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C. (A) or (B)
D. Neither (A) nor (B)
10. This kind of partner is admitted as a new partner when the admission is through purchase or sale of interest.
A. Capitalist partner
B. Industrial partner
C. Capitalist-industrial partner
D. (A) or (B)
C. Operations
D. Formation
16. This factor in distributing partnership profits or losses is based primarily on the difference in the capital balances of
the partners.
A.
B.
C.
D.
29. Based on a cash priority program, what is the total cash to be distributed to partners in the first priority of
payment?
A. P 230,000
C. 30,000
B. 115,000
D. 25,000
(For numbers 30 - 33)From January 1 - March 31, 2012, AB partnership earned a net income of P 90,000. On April 1, C
was admitted as a new partner after purchasing 25% ownership interest from A and B for P 50,000 each. On this date,
the partnership assets and liabilities were determined to be fairly valued. The capital balances of A and B before net
income were P 120,000 and P 170,000, respectively. Profit-loss ratio between A and B was 1:2, while between A, B and
C was 1:2:1, respectively.
30. How much is the total partnership capital immediately before admitting C as a new partner ?
A. P 290,000
B. 300,000
C. 285,000
D. 380,000
C. 170,000
D. 120,000
32. What is the B, capital balance after admitting the new partner ?
A. P 180,000
B. 172,500
C. 127,500
D. 120,000
C. 400,000
D. 480,000
(For numbers 34 - 41) After some years of unprofitable operations, partners X and Y agreed to liquidate their partnership
business, XY Merchandising, on June 30, 2013. The following data were available on this date.
a. After recording the year-end adjusting and closing entries, the assets and liabilities were reported as follows.
Cash
P
?
Non-cash assets
360,000
Liabilities, outside creditors
70,000
Liabilities, Y
10,000
X, capital
230,000
Y, capital
90,000
b. Cash proceeds from the realization of noncash assets are presented below.
Date
Cost
Proceeds
Gain (loss) on sale
July 27
P 100,000
P 120,000
?
Sept. 23
260,000
?
(80,000)
c. Partners X and Y, with profit-loss ratio of 60:40, respectively, agreed to accept cash distribution after selling all the
noncash assets.
34. What is the adjusted balance of cash on June 30, 2013 ?
A.
P
0
C. 120,000
B.
40,000
D. 160,000
35. In the July 27 realization of assets, determine the share Y in the gain or loss on sale.
A. P 20,000 loss on sale
C. 10,000 loss on sale
B. 12,000 gain on sale
D. 8,000 gain on sale
36. What is the total gain or loss on realization after the July and September sale of noncash assets ?
A. P 100,000 loss on realization
C. 20,000 gain on realization
B. 60,000 loss on realization
D. 80,000 gain on realization
37. How much is the total proceeds from the cash sale of assets ?
A. P 300,000
C. 360,000
B. 340,000
D. 400,000
38. In the distribution of partnership cash, who is the first to receive payment ?
A. X (for capital)
C. Non-partners (for liabilities)
B. Y (for capital)
D. Y (for liabilities)
39. After selling the noncash assets in September, determine the amount of total cash available for distribution to
partners.
A. P 340,000
C. 300,000
B. 270,000
D. 260,000
40. How much is the total financial interest of X and Y, respectively, immediately before payment to partners ?
A. P 194,000 and 76,000
C. 242,000 and 98,000
B.
194,000 and 66,000
D. 242,000 and 108,000
41. Based on the order of cash payment, who is the last to receive cash ?
A. Y (for liabilities)
C. X (for capital)
B. Y (for capital)
D. X and Y (for capital)
(For numbers 42 - 45) JKL Partnership had a net loss of P 72,000 for 2012. Their profit-loss sharing ratio was 1:2:3 for
partners J, K and L, respectively.
42. How much is the share of partner L if all the partners are capitalist partners ?
A. P 42,000
B. 36,000
C. 24,000
D. 12,000
43. Compute the decrease in capital of partner K if only partners J and L are capitalist partners.
A.
B.
0
12,000
E. 24,000
F. 36,000
44. What is the amount of debit to J, capital in recording the distribution of net loss to the partners if J and K are the
capitalist partners ?
A. P 48,000
B. 36,000
C. 24,000
D. 12,000
45. Calculate the decrease in partnership capital after closing the net loss for the year if partner K is an industrial
partner.
A. P 36,000
B. 48,000
C. 60,000
D. 72,000
C. 252,000
D. 290,000
47. Determine the total share of the partners in net income to be divided equally among the partners.
A. P 1,220,000
B. 1,148,000
C. 1,124,000
D. 930,000
48. What is the total credit to F, capital in recording the shares of the partners in net income ?
A. P 382,000
B.
462,000
For items 49-53: Consider the Statement of Liquidation below:
C. 410,000
D. 338,000
d. Provincial Ordinance
61. A partnership is:
a. A contract
b. A promise
c. Gratuitous in character
d. Involuntary
62. Statement 1: The formation of the partnership is perfected by the mere consent of the partners.
Statement 2: The partnership is considered onerous since the partners are required to contribute money, property,
or industry.
a. Only the first statement is correct.
b. Only the second statement is correct.
c. Both statements are correct
d. Neither statement is correct.
63. All of the following will dissolve the existence of the partnership except:
a. Admission of a new partner.
b. Insolvency of a partner.
c. Death of a partner
d. Incurrence of losses.
64. A partnership is considered as:
a. Juridical person
b. Natural person
c. Both a and b
d. Neither a nor b
65. Statement 1: The formation of a partnership is always based on a contract or an agreement of partners.
Statement 2 : All contracts or agreements entered into by partners are valid.
a. Only the first statement is correct.
b. Only the second statement is correct.
c. Both statements are correct
d. Neither statement is correct.
66. Statement 1: The written agreement of the partners must be registered with the Board of Investment.
Statement 2: Specialized skills and expertise can be contributed to the partnership.
a. Only the first statement is correct.
b. Only the second statement is correct.
c. Both statements are correct
d. Neither statement is correct.
67. Statement 1: Non registration of articles of co partnership nullifies the existence of the partnership.
Statement 2: The insolvency of a partner dissolves the partnership.
a. Only the first statement is correct.
b. Only the second statement is correct.
c. Both statements are correct
d. Neither statement is correct.
68. Statement 1: The admission of a new partner in an existing partnership will dissolve the partnership.
Statement 2: A partnership is much complex to form than a corporation.
a. Only the first statement is correct.
b. Only the second statement is correct.
c. Both statements are correct
d. Neither statement is correct.
69. Statement 1: A general partner can also be considered as an industrial partner.
Statement 2: The unlimited liability of the partnership is unfavorable to the creditors.
a. Only the first statement is correct.
b. Only the second statement is correct.
c. Both statements are correct
d. Neither statement is correct.
70. A corporation is considered as:
a. Juridical person
b. Natural person
c. Both a and b
d. Neither a nor b