RAMON MAGSAYSAY MEMORIAL COLLEGES

COLLEGE OF ACCOUNTANCY
Pioneer Ave., General Santos City
Tel. No. 552-3348

Name: ______________________________ Date: ___________ Score: _____________

Subject : ACCTG 13 PRELIM QUIZ 02
Instructor: Mrs. Marivic B. Peñaflor, CPA, MBA AY: 2021-2022 1st Semester

1. In the calendar year 2020, the partnership of A and B realized a net profit of P 240,000. The capital
accounts of the partners show the following postings:

A capital B, capital
Debit Credit Debit Credit
Jan. 200,000 280,000
May1 25,000 16,000
July 1 29,000
Aug 1 18,000
Oct 1 15,000 5,000

a. If the profits are to be divided based on average capital, the share of A and B, respectively
are :
b. If 20% interest based on the capital at the end of the year is allowed and given and the balance
of the 240,000 profit is divided equally, the total share of A and B, respectively are:
c. Prepare journal entry to record the distribution of profit of each of the given case.

2. In the calendar year 2020, the partnership of Ana and Fe show the postings on their capital accounts
presented below:

Ana, capital Fe, capital

Debit Credit Debit Credit
Jan. 300,000 330,000
 June 1 24,000 50,000
August 1 45,000
Oct 1 50,000
Nov 1 30,000 22,000
A. For each of the following independent profit and loss agreement cases, prepare a schedule to
distribute profit: (5 pts each)

1. Salaries are provided to Ana of 32,000 and 23,000 to Fe. Ana receives a bonus of 5 % of profit after
bonus. Interest of 15% based on ending capital balances and remainder will be shared on the ratio of
3:2. Profit for distribution was P 600,000.
2. Ana receives a bonus of 5% of profit after bonus and salaries. Salaries are P
50,000 to Ana and 40,000 to Fe. Interest of 10% based on average capital balances and any remainder
will be divided equally. Profit for distribution was P 640,000.
3. Both Ana and Fe are given an interest of 8% based on their respective average
capital balances, salaries of P 60,000 and 80,000 are given respectively. Ana receives a bonus of 15%
of profit after interest salaries and bonus and any remainder will be divided equally. Profit for
distribution was P 550,000.

B. Prepare journal entry to record the distribution of profit of each of the given case. (2 points each)