Reference no: EM132994892
Questions -
Q1. Gracia investedP100,000 for a one-third interest in the partnership in which the other partners have capital totalling P260,000 before admitting Gracia. After distribution of the bonus, what is Gracia's capital?
a. P53,330 c. 86,670
b. 100,000 d. 120,000
Q2. Tolentino invested P400,000 for a 20% interest in a partnership that has capital totalling P2,000,000 after admitting Tolentino. Which of the following is true?
a. Tolentino's capital is P400,000.
b. Tolentino received a bonus of P100,000.
c. The partners received a bonus of P100,000
d. The original partner's capital in the business was P1,200,000 before admitting Tolentino.
Q3. Lorenzo invested P400,00 for a one-fourth interest in a partnership in which the other partners have capital totalling P800,000 before admitting Lorenzo. After distribution of the bonus, what is Lorenzo's capital balance?
a. P100,000 c. 200,000
b. 300,000 d. 400,000
Q4. Paulin and Bossing are partners who share profits and losses in the ratio of 2:1 and have capital balances of P750,000 and P1,500,000, respectively. The partners agreed to admit Tonyo to the partnership. Tonyo invested 750,000 for a 35% interest in the partnership. The new total capital balance after admitting Tonyo is P3,000,000. Bossing's capital balance after Tonyo is admitted is
a. 1,600,000 c. 1,500,000
b. 1,400,000 d. 1,350,000
Q5. Dallas bought Seechua's interest in the Seechua and Lalang Partnership by a 600,000 direct payment to Seechua. The capital balances before the sale were 240,000 and 360,000 respectively. What will be the amount in Dallas' capital account?
A. 240,000 B. 360,000
C. 480,000 D. 600,000
Q6. Resma invested 100,000 for a one third interest in a partnership in which the other partners have capital totaling 260,000 before admitting Resma. After distribution of the bonus, what is Resma's capital?
A. 53,330 B. 86, 670
C. 100,000 D. 120,000
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