Reference no: EM133166296
Question 1 - Jack, Oscar, Homer and Nash have capital balances P200,000; P250,000; P300,000 and P350,000, respectively and share profits and losses in 1:2:3:4 ratio. After distributing P500,000 as initial settlement to partners, who among the partners will receive the most in P800,000 in the second and final settlement?
a. Homer
b. Nash
c. Oscar
d. Jack
Question 2 - Mariz, Aries, Trish, Elvis and Olives have P100,000; P150,000; P200,000; P250,000; and P300,000, respectively, and share profits and losses in 2:2:2:1:1 ratio. If all non-cash assets were realized and only P1,000,000 cash is available before partnership creditors P400,000 are paid, how much Aries and Trish, respectively, will receive as final settlement?
a. P100,000 and P100,000
b. P50,000 and P100,000
c. P100,000 and P50,000
d. None and P100,000
Question 3 - Mariz, Aries, Trish, Elvis and Olives have P100,000; P150,000; P200,000; P250,000; and P300,000, respectively, and share profits and losses in 2:2:2:1:1 ratio. If all non-cash assets were realized and only P1,500,000 cash is available before partnership creditors P400,000 are paid, how much is the gain or loss on realization of non-cash assets?
a. P100,000 gain
b. There is no gain or loss on realization of non-cash assets.
c. P100,000 loss
d. P200,000 loss
Question 4 - Rica, Oliva, Sonia, Ina and Elba have capital balances P200,000; P250,000; P300,000; P350,000 and P400,000, respectively, and share profits and losses in 1:2:1:2:2 ratio. Who among the partners is the most vulnerable?
a. Rica
b. Ina
c. Elba
d. Oliva
Question 5 - Rica, Oliva, Sonia, Ina and Elba have capital balances P200,000; P250,000; P300,000; P350,000 and P400,000, respectively, and share profits and losses in 1:2:1:2:2 ratio. Cash were received in installment realization of non-cash assets as follows: P300,000 on Mach 31; P500,000 on June 30 and P500,000 on September 30. What is the total cash received by Ina from 1st to 3rd installment?
a. P275,000
b. P125,000
c. P350,000
d. P300,000
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