Question 1

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In the JAC partnership, Jay's capital is Php80,000, Antz's is
Php75,000, and Chris's is Php50,000. They share income in
a 3:2:1 ratio, respectively. Chris is retiring from the
partnership.Chris is paid Php60,000, and no goodwill is
recorded. What is the Jay's capital balance after Chris
withdraws from the partnership?
Question 1Select one:
Php86,000
Php71,000
Php75,000
Php74,000
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The correct answer is: Php74,000
Question 2
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In the JAC partnership, Jay's capital is Php80,000, Antz's is
Php75,000, and Chris's is Php50,000. They share income in
a 3:2:1 ratio, respectively. Chris is retiring from the
partnership. Chris is paid Php60,000, and no goodwill is
recorded. In the journal entry to record Chris's withdrawal:
Question 2Select one:
Chris, Capital will be credited for Php60,000.
Jay, Capital will be debited for Php5,000.
Cash will be debited for Php60,000.
Antz, Capital will be debited for Php4,000.
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The correct answer is: Antz, Capital will be debited for Php4,000.
Question 3
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Ella and Felise's capital are 600,000 and 480,000
respectively Profit Share Ratio 7:3. Therese directly
purchased a 1/3 interest by paying Ella 195,000 and Felise
225,000. The land account is increased by 180,000 before
Therese is accepted.
What is the capital of Felise after admitting Therese?
Question 3Select one:
P420,000
P484,000
P300,000
P356,000
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The correct answer is: P356,000
Question 4
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
David directly purchases a one-fifth interest by paying
Adam Php34,000 and David Php10,000. The land account
is increased before David is admitted. What are the capital
balance of Adam after David is admitted into the
partnership?
Question 4Select one:
Php 170,000
Php 160,000
Php 136,000
Php 140,000
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The correct answer is: Php 170,000
Question 5
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
Assume that David invests Php50,000 for a one-fourth
interest. Goodwill is to be recorded. The journal to record
David's admission into the partnership will include:
Question 5Select one:
a credit to David, Capital for Php60,000.
a credit to cash for Php50,000.
a debit to goodwill for Php7,500.
a credit to David, Capital for Php50,000.
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The correct answer is: a credit to David, Capital for Php60,000.
Question 6
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If Rainier retired and received P41,000, by how much will
the adjusted capital of Raymond be higher or (lower) than
Roy under specific revaluation of asset method (specific
revaluation)?
Question 6Select one:
P3,500
P(5,250)
P(3,500)
P-0-
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The correct answer is: P(3,500)
Question 7
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If Rainier retired and received P41,000, by how much will
the adjusted capital of Roy be under specific revaluation of
asset method (specific revaluation)?
Question 7Select one:
P83,500
P87,000
P91,000
P77,000
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The correct answer is: P87,000
Question 8
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In the JAC partnership, Jay's capital is Php80,000, Antz's is
Php75,000, and Chris's is Php50,000. They share income in
a 3:2:1 ratio, respectively. Chris is retiring from the
partnership.Chris is paid Php56,000, and all implied
goodwill is recorded. What is the total amount of goodwill
recorded?
Question 8Select one:
Php36,000
Php6,000
Php30,000
Php-0-
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The correct answer is: Php36,000
Question 9
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Partners Thessa and Minnie capital are 480,000 and
520,000 respectively. They share profit and loss equally in
their merchandising business. After admitting Nikki, they
agreed to have a total capital of P 2,500,000. The new
partner invested P 500,000 for 30% interest in the business.
What is the capital of Thessa after admitting Nikki?
Question 9Select one:
P855,000
P750,000
P500,000
P895,000
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The correct answer is: P855,000
Question 10
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If Rainier retired and received P43,500, by how much will
the adjusted capital of Roy under revaluation of the asset
method be traceable to the entire entity (full revaluation)?
Question 10Select one:
P86,250
P77,000
P 93,500
P87,250
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The correct answer is: P 93,500
Question 11
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Partners Thessa and Minnie capital are 480,000 and
520,000 respectively. They share profit and loss equally in
their merchandising business. After admitting Nikki, they
agreed to have a total capital of P 2,500,000. The new
partner invested P 500,000 for 30% interest in the business.
How much is the amount of Bonus to or (from) Minnie?
Question 11Select one:
P(250,000)
P-0-
P(125,000)
P125,000
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The correct answer is: P(125,000)
Question 12
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Ella and Felise's capital are 600,000 and 480,000
respectively Profit Share Ratio 7:3. Therese directly
purchased a 1/3 interest by paying Ella 195,000 and Felise
225,000. The land account is increased by 180,000 before
Therese is accepted.What is the capital of Ella after
admitting Therese?
Question 12Select one:
P356,000
P300,000
P420,000
P484,000
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The correct answer is: P484,000
Question 13
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If A is the total capital of a partnership before the
admission of a new partner, B is the total capital of the
partnership after the admission of the new partner, C is the
amount of the new partner's investment, and D is the
amount of capital credited to the new partner, then there is:
Question 13Select one:
goodwill to the new partner if B > (A + C) and D < C.
neither bonus nor goodwill if B > (A + C) and D > C.}
a bonus to the new partner if B = A + C and D > C.
goodwill to the old partners if B = A + C and D > C.
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The correct answer is: a bonus to the new partner if B = A + C and D > C.
Question 14
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Mark, Matthew and John are partners with capital balances
of P448,000, P1,560,000 and P680,000 respectively,
sharing profit and losses of 6:4:2. Luke is admitted as a
new partner bringing with him expertise and is to invest
cash for a 25% interest in the partnership, which includes a
credit of P 420,000 bonus upon his admission.
How much should be credited to Luke capital?
