Carbonel and Dimaano formed a partnership and agreed to divide initial capital equally, even though Carbonel contributed P81,250 and Dimaano contributed P68,250 in'identifiable assets. Under the bonus approach to adjust the capital accounts. Dimaano's unidentifiable assets should be debited for: a. P37,375 b. P13,000 C. P6,500
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- Mighty Darrel and Super Zigg formed a partnership and agreed to have an equal interest in thepartnership’s assets. They agreed to make the following contributions : Darrel contributed 100,000and Zigg contributed 84,000 in identifiable assets. Under the bonus approach, what is the amount ofbonus from Darrel to Zigg capital? A. 46,000B. 16,000C. 8,000D. 0okuto and Kuroo formed a partnership and agreed to divide initial capital equally, even though Bokuto contributed P100,000 and Kuroo gave P86,000 in identifiable assets. Under the bonus approach to adjust capital accounts, Kuroo’s capital account should be credited for * a. 86,000 b. 100,000 c. 84,000 d. 93,0004. X, Y, and Z have capital balances of P40,000.00, P50,000.00, and P18,000.00 and a profit – sharing ratio 4:2:1, respectively. If X received P8,000.00 upon liquidation of the partnership, the total amount received by partner Z was: a. P10,000.00 b. P 8,000.00 c. P34,000.00 d. P -0- 5. Assume the same facts in No. 4, above, except that X received P26,000.00 as a result of the liquidation. The total gain/loss on realization amounted to: a. P 3,500.00 b. P14,000.00 c. P 7,000.00 d. P24,500.00
- The following information was obtained from the records of Alben Traders, a partnership business with Albert and Bennie as partners, after the net profit of R546 000 was appropriated between the partners: Partners' salaries R480 000; Interest on drawings R6 000; Total share of the remaining loss R48 000. Which of the following reflects the value of the interest on capital? • A. R24 000 O B. R108 000 O C. R972 000 O D. R120 000The following information was obtained from the records of Alben Traders, a partnership business with Albert and Bennie as partners, after the net profit of /R546 000 was appropriated between the partners: Partners' salaries R480 000; Interest on drawings R6 000; Total share of the remaining loss R48 000. Which of the following reflects the value of the interest on capital? O A. R108 000 OB. R24 000 O C. R120 000 O D. R972 000A and B formed a partnership and agreed to divide initial capital equally even if A contributed P100,000 and B contributed P84,000 in identifiable assets. Under the bonus approach to adjust the capital accounts, what amount should be debited to B's unidentifiable assets?
- d. 6. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital? a. P82,500 decrease b. P120,000 decrease C. P170,000 decrease d. P105,000 decreaseX, Y & Z are partners sharing profits in the ratio of 4:3:3. Assets with book value of P1,000,000 were realized for P400,000. Before liquidation, the capital of Z was P150,000. How much will be Z’s capital balance after the distribution of loss?W and X are partners who have agreed to admit Y, who will invest P15,000 for a 20 percent interest. The previous capital balances were P15,000 and P30,000 for W and X, respectively. W and X had shared profits and losses equally. What amount will be recorded in Y's Capital account? a. P6,000 credit b. P12,000 credit c. P15,000 credit d. P9,000 credit
- A, B and C are partners contributed the following: A- P6,000.00; B -P4,000; and C-industry. They agreed that the profits and losses shall be distributed as follows to wit: A-35%; B-25%, and C-40%. How shall the loss of the P10,000 be distributed? a. A- P6,000; B-P4,000; C-none b. A- P3,500; B - P2,500; C- P4,000 c. A- P3,333; B- P3,333; C- P3,333 d. A- P5,000; B-P2,500; C-noneEven though abel donated P100,000 and Carr supplied P84,000 in recognised assets, Johney and Carr established a partnership and decided to distribute initial funds evenly. Carr's unidentified assets should be deducted using the bonus method approach to capital account adjustment. 46,00016,0008,0000The capital balances of the partners are presented to you before the retirement of X: X, P50,000; Y, P45,000; Z, P35,000. P/L ratio, equally. After the retirement of X, the capital balance of Z was P34,000. How much is the total capital after the retirement of X? A. P48,000 B. P80,000 C. P78,000 D. P52,000 The capital balances of the partners are presented to you before the retirement of Z: X, P60,000; Y, P55,000; Z, P45,000. P/L ratio, equally. After the retirement of Z, the capital balance of X was P57,500. How much is the capital of Y after the retirement of Z? A. P55,000 B. P57,500 C. P52,500 D. P115,000