Partnership and Corporation Quiz

No. 2
Distribution of Profits and Losses
Quiz Proper.  Multiple Choice.  Select the best answer.
Good luck!  Select the best answer.
3.For the year ended 2021, the partnership of Arnel, Brent, Charles and David
made P1,000,000 profit.  The agreement provides for 10% interest on average
capital balances; monthly salary P15,000 for each partner; 10% bonus before
interest, salary and bonus to Arnel; and any remaining profit is to be divided in
the ratio 2::2:3:3.  The average capital during the year are P100,000; P250,000;
P350,000; P300,000, respectively.  How much is Arnel's share in the partnership
profits?
P240,200
P260,200
P276,800
P306,000
None of the above
4.For the year ended 2021, the partnership of Arnel, Brent, Charles and David
made P1,000,000 profit.  The agreement provides for 10% interest on ending
capital balances; monthly salary P15,000 for each partner; 10% bonus before
interest, salary and bonus to Arnel; and any remaining profit is to be divided in
the ratio 2::2:3:3.  The ending capital during the year are P100,000; P250,000;
P350,000; P300,000, respectively.  What is Brent's ending capital after distribution
of profits?
P406,000
P441,200
P471,000
P487,400
None of the above
5.For the year ended 2021, the partnership of Anne, Bea, Carla and Diane made
P1,000,000 profit.  The agreement provides for 10% interest on average capital
balances; monthly salary P15,000 for each partner; 10% bonus before interest,
salary and bonus to Anne; and any remaining profit is to be divided in the ratio
2::2:3:3.  The average capital during the year are P100,000; P250,000; P350,000;
P300,000, respectively, while the ending capital balances are P150,000; P200,000;
P400,000; P250,000, respectively.  What is Carla's ending capital after distribution
of profits?
P589,000
P639,000
P663,600
P676,800
None of the above
6.For the year ended 2021, the partnership of Anne, Bea, Carla and Diane made
P300,000 loss.  The agreement provides for 10% interest on average capital
balances; monthly salary P15,000 for each partner; 10% bonus before interest,
salary and bonus to Anne; and any remaining profit is to be divided in the ratio
2::2:3:3.  The average capital during the year are P100,000; P250,000; P350,000;
P300,000, respectively, while the ending capital balances are P150,000; P200,000;
P400,000; P250,000, respectively.  What is Diane's ending capital after distribution
of loss?
P124,000
P157,000
P174,000
P184,000
None of the above
7.For the year ended 2021, the partnership of Anne, Bea, Carla and Diane made
P300,000 loss.  The agreement provides for 10% interest on average capital
balances; monthly salary P15,000 for each partner; 10% bonus after salary, before
interest and bonus to Anne; and any remaining profit is to be divided in the ratio
2::2:3:3.  The average capital during the year are P100,000; P250,000; P350,000;
P300,000, respectively, while the ending capital balances are P150,000; P200,000;
P400,000; P250,000, respectively.  What is Anne's ending capital after distribution
of loss?
P  66,000
P116,000
P124,000
P174,000
None of the above