Professional Documents
Culture Documents
11-12. This represents interest of the partners 21-22. Upon the partnership’s formation, the
over the net assets of the partnership. respective capital of partners Joe and Peter would
a. Partner’s Liability c. Partner’s Asset be?
b. Partner’s Equity d. Neither a, b nor c a. P592,000 & P750,000
b. P620,000 & P800,000
13-14. Investment in properties are recorded in c. P592,000 & P800,000
the partnership books at this value d. P520,000 & P750,000
a. Market Value c. At Cost
b. Carrying Value d. Book Value
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23-24. Under Bonus Method, if the partners 33-34. If the Average Capital ratio is to be used,
agreed to have a capital ratio of 40:60 for Joe how much will be the amount distributed to
and Peter respectively, how much is the amount Muning?
of bonus to or (from) Joe? a. 200,000 c. P220,274.91
a. 55,200 bonus to Joe b. P202,247.19 d. P262,921.35
b.(P55,200) bonus from Joe
c. P79,000 bonus to Joe For questions no. 35-42. James and Anthony
d. (P79,000) bonus from Joe with capital contributions of P300,000 and
P500,000 respectively, agreed on the following
25-26. Under Bonus method, if the partners division of profit or loss: 15% interest on capital
agreed to have a capital ratio of 40:60 for Joe contributions; Salaries of P10,000 per month for
and Peter respectively, how much is the adjusted James and the remaining balance will be divided
capital of Peter? using partner’s capital balances.
a. P805,200 c. P592,000
b. P750,000 d. P536,800 35-36. How much is the amount distributed to
James if the partnership’s net income is
27-28. Under Goodwill method, if the partners P476,000?
agreed that Joe’s capital will represent 45%, how a. P88,500 c. P236,000
much will be the partnership’s Total Agreed b. P253,500 d. P222,500
Capital?
a. P1,315,555.56 c. P1,454,545.45 37-38. How much is the amount distributed to
b. P1,377,777.78 d. P1,363,636.36 Anthony if the partnership’s net income is
P100,000?
For questions no. 29-34. FCM Partnership a. P87,500 c. (P52,500)
earned a net income of P600,000 at the end of b. P112,500 d. (P12,500)
the year. The articles of co-partnership provided
the partners agreement for dividing the result of 39-40. How much is the amount to be shoulder
operation base on Capital Ratio. Ledger balances by James to meet the agreed minimum profit
showed the following transactions pertaining to share for Anthony worth P25,000 if the
their capital accounts: partnership’s net income is P50,000?
Frey: Jan. 1 = P300,000 Cr.; a. P71,250 c. P25,000
Jun. 30 = P100,000 Dr. b. P68,750 d. P67,850
Christine: Jan. 1 = P450,000 Cr.;
Oct. 1 = P150,000 Cr. 41-42. If the result of the operation is P300,500
Muning: Jan. 1 = P250,000 Cr.; net loss, and the partners agreed that James will
Mar. 1 = P150,000 Cr. receive 20% of operation’s result as Bonus before
deducting interest, bonus but after salary, how
29-30. If the Beginning Capital ratio is to be much will be the bonus for James?
used, how much will be the amount distributed to a. P36,100 c. P0
Frey? b. P60,100 d. Neither a,b nor c
a. P150,000 c. P100,000
b. P175,000 d. P180,000 For questions no. 43-46. Isko and Moreno
share profits and losses in a ratio of 2:3, Isko
31-32. If the Ending Capital ratio is to be used, and Moreno receive salary for P30,000 and
how much will be the amount distributed to P60,000 respectively and both partners receive
Christine? 10% interest based upon the balance in their
a. P180,000 c. P300,000 capital accounts on January 1. Partner’s drawings
b. P270,000 d. Neither a nor b are not used in determining the average capital
balances. Total net income for 2019 is P180,000.
If net income after deducting the interest and
salary allocations is more than P60,000, Moreno
will receive a bonus of 5% of the original amount
of net income.
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43-44. How much is the cumulative amount of 49-50. Assume that the previous number takes
Salaries, Interest and Bonus and how much is the place, how much is the ending balance of Rodrigo
remaining balance allocated to Isko and Moreno? and Duterte respectively?
a. P180,000 and P0 a. P650,000 and P450,000
b. P240,000 and P60,000 b. P700,000 and P550,000
c. P249,000 and P0 c. P650,000 and P400,000
d.P249,000 and P69,000 d. Neither a, b nor c
45-46. If the partnership experienced a net loss “Whenever someone has a ready heart for
of P60,000 for the year, what will be the final net this, the insights and understanding flows
amount of profit or loss closed to each partner’s freely. But if there is no readiness, any trace
capital account? of receptivity soon disappears.”
a. (P90,000) to Isko and P30,000 to Moreno – Mat. 13:12 (MSB)
b. (P30,000) to Isko and (P30,000) to Moreno
c. (P24,000) to Isko and (P36,000) to Moreno +++ Nothing Follows +++
d. P30,000 to Isko and (P90,000) to Moreno