You correctly answered 16 out of 30 questions with an accuracy of 53.33%.

You gained 460 experience points!

Question 1
Resorts Corporation operates a branch operation in a foreign country. Although this
branch deals in foreign currency (FC), the peso is viewed as its functional currency.
Thus, a remeasurement is necessary to produce financial information for external
reporting purposes. The branch began the year with 100,000 FCs in cash and no other
assets or liabilities. However, the branch immediately used 60,000 FCs to acquire
equipment. On May 1, it purchased inventory costing 30,000 FCs for cash and its sold
on July 1 for 50,000 FCs cash, The branch transferred 10,000 FCs to the parent on
October 1 and recorded depreciation on the equipment of 6,000 FCs for the year.
Currency exchange rates for 1 FC follows:

January 1 0.16
May 1 0.18
July 1 0.20
October 1 0.21
December 31 0.22
Average for the year 0.19
Which of the following items is not remeasurement using historical exchange rate under
the temporal or remeasurement method?
Retained earnings

Cost of goods sold

Accumulated depreciation on equipment

Marketable equity securities

SOLUTION:

Marketable equity securities are carried at market value and therefore translated at the
current exchange rate under temporal method or remeasurement method
Practical Accounting 2 - Foreign Currency Transactions and Translations (Difficult)

Question 2
The AA, BB and CC Partnership was formed on January 2, 2011. The original cash
investments were as follows:

AA 96,000
BB 144,000
CC 216,000
According to the general partnership contract, the partners were to be renumerated as
follows:

Salaries of P14,400 for AA, P12,000 for BB and P13,600 for CC.
Interest at 12% on the average capital account balances during the
year.
Remainder divided 40% to AA, 30% to BB and 30% for CC
Income before partners’ salaries for the year ended December 31, 2011 was P92,080.
AA invested an additional P24,000 in the partnership on July 1; CC withdrew P36,000
from the partnership on October 1; and as authorized by the partnership contract, AA,
BB and CC each withdrew P750 monthly against their shares of net income for the year.
If the salaries to partners’ are to be recognized as operating expenses by the
partnership, the capital balance of CC on December 31, 2011 is?
194,940 217,540 200,224 208,540

SOLUTION:

AA, 122,760; BB, 151,380, CC, 194,940

AA BB CC Total
Capital, January 2, 2011 96,000 144,000 216,000 456,000
Additional investments 24,000 - (36,000) (12,000)
(withdrawals)
Net income 11,760 16,380 23,940 52,080
Personal withdrawals (9,000) (9,000) (9,000) (27,000)
Capital, December 31, 2011 122,760 151,380 194,940 469,080
Practical Accounting 2 - Partnership (Average)
Question 3
How is the disposition of the remeasurement gain or loss reported on the parent
company's financial statements?
Retained earnings

Cumulative translation adjustment as a deferred asset

Cumulative translation adjustment as a deferred liability

Net income/loss on the income statement

Practical Accounting 2 - Foreign Currency Transactions and Translations (Average)

Question 4
Ricky Company operates a branch in Naga City. In December 31, 2014, the Naga
branch in the home office books showed a debit balance of P 522,110. The interoffice
accounts were in agreement at the beginning of the year. For purposes of reconciling
the interoffice accounts, the following facts were given:

 Shipments from home office to Naga branch costing P 72,500 were in transit as
of year-end. Naga recorded the said transfer twice at cost: one in December
31,2014 and the other on January 1,2015
 The home office allocated to the Naga branch 3/4 of the rent expenses it paid for
the year ended 2014. The rent expense was P 24,000. The home office sent a
debit memo to Naga for the allocated amount, but the branch recorded the said
debit memo by debiting the home office - current account and crediting rent
payable
 The branch wrote-off uncollectible accounts amounting to P 10,120. The
allowance for doubtful accounts is maintained in the books of the home office.
The home office recorded the write-off as a write-off of its own accounts
receivable
 The branch collected accounts receivable from home office's customers
amounting to
P52,920, net of 2% cash discount. The branch treated the same transaction as if it
was a collection from its own customers. The home office was not yet notified of
the said collection
It is the policy of the home office to bill its branches at 20% above cost. What is the
unadjusted balance of the home office-current in the books if Naga branch in December
31, 2014?
463,650 459,070 475,990 461,490

