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ACTS OF EACH PARTNER TRANSACTING BUSINESS WITH OUTSIDE ARE BINDING TO THE PARTNERSHIP
BECAUSE OF THIS CHARACTERISTICS
PARTNERS MAY BE REQUIRED TO USE PERSONAL FUNDS TO PAY PARTNERSHIP DEBTS IN CASE
PARTNERSHIP BECOOMES INSOLVENT
PARTNERS ARE CONSIDERD AS HAVING RIGHT OVER PARTNERSHIP PROPERTIES BECAUSE OF THIS
CHARACTERISTICS
A WRITTEN ARRANGMENT EMBODYING THE NATURE OF THE PARTNERSHIP THE PARTNERS AND THEIR
CONTRIBUTIONS THEIR DUTIES THE MANNER OF DISOLVING/LIQUIDATING
THIS REPRESENT INTEREST OF THE PARTNERS OVER THE NET ASSETS OF THE PARTNERSHIP IN THE
PARTNERSHIP PROFITS
THIS STATEMENT IS PREPARED TO SUMMARIZED THE CHANGES IN THE PARTNER’S CAPITAL FOR A
PARTICULAR PERIOD OF TIME
THIS STATEMENT SHOWS FINACIAL STRUCTURE OF THE FIRM BY LISTING DOWN ITS ASSTES AND
OBLIGATIONS AND THE RIGHTS OF THE PARTNERS OVER THE ASSETS.
A. TAXABLE ENTITY
B. LEGAL ENTITY
C. MUTUAL ENTITY
D. VOLUNTARY ENTITY
A BUSINESS SUCH AS A PARTNERSHIP HAS TO FILE ITS PARTNERSHIP, HAS TO FILE ITS PARTNERSHIP
AGREEMENT AND RIGESTER ITS FIRM’S NAME WITH THESE GOVERNMENT AGENCIES, EXPECT ONE.
A. TRUE
B. FALSE
A. SHARE IN PROFITS
B. RECEIVE NET ASSETS AT LIQUIDATION POINT
C. CO-MANAGE THE BUSINESS
D. TRANSFER OWNERSHIP AT WILL
A. CURRENT ASSET
B. CURRENT LIABILITY
C. PARTNER’EQUILTY
D. FIXED ASSET
A DECREASE IN THE CAPITAL OF ONE OR MORE PARTNERS WITH A CORRESPONDING INCREASE IN THE
CAPITAL OF A ANOTHER PARTNER [S], WITHOUT CASH BEING INVOLVED, IS TRANSFER OF INTERST
CALLED
A. ASSET REVALUATION
B. APPRISIAL
C. GOODWILL
D. BUNOS
A. TAXABLE ENTITY
B. CO-OWNERSHIP OF PROPERTY
C. MUTUAL AGENCY
D. VULONTARY ASSOCIATION
A. EASE OF FORMATION
B. EASE OF DECISION
C. MORE CAPITAL
D. FREDOM FROM GOVERNMENT REGULATION
A. THE PARTNER’S DRAWING ACCOUNTS ARE SHOWN IN THE STATEMENT OF FINACIAL POSITION
B. CHANGE IN PARTNER’S EQUILTY IS SHOWN IN THE INCOME STATEMENT
C. CAPITAL CONTRIBUTION OF THE PARTNERS ARE SHOWN IN THE INCOME STATEMENT
D. PROFITS SHARE OF EACH PARTNERS IS SHOWN IN THE PARTNER’S CAPITAL STATEMENT
A. 86,000
B. 83,000
C. 93,000
D. 120,000
NOYNOY INVESTED CASH OF P60,000; LAND OF 200,000 WITH AN APPRAISED VALUE OF P500,000;
STORE FURNITURE COSTING P40,000 LESS ACCUMULATED DEPRECIATION OF P10,000; MORTGAGE
NOTE HAS A BALANCE OF P15,000 PLUS ACCURED INTEREST FO SIX MONTHS AT 18%
IF THE MORTGAGE NOTE PLUS INTEREST IS TO NE ASSUMED BY THE PARTNERSHIP, NOYNOY, CAPITAL
SHOULD CREDITED FOR
A. P573,650
B. P575,000
C. P572,3000
D. P590,000
CASH – 10,000
IF THE CURRENT FAIR VALUE OF THE FURNITES AND FIXTURE IS 60,000 AND THAT OF THE
MERCHANDISE INVENTORY IS P 100,000 MAR,CAPITAL SHOULD BE CREDITED FOR
A. 232,500
B. P220,000
C. 207,500
D. 215,000
IGNORE NO,3 IF THE ACCOUNT RECEIVABLE HAS A NET REALIZABLE VALUE OF P400,000 AND THERE IS
AN ACCOUNTS PAYABLE AMOUNTING TO P600,000 HOW MUCH SHUOLD BE CRETIDED TO MAR,
CAPITAL?
A. 177,500
B. 172,500
C. 282,000
D. 232,000
DAMON AND D’CAPRIO FORMED A PARTNERSHIP WITH DAMON INVESTING CASH OF P150,000. HOW
MUCH SHOULD D’ CAPRIO INVEST FOR A 40% OWNERSHIP IN ASSETS AND PROFITS?
A. 100,000
B. 60,000
C. 225,000
D. 90,500
AMY AND CYNIA AGREED TO FORM A PARTNERSHIP. AMY’S BUSINESS WHICH AMOUNTED TO PHP
500,000 WAS AUDITED AND APPRAISED AT 75% OF ITS BOOK VALUE.
