Reference no: EM132477354
Question 1 - At the beginning of 2019, the statement of financial position for Easy Page Company showed the following balances in the partners capital accounts: Rivera, P24,00 and Rosario, P26,00. Rivera and Rosario share profits and losses in a 3:7 ratio. During 2019, EasyPage experienced a P40,000 loss. Rivera withdrew P10,000 form the partnership during the year and Rosario wwithdrew P18,000. What will be the balance in Rivera's capital on Dec. 31, 2019?
a. P3,600
b. P2,000
c. P12,000
d. P26,000
Question 2 - The partnership agreement of Zuniga, Armenta and Galang provided for the year end allocation of profit in the following order:
First. Zuniga is to receive 10% of profit up to P200,000 and 20% over P200,000.
Second, Armenta and Galang each are to receive 5% of the remaining profit over P300,000.
The balance of profit is to be allocated equally among the three partners.
The partnership's 2019 profit was P500,000 before any allocations to partners. What amount should be allocated to Zuniga?
a. P202,000
b. P216,000
c. P206,000
d. P220,000
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