SOLUTION:
Branch Current- Naga Home Office
Current
Unadjusted 522,110 461,490
balance
a. - 14,500
b. - 36,000
c. (10,120) -
d. 52,920 52,920
Adjusted balance 564,910 564,910
Practical Accounting 2 - Home Office & Branch Accounting (Difficult)

Question 5
Ace purchased inventory on December 1, 2014. Payment of 200,000 foreign currencies
was to be made in sixty days. Also on December 1, Ace signed a contract to purchase
200,000 foreign currencies in sixty days. The exchange rate P1= 2.80 FC and the 60-
day forward rate was P1=2.60 FC. On December 31, the exchange rate was P1=2.90
FC and the 30-day forward rate was P1=2.62 FC. Assume an annual interest rate of
12% and a fair value hedge. The present value for one month at 12% is .9901.
In the journal entry to record the establishment of a forward exchange contract, at what
amount should the Forward Contract account be recorded on December 1?
76,923.08 0 5,549.51 71,428.57

SOLUTION:

P0, since there is no cost, there is no value for the contract at this date
Practical Accounting 2 - Derivatives (Difficult)

Question 6
DD and EE was organized and began operations on March 1, 2011. On that date, DD
invested P150,000 and EE invested land and building with current fair value of P80,000
and P100,000, respectively. EE also invested P60,000 in the partnership on November
1, 2011 because of its shortage of cash. The partnership contract includes the following
remuneration plan:

DD EE
Annual salary 18,000 24,000
Annual interest on average capital 10% 10%
balances
Remainder 60% 40%
The annual salary was to be withdrawn by each partner in 12 monthly installments.
During the fiscal year ended, February 28, 2012, DD and EE had net sales of P500,000,
cost of goods sold of P280,000 and total operating expenses of P100,000 (excluding
partners’ salaries and interest on average capital account balances). Each partner made
monthly cash drawings in accordance with their partnership contract.
The share of partner DD in the net income
46,800 72,000 66,000 58,800

SOLUTION:

DD, 58,800; EE, 61,200

DD EE Total
Salaries 18,000 24,000 42,000
Interest, 10% of ave. 15,000 20,000 35,000
capital
Balance (60%:40%) 25,800 17,200 43,000
Share in net income 58,800 61,200 120,000
Practical Accounting 2 - Partnership (Average)

Question 7
As of July 1, 2011, FF and GG decided to form a partnership. Their balance sheets on
this date are:

FF GG
Cash 15,000 37,500
 Accounts receivable 540,000 225,000
Inventory - 202,500
Machinery & equipment 150,000 270,000
Total 705,000 735,000
Accounts payable 240,000
FF, capital -
GG, capital 495,000
Total 735,000
The partners agreed that the machinery and equipment of FF is underdepreciated by
P15,000 and that GG by P45,000. Allowance for doubtful accounts is to be set up
amounting to P120,000 for FF and P45,000 for GG. The partnership agreement
provides for a profit and loss ratio and capital interest of 60% to FF and 40% to GG.
How much cash must FF invest to bring the partners’ capital balances proportionate to
their profit and loss ratio?
142,500 52,500 102,500 172,500

SOLUTION:
FF GG
Unadjusted capital 570,000 495,000
Accumulated depreciation (15,000) (45,000)
Allowance for doubtful (120,000) (45,000)
accounts
Adjusted contributed capital 435,000 405,000
GG adjusted capital 405,000
Divided by GG P&L % 40%
Total agreed capital 1,012,500
Multiplied by FF P&L % 60%
FF’s agreed capital 607,500
Less: FF’s adjusted capital 435,000
Additional cash to be invested by 172,500
FF
Practical Accounting 2 - Partnership (Difficult)

Question 8
Jason Company, a Philippine Corporation, sold inventory on credit to a Japanese
Company on April 8, 2014. Jason receives payment of 35,000 yens on May 8, 2014.
The exchange rate was P1 = Y0.65 on April 8 and P1 = Y0.70 on May 8. What amount
of foreign exchange gain or loss should be recognized? (rounded to the nearest peso)
P3,846 loss P1,750 loss P10,500 loss P10,500 gain

SOLUTION:

(35,000 yens / .65) - (35,000 yens / .70) = P3,486 loss.