IF THEY AGREED CYNIA SHOULD INVEST CASH EQUAL TO HALF OF AMY’S INVESTMENT ,SHE SHOULD
INVEST
A. 250,000
B. 500,000
C. 375,000
D. 187,5000
IF THEY AGREED INSTEAD THAT CYNIA SHOULD INVEST P325,000 CASH AND THAT EACH PARTNER
SHOULD BE CREDITED FOR AN EQUAL SHARE BASED ON TOTAL ACTUAL CONTRIBUTION, THE
BOOKKEPER SHOULD RECOGNIZE
BILL AND GEORGE ENTER INTO A PARTNERSHIP AGREEMENT IN WHICH BILL IS TO HAVE 60% INTEREST
IN CAPITAL AND PROFITS. BILL CONTRIBUTES THE F0LLOWING:
LAND – 500,000
THERE IS A PHP 1,000,000 MORTGAGE ON THE BUILDING WHICH THE PARTNERS AGREE TO ASSUME.
GEORGE CONTRIBUTES CASH OF PHP 2,500,000 AND THE PARTNERS AGREED THAT THIS SHOULD BE HIS
CAPITAL CREDIT.
A. 5,750,000
B. 6,750,000
C. 7,083,333
D. 5,416,667
A. 5,000,000
B. 750,000
C. 1,000,000
D. ZERO
A. 3,250,000
B. 4,250,000
C. 3,750,000
D. 4,050,000
ALTENATIVELY FOR LAST PROBLEM. THE STUDENTS COULD BE REQUIRED TO PREPARE TWO ENTIES TO
RECORED THE INVESTMENTS OF BILL AND GEORGE:
IN THE ABSENCE OF AN AGREEMENT NET INCOME OR NET LOSS WILL BE DISTRIBUTED EQUALLY TO THE
PARTNERS A LIMITED PARTNER SHARES IN THE PROFITS BUT NOT IN THE LOSSES OF THE PARTNERSHIP
AN INCOME STATEMENT SHOWS THE CHANGES TAKING PLACE IN THE PARTNER’S CAPITAL ACCOUNTS
AN AGREEMENT ON HOW TO DISTRIBUTS THE PROFITS OR LOSS SHOULD BE PROVIDED IN THE ARTICLES
OF CO-PARTNERSHIP
A DEBTS BALANCE IN THE INCOME AND EXPENSE SUMMARY REPRESENTS A NET LOSS GIVING A SALARY
ALLOWANCE TO A PARTNER IS MECHANISM OF DISTRUBUTING PROFITS IN RECOGNATION OF THE
PARTNER’S INVESMENT IN CASH AND OR PROPERTY
THIS AGREEMENT IS VALID; A&B INVESTED P100,000 EACH IN THE PARTNERSHIP BUT AGREED TO
DIVIDED PROFITS AND LOSSES IN A 2;1 RATION INTEREST GIVEN TO PARTNERS BASED ON THEIR
CONTRIBUTION ARE EXPENSES SUBJECT TO TAX.
THIS PARTNER DOES NOT SHARE IN THE LOSSES INCURRED BY THE PARTNERSHIP
A. LIMITED PARTNER
B. GENERAL PARTNER
C. INDUSTRIAL PARTNER
D. CAPITALIST PARTNER
ALL EXPECT ONE, MAY BE GIVEN TO PARTNER WHETHER THE OPERATION IS NET PROFIT OR A NET LOSS
A. SALARIES
B. BUNOS
C. INTEREST
D. REGULAR DRAWING
THIS IS THE MOST EQUITABLE WAY OF DISTRBUTING PROFIT.
A. AVERAGE CAPITAL
B. BEGINNING CAPITAL
C. ENDING CAPITAL
D. ORIGINAL CAPITAL
A AND B ARE PARTNERS, BUT ONLY A IS THE MANAGING PARETNER, BOTH CONTRIBUTED EQUAL
ASSEST. THE BEST PROFIT-SHARING RATIO WILL BE
A. EQUALLY
B. SALARY TO A AND B REMAINING PROFIT TO BE SHARED EQUALLY
C. SALARY TO A REAMAINING PROFIT TO BE SHARED EQUALLY
D. 1:1 RATIO
A. ACQUISTION COST
B. FAIT MARKET VALUE HISTORICAL COST
C. BOOK VALUE
D. HISTORIVAL COST
A. CAPITIAST
B. GENERAL
C. LIMITED
D. INDUSTRIAL
A. A REALIZED AMOUNT
B. BOOK VALUE
C. GROSS AMOUNT
D. MARKET VALUE
KEITH AND TINY OPENED A RETAIL HARDWARE STORE ON DECEMBER 31, 2011. THEIR PARTNERSHIP
AGREEMENT CALLS FOR ANNUAL SALARIES TO KEITH AND TINY OF PHP 120,000 AND PHP 240,000,
RESPECTIVELY; INTEREST OF 20% ON AVERAGE INVESTMENT, REMAINING PROFIT TO BE SHARED
EQUALLY.
DURING 2012, PARTNER WAS ABLE TO WITHDRAW HIS ALLOWED SALARY EXCEPT FOR THE MONTH OF
DECEMBER. CAPITAL ACCOUNTS AT THE END OF 2012 WERE 160,000 AND 140,000 RESPECTIVELY AFTER
EACH PARTNER MADE ADDITIONAL INVESTMENT OF PHP 40,000 EACH ON JULY FOR KEITH AND
OCTOBER 1 FOR TINY.
AVERAGE INVESTING OF KEITH IS;
A. 180,000
B. 140,000
C. 150,000
D. 110,000
IF NET INCOME IS P800,000 AFTER TAX, THE SHARE OF KEITH IN THE NET INCOME IS
A. 343,000
B. 350,000
C. 342,000
D. 355,000
A. P,358,000
B. P382,000
C. P377,000
D. P423,000
A. P90,000
B. P18,000
C. 72,000
D. P66,000
A. P12,000
B. P36,000
C. (P12,00)
D. (36,000)