Question 1

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Aldrin, Benny and Carlo, new CPAs, are to form a
partnership Aldrin will contribute cash of P50,000 and is
computer that originally cost P60,000 but with a second-
hand value of P25,000. Benny will contribute P80,000 in
cash. Carlo, whose family sells computers, will contribute
P25,000 in cash and a brand-new computer with printer that
cost his family's computer dealership P50,000 but with a
regular selling price of P60,000. The three agree to share
profits and losses equally. Upon formation, capital balances
are Aldrin; Benny; Carlo
Question 1Select one:
75,000 80,000 85,000 correct
110,000 80,000 75,000
88,333 88,333 88,334
80,000 80,000 80,000
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The correct answer is: 75,000 80,000 85,000
Question 2
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:
Roy and Jone agreed to form a partnership by contributing
their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
If the partners agreed that Roy should withdraw or invest in
order to have a capital ratio of 40%, how much should be
the amount of additional investment or withdrawal 7
Question 2Select one:
P92,000 withdrawal
P92,000 investment wrong
P 296,000 investment
P 296,000 withdrawal
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The correct answer is: P92,000 withdrawal
Question 3
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Rainier admits Diona as a partner in business. Just before
the partnership's formation, Rainier's books showed the
following:
 How much cash should Diona invest to secure a one-third
interest in the partnership?
Question 3Select one:
28,310
14,155
28,410
26,400
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The correct answer is: 14,155
Question 4
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Egay and Thessa formed a partnership and they agreed to
share initial capital equally, although Egay contributed
P150,00 and Thessa contributed P126,000 in identifiable
assets.
Under the bonus approach to adjust the capital accounts,
Thessa's unidentifiable assets should be debited for
Question 4Select one:
P12,000
P20,000
P59,000
P-0- correct
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The correct answer is: P-0-
Question 5
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
If the partners agreed that Roy should withdraw or invest in
order to have a capital ratio of 40%, how much is the
adjusted capital of Roy?
Question 5Select one:
P500,000 correct
P592,000
P750,000
P888,000
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The correct answer is: P500,000
Question 6
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Rainier admits Diona as a partner in business. Just before
the partnership's formation, Rainier's books showed the
following:

How much is the adjusted capital of Rainier prior to

admission of Diona?
Question 6Select one:
28,410
14,155
28,310
26,400 wrong
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The correct answer is: 28,310
Question 7
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Boboy and Tess formed a partnership on January 1, 2020.
To start the partnership, Boboy transferred cash totaling
P116,000 and office equipment with a book value of
P90,000 and a fair market value of P84,000. Tess
transferred cash of P56,000, land valued at P36,000, and a
building valued at P300,000. Tess bought these at a lump
sum price of P250,000. In addition, the partnership
assumed the mortgage of P232,000 on the building
What is the amount of capital to be credited to Boboy on
January 1, 2020?
Question 7Select one:
P160,000
P206,000
P200,000 correct
P392,000
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The correct answer is: P200,000
Question 8
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off. Upon the
partnership's formation, how much is the capital of Jone?
Question 8Select one:
P520,000
P750,000 correct
P800,000
P620,000
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The correct answer is: P750,000
Question 9
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
If the partner agreed to revalue assets to maintain 40:60
capital ratio for Roy and Jone respectively, how much is
the adjusted capital of Roy?
Question 9Select one:
P750,000
P592,000
P500,000 wrong
P888,000
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The correct answer is: P592,000
Question 10
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
Under the Bonus Method, if the partner agreed to have a
capital ratio of 40:60 for Roy and Jone respectively, how
much is the amount of bonus to or (from) Roy?
Question 10Select one:
55,200 bonus to Roy wrong
79,000 bonus to Roy
(55,200) bonus from Roy
(79,000) bonus from Jone
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The correct answer is: (55,200) bonus from Roy
Question 11
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
Under the Bonus Method, if the partner agreed to have a
capital ratio of 60:40 for Roy and Jone respectively and
they further agreed to have a total capital of P1,500,000,
how much is the amount of bonus to or (from) Roy?
Question 11Select one:
(308,000) bonus from Roy
(150,000) bonus from Roy
150,000 bonus to Roy
308,000 bonus to Roy wrong
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The correct answer is: 150,000 bonus to Roy
Question 12
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
If the partner agreed to revalue assets to maintain a 40:60
capital ratio for Roy and Jone respectively, how much is
the adjusted capital of Jone?
Question 12Select one:
P592,000
P500,000
P888,000 correct
P 750,000
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The correct answer is: P888,000
Question 13
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
Under Bonus Method, f the partner agreed to have a capital
ratio of 60:40 for Roy and Jone respectively, and they
further agreed to have a total capital of P1,500,000, how
much is the adjusted capital of Roy?
Question 13Select one:
P600,000
P900,000 correct
P592,000
P750,000
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The correct answer is: P900,000
Question 14
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Rainier admits Diona as a partner in business. Just before
the partnership's formation, Rainier's books showed the
following:

If Diona contributed an equipment with a carrying value of

P4,000 and fair value of P4,500, how much cash was
contributed for a one-fifth interest in the partnership?
Question 14Select one:
35,387.50
2,577.50
14,155.00 wrong
7,077.50
Feedback
The correct answer is: 2,577.50
Question 15
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
If the partner agreed to effect revaluation down of assets to
maintain a 40:60 capital ratio for Roy and Jone
respectively, how much is the adjusted capital of Jone?
Question 15Select one:
P500,000
P592,000
P888,000
P750,000 correct
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The correct answer is: P750,000
Question 16
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On March 1, 2020, Mon and Minnie decided to combine
their businesses and form a partnership. The balance sheets
of Mon and Minnie on March 1 before adjustments show
the following:

They agreed to provide 3% for doubtful accounts of their

accounts receivables and found Minnie's furniture and
fixtures to be under depreciated by P900.00. If each
partner's share in equity is to be equal to the net assets
invested, how much is the capital accounts of Mon?
Question 16Select one:
58,170
58,320 wrong
59,070
104,820
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The correct answer is: 59,070
Question 17
Complete
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
If the partners agreed that Roy should withdraw or invest in
order to have a capital ratio of 40%, how much is the
adjusted capital of Jone?
Question 17Select one:
P750,000
P592,000 wrong
P500,000
P888,000
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The correct answer is: P750,000
Question 18
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
Under Bonus Method, if the partner agreed to have a
capital ratio of 40:60 for Roy and Jone respectively, how
much is the adjusted capital of Jone?
Question 18Select one:
P750,000
P 805,200 correct
P592,000
P536,800
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The correct answer is: P 805,200
Question 19
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Question text
On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
If the partner agreed to effect revaluation down of assets to
maintain a 40:60 capital ratio for Roy and Jone
respectively, how much is the adjusted capital of Roy?
Question 19Select one:
P888,000 wrong
P592,000
P750,000
P 500000
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The correct answer is: P 500000
Question 20
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:

Roy and Jone agreed to form a partnership by contributing

their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
Upon the partnership's formation, how much is the capital
of Roy?
Question 20Select one:
P520,000
P620,0000
P592,000
P 750,000 wrong
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The correct answer is: P592,000