Practical Accounting 2 - Foreign Currency Transactions and Translations (Average)

Question 9
On its balance sheet, a company undergoing reorganization should
report its assets at current replacement cost

report its assets at fair market value, so that financial statement users can estimate

whether creditors' claims will be met

continue to report its assets at book value

report its assets at net realizable value because there is reason to doubt that the

organization is a going concern

Practical Accounting 2 - Corporate Liquidation (Difficult)

Question 10
The PQR Partnership is being dissolved. All liabilities have been paid and the remaining
assets are being realized gradually. The equity of the partners is as follows:

Partners’ Loans to (from) Profit & Loss

Accounts partnership ratio
P 24,000 6,000 3
Q 36,000 - 3
R 60,000 (10,000) 4
The second cash payment to any partners under a program of priorities shall be made
thus:
To Q P6,000 and R P8,000 To R P8,000 To R P2,000 To Q P6,000
SOLUTION:
P Q R P Q R Total
Loans 6,000 (10,000)
Capital 24,000 36,000 60,000
Total interests 30,000 36,000 50,000
Divide by PL ratio 3/10 3/10 4/10
Loss absorption 100,000 120,000 125,000
facility
Priority 1 (5,000) 2,000 2,000
100,000 120,000 120,000
Priority 11 (20,000 (20,000) 8,000 6,000 14,000
)
100,000 100,000 100,000 - 6,000 10,000 16,000
Practical Accounting 2 - Partnership (Difficult)

Question 11
Lawyer's fees incurred during a reorganization are accounted for with a debit to
an expense

additional paid-in capital

a liability

an intangible asset, Reorganization Cost, which would normally be amortized over a

five-year period
Practical Accounting 2 - Corporate Liquidation (Difficult)

Question 12
On September 1, 2014, Ricky Company established two branches: Naga and Cebu City
branches. The home office transferred P80,000 worth of cash and P 350,000 worth of
inventory to its Naga branch and instructed Naga to transfer 3/4 of the goods and cash
received to Cebu City. In addition, on November 1, 2014, shipments from home office
were received by Naga amounting to P125,000 and the branch paid freight costs
amounting to P6,500. 3/5 of the said shipments were sold to outsiders. On December 1,
2014, Naga transferred half of the remaining November shipments from the home office
to Cebu City, with Cebu City branch paying freight costs of P 2,500. Had the
merchandise been shipped from the home office to Cebu City branch, only P 1,900
worth of freight would have been incurred. How much is the balance of the Cebu City
branch account in the home office books?
346,900 348,800 349,400 206,200

SOLUTION:
Branch Current - Naga
9/1 430,000
9/1 (322,500)
11/1 125,000
12/1 (26,300)
Balance 206,200
Branch Current - Cebu, City
9/1 322,500
12/1 24,400
Balance 346,900
Practical Accounting 2 - Home Office & Branch Accounting (Difficult)

Question 13
USC, a nonprofit university, received the following cash contributions from donors during
the year 2014:

Unrestricted contributions 250,000

Contributions restricted by donors for scholarship programs 100,000
Contributions from a donor who stipulated that the money be spent 75,000
in
accordance to the wishes of the hospital’s board of trustees
Contributions restricted by donors for equipment acquisitions 125,000
Assuming the university spent P 75,000 of the donors' contributions for scholarship
programs on financing this year' scholars, how much should be included in its current
funds revenue for the year ended December 31, 2014?
400,000 250,000 350,000 325,000
SOLUTION:
Unrestricted contributions 250,000
Contributions from a donor who stipulated that the money be spent
in accordance to he wishes to the hospital’s board of trustees 75,000
Contributions used for scholarship 75,000
Current fund revenue 400,000
Practical Accounting 2 - Not for Profit Organizations (Difficult)

Question 14
What information is conveyed by the Statement of Realization and Liquidation?
Account balances reported by the company at the date of the filing of the bankruptcy

petition
Recognition of recorded liabilities

Cash receipts generated by the sale of the debtor's property

Write up of assets

Practical Accounting 2 - Corporate Liquidation (Difficult)

Question 15
Assuming all of the following expenses have priority, in what order are they prioritized?
Unpaid taxes, administrative expenses, employee claims for wages, return of

customer deposits
Unpaid taxes, return of customer deposits, employee claims for wages,

administrative expenses
Employee claims for wages, unpaid taxes, administrative expenses, claims for the

return of customer deposits

Administrative expenses, employee claims for wages, claims for the return of

customer deposits, unpaid taxes

Practical Accounting 2 - Corporate Liquidation (Difficult)

