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1. Bong and Becky formed a partnership on January 3, 2011 with the following contributions:
Bong Becky
Bong and Becky agreed to divide profits and losses in the ratio of 70:30 respectively and to assume the P40, 000 mortgage on the land
of Becky.
If Bong is required to make his share in equity equal to 40% she would make additional investment of:
A P 96, 000 B. P 70, 000 C. P 160, 000 D. P 100, 000
2. Mr. Jordan, a partner in the partnership has 30% share in the partnership profits and loss. His capital account had a net decrease of
P60, 000 in 2008. In 2008, he withdrew P130, 000 against his capital and invested properties valued at P25, 000 in the partnership.
3. The balance in a partner’s capital account was P20, 000 on January 1. On August 1, he invested an additional P12, 000 in the
partnership.
Assuming that there were no other changes in his capital during the year, exclusive of income and monthly drawings, the amount of
his average capital is:
A. P 25, 000 B. P 26, 000 C. P 16, 000 D. P 32, 000
Total assets P 400, 000 Total Liab. And Capital P 400, 000
The partners agreed to distribute the profits as follows:
1. Allow annual salaries to Alfred and Mely of P3, 00 each;
2. Allow interest of 6% on beginning capital;
3. Allow bonus of 10% to Mely, the bonus to be treated as an expense after salaries and interest;
4. Remaining, 40% to Alfred, 40% to Mely, and 20% to Mark.
4. If the net income of the partnership was P61, 000 during the three months period ending December 31, 2009, the total share of Mely
in the net income is:
A. P 21, 860 B. P 27, 700 C. P 11, 440 D. P 22, 700
5. If Mark receives as his share of net income P3, 440 for the three-month period ending December 31, 2009, the total net income
realized by the partnership for the same period before salaries interest and bonus was:
A. p 20, 000 B. P 25, 000 C. P 50, 000 D. P 17, 000
Use the following information for the next 2 questions:
X, Y and Z have capital balances of P 40, 000, P50, 000 and P 18, 000, respectively and a profit sharing ratio of 4:2:1 respectively.
6. If X received P 8, 000 upon liquidation of the partnership, the total amount received by all partners was:
A. P 108, 000 C. P 52, 000
B. P 56, 000 D. P 24, 000
7. If X received P26, 000 as a result of liquidation, Z received as part of the liquidation:A. P 20, 000
C. P 18, 000
B. P 14, 500 D. P 14, 000