Question 14Select one:
P756,000
P3,024,000
P336,000
P420,000
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The correct answer is: P756,000
Question 15
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
David invests Php50,000 for a one-fifth interest. What
amount of goodwill will be recorded?
Question 15Select one:
Php15,000
Php20,000
Php4,000
Php40,000
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The correct answer is: Php20,000
Question 16
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If Rainier retired and received P38,500 as a retirement
price, how much will be the bonus to or (from) Raymond?
Question 16Select one:
P1,000
(P1,000)
(P500)
P500
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The correct answer is: (P500)
Question 17
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
What amount will David have to invest to give him one-
fifth percent interest in the capital of the partnership if no
goodwill or bonus is recorded?
Question 17Select one:
Php60,000
Php36,000
Php45,000
Php50,000
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The correct answer is: Php45,000
Question 18
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Partners Thessa and Minnie capital are 480,000 and
520,000 respectively. They share profit and loss equally in
their merchandising business. After admitting Nikki, they
agreed to have a total capital of P 2,500,000. The new
partner invested P 500,000 for 30% interest in the business.
What is the capital of Minnie after admitting Nikki?
Question 18Select one:
P855,000
P895,000
P500,000
P750,000
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The correct answer is: P895,000
Question 19
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Mark, Matthew and John are partners with capital balances
of P448,000, P1,560,000 and P680,000 respectively,
sharing profit and losses of 6:4:2. Luke is admitted as a
new partner bringing with him expertise and is to invest
cash for a 25% interest in the partnership, which includes a
credit of P 420,000 bonus upon his admission.
How much cash should Luke contribute?
Question 19Select one:
P336,000
P420,000
P756,000
P3,024,000
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The correct answer is: P336,000
Question 20
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
David directly purchases a one-fifth interest by paying
Adam Php34,000 and David Php10,000. The land account
is increased before David is admitted. What are the capital
balances of David after being admitted into the partnership?
Question 20Select one:
Php 50,000
Php 34,000
Php 40,000
Php 60,000
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The correct answer is: Php 50,000
Question 21
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
David invests Php40,000 for a one-fifth interest in the total
capital of Php220,000. The journal to record David's
admission into the partnership will include:
Question 21Select one:
a credit to David, Capital for Php40,000.
a credit to Cash for Php40,000.
a debit to Adam, Capital for Php3,000.
a credit to David, Capital for Php1,000.
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The correct answers are: a debit to Adam, Capital for Php3,000., a credit to
David, Capital for Php1,000.
Question 22
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The total capital of partners before recognition of
partnership asset revaluation in preparation for the
withdrawal of a partner whose percentage P/L sharing is
25%, amounted to P385,000. He was paid P98,000 by the
firm in the final settlement for his interest. The remaining
partner's capital account, excluding their share of asset
revaluation totaled P315,000. How much is the total
adjusted capital of the remaining partners?
Question 22Select one:
P500,000
P399,000
P497,000
P385,000
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The correct answer is: P399,000
Question 23
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
Adam and David agree that some of the inventory is
obsolete. The inventory account is decreased before David
is admitted. David invests Php40,000 for a one-fifth
interest. What are the capital balance of David in the
partnership?
Question 23Select one:
Php 36,000
Php 40,000
Php 35,000
Php 39,000
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The correct answer is: Php 35,000
Question 24
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
David invests Php40,000 for a one-fifth interest in the total
capital of Php220,000. What are the capital balances of
David after being admitted into the partnership?
Question 24Select one:
Php 39,000
Php 60,000
Php 36,000
Php 40,000
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The correct answer is: Php 39,000
Question 25
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
Adam and David agree that some of the inventory is
obsolete. The inventory account is decreased before David
is admitted. David invests Php40,000 for a one-fifth
interest. What are the capital balance of Adam after David
is admitted into the partnership?
Question 25Select one:
Php 125,000
Php 140,000
Php 137,000
Php 120,000
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The correct answer is: Php 125,000
Question 26
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Vann and Jhane capital are P480000 and P520,000
respectively. Profit sharing ratio is 4:6. Tin invested
P500,000 for a 30% interest in the partnership. What is the
capital of Tin after admission?
Question 26Select one:
P500,000
P550,000
P520,000
P450,000
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The correct answer is: P450,000
Question 27
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The total capital of partners before recognition of
partnership asset revaluation in preparation for the
withdrawal of a partner whose percentage P/L sharing is
25%, amounted to P385,000. He was paid P98,000 by the
firm in the final settlement for his interest. The remaining
partner's capital account, excluding their share of asset
revaluation totaled P315,000. How much is the amount of
full revaluation of the firm as agreed by the partners?
Question 27Select one:
P84,000
P70,000
P112,000
P28,000
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The correct answer is: P112,000
Question 28
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Vann and Jhane capital are P480000 and P520,000
respectively. Profit sharing ratio is 4:6. Tin invested
P500,000 for a 30% interest in the partnership. What is the
capital of Vann after admitting Tin?
Question 28Select one:
P500,000
P550,000
P480,000
P520,000
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The correct answer is: P500,000
Question 29
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
Adam and David agree that some of the inventory is
obsolete. The inventory account is decreased before David
is admitted. David invests Php40,000 for a one-fifth
interest. What is the amount of inventory written down?
Question 29Select one:
Php4,000
Php10,000
Php15,000
Php20,000
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The correct answer is: Php20,000
Question 30
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In the AD partnership, Adam's capital is Php140,000 and
David's is Php40,000 and they share income in a 3:1 ratio,
respectively. They decide to admit David to the partnership.
David directly purchases a one-fifth interest by paying
Adam Php34,000 and David Php10,000. The land account
is increased before David is admitted. By what amount is
the land account increased?
Question 30Select one:
Php40,000
Php10,000
Php20,000
Php36,000
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The correct answer is: Php40,000