Question 16
Henry Company had the following amounts for its assets, liabilities, and stockholders'
equity accounts just before filing a bankruptcy petition and requesting liquidation:

Net
Book value realizable
value
Cash 10,000 10,000
Accounts receivable 100,000 60.000
Inventory 350,000 350,000
Land 110,000 75,000
Building and equipment 700,000 300,000
Accounts payable 100,000 -
Salaries payable 75,000 -
Notes payable (secured by inventory) 300,000 -
Employees’ claims for contributions to pension 10,000 -
plans
Taxes payable 80,000 -
Liability for accrued expenses 20,000 -
Bonds payable 500,000 -
Common stock 200,000 -
Additional paid-in capital 100,000 -
Retained earnings (deficit) (115,000) -
Of the salaries payable, P35,000 was owed to an officer of the company. The remaining
amount was owed to salaried employees who had not been paid within the previous 80
days: John Webb was owed P10,600, Samantha Jones was owed P15,000, Sandra
Johnson was owed P11,900, and Dennis Roberts was owed P2,500. The maximum
owed for any one employee's claims for contributions to benefit plans was P800.
Estimated expense for administering the liquidation amounted to P40,000.
What amount would the company would have been expected to pay for every dollar of
unsecured liability without priority?
.40 .60 .75 .50

SOLUTION:
Free assets P495,000 – Priority claims P165,000 = Free assets available P330,000.
P330,000/P660,000 unsecured liab. = P.50
Practical Accounting 2 - Corporate Liquidation (Difficult)

Question 17
TD decided to withdraw from his partnership with SM and MR. Before his withdrawal,
TD's capital balance was P 58,000, while SM's was P64,000 and MR's was P77,000.
Also, the partnership's total assets amounted to P 450,000, but the partners agreed that
a fixed asset was under depreciated by P15,000. TD, SM and MR share profits and
losses in the ratio of 2:4:4, respectively. If TD was paid P53,200 upon his retirement,
how much is the remaining partnership net assets after TD's withdrawal?
182,800 197,800 160,800 130,800

SOLUTION:
Net assets before TD’s withdrawal (450,000 - 199,000
251,000)
Adjustment for depreciation (15,000)
Net assets, adjusted 184,000
Payment to TD (53,200)
Share in profit 130,800
Practical Accounting 2 - Partnership (Difficult)

Question 18
John Corporation owned a subsidiary in France. John concluded that the subsidiary's
functional currency was the U.S. dollar.
Which one of the following statements would justify this conclusion?
John's functional currency is the dollar and John is the parent

John's other subsidiaries all had the dollar as their functional currency

Most of the subsidiary's sales and purchases were with companies in the U.S
 Generally accepted accounting principles require that the subsidiary's functional

currency must be the dollar if consolidated financial statements are to be prepared

Practical Accounting 2 - Foreign Currency Transactions and Translations (Difficult)

Question 19
The home office in Mandaluyong shipped merchandise costing P21,690 to Caloocan
branch and paid for the freight charges of P3,980. Caloocan branch was subsequently
instructed to transfer the merchandise to Manila Branch wherein Manila branch paid for
P1,250 freight. If the shipment was made directly from Mandaluyong to Manila, the
freight cost would have been P5,500.
As a result of the interbranch transfer of merchandise, which of the following statements
is wrong?
The Home Office will debit excess freight of P270

The Caloocan branch will debit the amount of P25,670 to Home Office Current

account
The Manila branch will debit freight-in amounting toP5,500

The Manila branch will credit the amount of P25,940 to Home Office Current

account
Practical Accounting 2 - Home Office & Branch Accounting (Average)

Question 20
The Kareen Company owns 75% of The Goldy Company. The following figures are from
their separate financial statement:

Kareen Trade receivable P 1,040,000, including P 30,000 due from

Goldy.
Goldy Trade receivable P 215,000, including P 40,000 due from
Kareen.
Under PAS 27 Consolidated and separate financial statements, what figure should
appear for trade receivables in Kareen’s consolidated statement of financial position?
 1,215,000 1,185,000 1,235,000 1,255,000

SOLUTION:
Kareen’s trade receivable 1,040,000
Goldy’s trade receivable 215,000
Total 1,225,000
Less: Intercompany receivable (due from (30,000)
Goldy)
Intercompany receivable (due from Kareen) (40,000)
Consolidated trade receivables 1,185,000
Practical Accounting 2 - Consolidation After Acquisition (Difficult)

Question 21
The Brown Company acquired 80% of the Ayannah Company for a consideration
transferred of P100 million. The consideration was estimated to include a control
premium of P24 million. Ayannah’s net assets were P85 million at the acquisition date.
Are the following statements true of false, according to PFRS 3 Business
Combinations?

