Reference no: EM133137225
Question 1 - The partner's financial position consists of: Cash = 20,000; Other Asset = 80,000; Liabilities = 40,000; Partner A, Capital = 20,000; Partner B, Capital = 40,000If other assets sell for 50,000. Which statement is incorrect?
a. Cash balance up to 30,000
b. Capital balance of partner A becomes 10,000
c. The value of other assets potential loss is 30,000
d. Capital balance of partner B becomes 20,000
Question 2 - On Jan 01, 2021, the unadjusted Statement of Financial Position of JPC Partnership shows the following data with profit or loss sharing agreement of 2:3:5, respectively. Total Assets is P100,000,000; Total Liabilities is P40,000,000;J, Capital is 10,000,000; P, Capital is 20,000,000; C, Capital is 30,000,000. On December 31, 2020, A decided to retire from the partnership. However, before the distribution of cash to J, the following data errors were discovered during the pre-retirement audit: (error 1) During 2020, the property, plant and equipment has not be subject to revaluation surplus by P15,000,000. (error 2) The 2020 net income is overstated by P5,000,000. After the adjustment, A received retirement pay of P15,000,000 for this capital interest. What is the capital balance of P and the retirement of J?
a. 21,000,000
b. 23,000,000
c. 21,875,000
d. 18,875,000
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