Reference no: EM133140273
Questions -
Q1. A, B, G and J are partners with capitals of P11,000; P10,300; P13,700 and P9,000 respectively. A has a loan balance of P2,000. Profits are shared in the ratio of 4:3:2:1 respectively. Assets are sold and liabilities are paid and cash of P12,000 remains. Who got the highest cash distribution?
a. J
b. B
c. G
d. A
Q2. Maru and Harry share income and losses in a 2:1 ratio after allowing for salaries to Maru of 24,000 and 30,000 to Harry. Net income for the partnership is 66,000. Income should be divided as follows:
a. Maru, 30,000; Harry l, 36,000
b. Maru, 32,000; Harry 34,000
c. Maru 24,000; Harry, 34,000
d. Maru, 24,000; Harry, 30,000
Q3. Which of the following will not result to the dissolution of a partnership?
a. Admission of a new partnering an existing partnership
b. Insolvency of the partnership
c. Assignment of an existing partner's interest to a third person
d. Retirement of a partner
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