Goodwill should be measured at P32 million if the non-controlling interest is

measured at its share of Local’s net assets
Goodwill should be measured at P34 million if the non-controlling interest is
measures at fair value?
False, True True, True True, False False, False

SOLUTION:
1 NCI measured at its share of net assets (partial Goodwill)
Consideration transferred 100,000,000
Less: FV of identifiable net assets of Ayannah (80% x P85 68,000,000
million)
Goodwill (partial) 32,000,000
2 NCI measured at its fair value (Full Goodwill)
Consideration transferred 100,000,000
FV of NCI [(P100 million - P24 million = P76 million /80%
= P95million] x 20% 19,000,000
Fair value of Subsidiary 119,000,000
 Less: FV of identifiable net assets of Oak 85,000,000
Goodwill (full) 34,000,000
Under PFRS 3 par. 32, Goodwill is measured at the consideration transferred plus the
non-controlling interest (however measured) less net assets acquired. The non-
controlling interest may be measured at its share of net assets or fair value, per PFRS
S3 par 19
Practical Accounting 2 - Business Combination (Difficult)

Question 22
Spiralling crude oil prices prompted Bryan Company to purchase call options on oil as a
price-risk-hedging device to hedge the expected increase in prices on an anticipated
purchase of oil. On November 30, 2014, Bryan purchases call options for 20,000 barrels
of oil at P100 per barrel at a premium of P4 per barrel, with a February 1, 2015, call
date. The following is the pricing information for the term of the call:

exchange future price (Feb.1, 2015)

price
November 30, 100 101
2014
December 31, 105 106
2014
February 1, 2015 110 -
Time Value Intrinsic Value Fair Value
November 30, 2014 80,000 - 80,000
December 31, 2014 80,000 100,000 130,000
February 1, 2015 - 200,000 200,000
On February 1, 2015, Bryan sells the options at their value on that date and acquires
20,000 barrels of oil at the exchange price. On April 1, 2015. Bryan sells the oil for P112
per barrel.
Which of the following adjusting entries would be required on December 31, 2014?
Loss on hedge activity (30,000); Purchase call options (30,000)

Loss on hedge activity (100,000); Purchase call options (100,000)

Loss on hedge activity (50,000); Purchase call options (50,000)

 Loss on hedge activity (80,000); Purchase call options (80,000)

SOLUTION:

change in time value: P80,000 - P30,000 = P50,000

Practical Accounting 2 - Derivatives (Difficult)

Question 23
A net asset balance sheet exposure exists and the foreign currency depreciates. Which
of the following statements is true?
There is a transaction gain

There is a positive translation adjustment

There is no translation adjustment

There is a negative translation adjustment

Practical Accounting 2 - Foreign Currency Transactions and Translations (Average)

Question 24
How should a company undergoing reorganization report the gains and losses resulting
from the reorganization?
on the income statement, combined with the gains and losses from operations

on the income statement, separate from other gains and losses

on the statement of retained earnings

on the statement of cash flows

Practical Accounting 2 - Corporate Liquidation (Difficult)

Question 25
Jason Corporation about to be liquidated, has the following amounts for its assets and
liabilities:

Book Net realizable value

value
Current assets 200,000 140,000
Land 70,000 100,000
Building 500,000 350,000
Equipment 300,000 160,000
Accounts payable 240,000 -
Income taxes payable 60,000 -
Mortgage payments 510,000 -
Note payable 80,000 -
The mortgage is secured by the land and building, and the note payable is secured by
the equipment. Jason expects that the expenses of administering the liquidation will total
P40,000
How much should Jason expect to pay on the accounts payable?
128,000 120,000 240,000 96,000

SOLUTION:

