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- Partners WAG, MAG, PANG, and GAP, shares profits at the ratio 5:3:1:1. OnJune 30, relevant partners’ accounts follow: Advances Loans Capital Dr. Cr. Cr. WAG 20,000 160,000MAG 40,000 120,000PANG 18,000 60,000GAP 10,000 100,000 On this day, cash of P72,000 is declared as available for distribution topartners as profits. How much will partner Gap receive from the 72,000 if he has a hare in it?1. Jag, Lee and Bench are partners having the following capital balances of P 11,200, P13,000 and P5,800respectively. Profits and losses are shared 4:2:1. How much is the total loss on realization?Required to answer. Single choice. a. P2,100 b. P27,900 c. P30,000 d. P1,200The following Information was obtained from the records of Alben Traders, a partnership business with Albert and Bennile as partners, after the net profit was appropriated between the partners. Partners' salaries 240 000 Interest on drawings 3 000 Interest on capital 60 000 Total share of remaining loss 24 000 Drawings 180 000 Which one of the following reflects the net profit? A. R279 000 B.R273 000 C.R327 000 D. R453 000 ipe here to search
- ↓ A アレ AU ✓ 2 1. Lalit, Madhur and Neena were partner's sharing profits as 50%, 30% and 20% respectively. On 31st December, 2020 their balance sheet was as follows Balance Sheet Liabilities Creditors Reserve Fund Capital A/cs Lalit Madhur Neena Amount (RO) 28.000 10,000 50,000 40.000 25.000 Class Ac 153,000 Assets Cash Debtors Stock Investments Building Profit and Loss A/c Amount (RO) 34.000 44000 15,000 40,000 10,000 10,000 1553,000 On this date, Madhur retired and Lalit and Neena agreed to continue on the following terms 1. The goodwill of the firm was valued at RO 51,000. 2. There was an unrecorded liability to the extent of RO 6,000 3. Investments were brought down to RO 15,000. 4. Provision for bad debts was 5% on debtors. 5. Madhur was paid RO 10,300 in cash and the balance was transferred to his loan account 6. Prepare revaluation account and partners' capital accounts1. Jag, Lee and Bench are partners having the following capital balances of P 11,200, P13,000 and P5,800 respectively. Profits and losses are shared 4:2:1. if Jag receives a total of P3,200 in cash, how much will Bench received at this point? a. P800 b. P3,000 c. P3,800 d. P5,60016. Partners A. B and C had the following balances prior to admission of D: A. Loan (debit): P 20, 000; B, Loan (credit): P 60, 000; A, Capital (debit): P 30, 000; B, Capital (credit): P 120, 000; C, Capital (credit): P 70, 000. Partners A, Band C share profits and losses in the ratio 5:2:3 respectively. D is admitted in the partnership for a 20% interest in the partnership in exchange for an investment of P 40, 000 cash. Prior to admission of D, the partners agreed to increase the carrying value of inventories by P 60, 000 in order to bring it to its fair value. Immediately after the admission, the capital credit of D would be:
- 2. The capital balances of partners Po and Gi are as follows:Po GiJanuary 1, Beginning P100,000 P200,000June 30, investment 50,000 -September 30, withdrawal - (100,000)Balance P150,000 P100,000Their agreement is to share profit and loss based on average capital balance. How muchis the share of Gi in the partnership’s income of P450,000?Q7- In Shaksy Co., capital balances are Bilal $60,000 and Imran $75,000. The partners share income equally. Ubaid is admitted to the firm with a 40% interest by an investment of cash of $65,000. Journalize the admission of Ubaid. CantinnAt year-end, the Circle City partnership has the following capital balances: Manning, Capital . . . . . . . . . $130,000Gonzalez, Capital . . . . . . . . 110,000Clark, Capital . . . . . . . . . . . . 80,000Freeney, Capital . . . . . . .. . . 70,000 Profits and losses are split on a 3:3:2:2 basis, respectively. Clark decides to leave the partnership and is paid $90,000 from the business based on the original contractual agreement.If instead the partnership uses the bonus method, what is the balance of Manning’s capital account after Clark withdraws? Choose the correct.a. $100,000b. $126,250c. $130,000d. $133,750
- At year-end, the Circle City partnership has the following capital balances: Manning, Capital . . . . . . . . . $130,000Gonzalez, Capital . . . . . . . . 110,000Clark, Capital . . . . . . . . . . . . 80,000Freeney, Capital . . . . . . .. . . 70,000 Profits and losses are split on a 3:3:2:2 basis, respectively. Clark decides to leave the partnership and is paid $90,000 from the business based on the original contractual agreement.The payment made to Clark beyond his capital account was for Clark’s share of previously unrecognized goodwill. After recognizing partnership goodwill, what is Manning’s capital balance after Clark withdraws? Choose the correct. a. $133,000 b. $137,500 c. $140,000 d. $145,0001. Jag, Lee and Bench are partners having the following capital balances of P11,200, P13,000 and P5,800 respectively. Profits and losses are shared 4:2:1. How much is the loss absorption capacity of Lee?Required to answer. Single choice. a. P13,000 b. P45,500 c. P26,000 d. cannot be determined 2. Lebron and Wade, partners who share profits and losses equally decided to liquidate their partnership by installment. The statement of financial position showed Cash – P 35,000; P Liabilities – P 20,000; Lebron, Capital – P71,000; and Wade, Capital – P 54,000. Liquidation expenses amounted to P 10,000. How much cash can be distributed safely toeach partner at this point? a. Lebron-P3,000; Wade- P0 b. Lebron-P5,000; Wade-P500 c. Lebron-P5,000; Wade-0 d. Lebron- P5,000; Wade- P1,0003. On December 31, 2020 and 2019, Bucks Corporation had 105,000 Ordinary Shares issued, 5,000 shares in the treasury, 10,000 shares subscribed and 10,000 5% Preference Shares, cumulative issued, P 100…Item Nos. 6 and 7 are based on the following information: The following are the capital balances and profit and loss ratios of the partners Mona, Nona, and Ona: Capital Profit & Loss Ratio Mona- P 20,000 20% Nona 10,000 30% Ona- 5,000 50% Total-- P 35,000 100% After realization of the assets and payment of liabilities, the cash available for distribution was P 18,000. Any capital deficiency is uncollectible. 6. What was the loss on realization? a. P 15,000. C. P 17,000. b. P 16,000. d. P 18,000. 7. How should the cash be distributed? b. a. Mona, P 3,600; Nona, P 5,400; and Ona, P 4,000. Mona, P 6,000; Nona, P 6,000; and Ona, P 6,000. c. Mona, P 15,200; Nona, P 2,800; and Ona, P O. d. Mona, P 18,000; Nona, P 0; and Ona, PO.
