, book value P210,000 and fair value P200,000. What is the amount of total assets of the partnership on January 1, 2022?

Q3. Partners R, S, T and U formed a partnership on January 1, 2022 with contributions as follows: R contributed land with original cost P300,000 with mortgage balance P100,000, fair value P850,000, agreed value P800,000; S contributed inventory with original cost P250,000; fair value P290,000; agreed value P280,000; T contributed P450,000 cash; U contributed machinery with original cost P500,000, carrying amount P350,000: fair value P400,000. What is the amount of total partnership equity on January 1, 2022.

Q4. Partners R, S, T and U formed a partnership on January 1, 2022 with S contributed inventory with original cost P250,000; fair value P290,000, agreed value P280,000. If the inventory is sold with P140,000 mark up on cost, what is the gross profit rate on sales?