Partnership and Corporation Quiz No.

3
Required
Quiz Proper.  Multiple Choice.  Select the best answer.
Good luck!  Honesty is the best policy!
3.On January 1, 2022, partners Lorenz, Eve, Allen and Pia have decided to admit
Denise as a new partner.  Denise will purchase 50% interest of Pia for P500,000. 
Before the admission of Denise, the old partners have capital balances P300,000;
350,000; P450,000; and P500,000; respectively, and shares profits and losses
equally.  What is the amount of partnership equity after admission of Denise?
(2 Points)
P2,100,000
P1,850,000
P1,600,000
P1,100,000
None of the above
4.On June 30, 2022, partners Peña, Apostol, Capili and Esguerra agreed to admit
Torralba as new partner who will purchase 100% interest of Esguerra for
P500,000.  The capital balances before admission of Torralba and distribution of
profit were P300,000; 250,000; 300,000; and 350,000, respectively.  The old
partnership shares profit and losses equally.  In the new partnership, partners
agreed to share profits and losses equally.  During 2022, partnership profit is
P1,000,000 accrued/earned evenly during the year.  What is the capital balance of
Torralba at end of 2022?
(2 Points)
P750,000
P625,000
P600,000
P475,000
None of the above
5.On June 30, 2022, partners Paraiso, Ocampo, Liwanag and Eusebio agreed to
admit Luna as new partner who will purchase 100% interest of Eusebio for
P500,000.  The capital balances before admission of Luna and distribution of
profit were P300,000; 250,000; 300,000; and 350,000, respectively.  The old
partnership shares profit and losses equally.  In the new partnership, partners
agreed to share profits and losses according to capital balances at June 30, 2022. 
During 2022, partnership profit is P1,000,000 accrued/earned evenly during the
year.  What is the capital balance of Liwanag at end of 2022?
(2 Points)
P614,706
P550,000
P500,000
P485,294
None of the above
6.On July 1, 2022, partners Palma, Arellano, Luig and Macapagal agreed to admit
Antasuda who will invest P500,000, representing 20% interest in the new
partnership.  Before the admission of Antasuda in the partnership, the capital
balances were P300,000; P250,000; P300,000 and P350,000, respectively.  The old
partners share profits and losses equally.  The new partnership shares profits and
losses equally.  For the year ended December 31, 2022, the partnership profit
P1,000,000 was earned evenly.  What is the capital balance of Antasuda at end of
December 31, 2022? 
(2 Points)
P660,000
P600,000
P590,000
P540,000
None of the above
7.On July 1, 2022, partners Martinez, Aguion, Zablan and Esguerra agreed to
admit Danay who will invest P500,000, representing 30% interest in the new
partnership.  Before the admission of Danay in the partnership, the capital
balances were P300,000; P250,000; P300,000 and P350,000, respectively.  The old
partners share profits and losses in the ratio 3:1:3:3, respectively.  The new
partnership of Martinez, Aguion, Zablan, Esguerra and Danay shares profits and
losses in the ratio 2:2:2:3:3, respectively.  For the year ended December 31, 2022,
the partnership profit P1,000,000 was earned evenly.  What is the capital balance
of Martinez at end of December 31, 2022? 
(2 Points)
P367,333
P485,334
P577,000
P785,000
None of the above