Free assets P220,000 - priority claims P100,000 = P120,000 P120,000/P300,000

unsecured = payment of 40% on unsecured dollars. 40% x P240,000 A/P = P96,000
Practical Accounting 2 - Corporate Liquidation (Difficult)

Question 26
The Joanne Company own 65% of The Mary Company. On December 31, 2012, the
last day of the accounting period, Joanne sold to Mary a noncurrent asset for P1,000.
The asset’s original cost was P2,500 and on December 31, 2012 its carrying amount in
Joanne’s book was P800. The group’s consolidated statement of financial position has
been drafted without any adjustments in relation to this non-current asset.
Under PAS 27 Consolidated and Separate Financial Statements, what adjustments
should be made to the consolidated statement of financial position figures for non-
current assets and non-controlling interest?
 Non-current assets (increase by P1,500); Non-controlling Interest (no change)

Non-current assets (reduced by P200); Non-controlling Interest (no change)

Non-current assets (increase by P1,500); Non-controlling Interest (reduce by P70)

Non-current assets (increase by P1,500); Non-controlling Interest (increase by

P525)

SOLUTION:
Downstream sales:
Selling price of non-current asset 1,000
Less: Book/ carrying value, date of sale 800
Gain on intercompany sale 200
Incidentally, the eliminating entry (assuming books are already closed) would be as
follows:

Retained earnings - Parent (100% x 200) 200

Non-current asset 200
Practical Accounting 2 - Consolidation After Acquisition (Difficult)

Question 27
Hamon, Ltd. is a Thailand subsidiary of a Philippines Company. Hamon’s functional
currency is not the currency of a hyperinflationary economy (or using the current rate
method). The following exchange rates were in effect during 2014:

January 1 .625 baht

June 30 .610 baht
December 31 .620 baht
Weighted average rate for the year .630 baht
Hamon reported sales of 1,500,000 baht during 2014. What amount (rounded) would
have been included for this subsidiary in calculating consolidated sales?
2,380,952 2,429,150 2,400,000 2,419,355

SOLUTION:
1,500,000 baht / .630 baht, the average rate (historical rate is not practicable because
the data of sales per transaction were not given) = P2,380,952
Practical Accounting 2 - Foreign Currency Transactions and Translations (Difficult)

Question 28
Which of the following are given as reasons for the high level of merger activity in the
world?
Reduction in competition resulting from mergers

Attempts to stabilize earnings by diversifying

Synergistic benefits arising from mergers

Reduction in competition resulting from mergers and Synergistic benefits arising

from mergers are correct

Practical Accounting 2 - Business Combination (Difficult)

Question 29
Ven issues common stock to acquire all the assets of the Dennis Company on January
1, 20X5. There is a contingent share agreement, which states that if the income of the
Dennis Division exceeds a certain level during 20X5 and 20X6, additional shares will be
issued on January 1, 20X7. The impact of issuing the additional shares is to
record additional goodwill

have no effect on asset values, but to reassign the amounts assigned to equity

accounts.
reduce retained earnings

increase the price assigned to fixed assets.

Practical Accounting 2 - Business Combination (Difficult)

Question 30
The AA, BB and CC Partnership was formed on January 2, 2011. The original cash
investments were as follows:

AA 96,000
BB 144,000
CC 216,000
According to the general partnership contract, the partners were to be renumerated as
follows:

Salaries of P14,400 for AA, P12,000 for BB and P13,600 for CC.
Interest at 12% on the average capital account balances during the
year.
Remainder divided 40% to AA, 30% to BB and 30% for CC
Income before partners’ salaries for the year ended December 31, 2011 was P92,080.
AA invested an additional P24,000 in the partnership on July 1; CC withdrew P36,000
from the partnership on October 1; and as authorized by the partnership contract, AA,
BB and CC each withdrew P750 monthly against their shares of net income for the year.
The capital balance of CC on December 31, 2011
200,224 198,624 208,540 217,540

SOLUTION:

AA, 26, 160; BB, 28,380, CC, 37,540

AA BB CC Total
Salaries 14,400 12,000 13,600 40,000
Interest 12% of ave. 12,960 17,280 24,840 55,080
capital
Balance (4:3:3) (1,200) (900) (900) (3,000)
Share in net income 26,160 28,380 37,540 92,080
Practical Accounting 2 - Partnership (Average)