1/24/2021 Instructions - B-ACCTG111 BSA13 1st sem 2019-2020 - DLSU-D College/GS

B-ACCTG111 BSA13 1st sem 2019-2020

Standalone assessment

Partnership Accounting Quiz

Question 1
C, W and N formed a partnership on January 1,2018, with investments of P100,000, P150,000, and P200,000, respectively. For division of income, they agreed to provide:
(1) interest of 10% of the beginning capita balance each year, (2) annual compensation of P10,000 to W, and (3) sharing the remainder of the income or loss in a ratio of 20%
for C and 40% each for W and N. Net income was P150,000 for 2018 and P180,000 for 2019. Each partner withdrew P1,000 for personal use every month during 2018 and
2019. What was N's capital balance at the end of 2018?

Response: P246,000

Score: 1 out of 1 Yes

Question 2
The statement of financial position of the partnership A, B and C shows: Cash, P22,400; Other Assets, P212,000; Liabilities, P38,400; A, Capital (50%) P76,000; B, Capital
(25%) P64,000; and C, Capital (25%) P56,000. If A received a total of P10,000 from partnership liquidation, how much was the proceeds from the sale of all non-cash
assets?

Response: P127,000

Score: 1 out of 1 Yes

Question 3
The partnership of P. Alonzo and R. Amurao was formed on April 1,2009. At that date, the following assets were contributed: P. Alonzo – Cash, P300,000, Furniture and
Equipment, 60,000; R. Amurao - Cash, P140,000, Merchandise Inventory, P 220,000, Building, P400,000.The building is subject to a mortgage loan of P160,000 which is to
be assumed by the partnership. The partnership agreement provides that Alonzo and Amurao share on income and loss of 25% and 75%, respectively. Assuming that capital
shall be proportionate to the partners’ profit and loss ratio, the required capital of Amurao is

Response: P720,000

Score: 1 out of 1 Yes

Question 4
Jack and Beans, who share profits and losses in the ratio 3:7, decided to liquidate their Talk Partnership. The partner’s capital balances are P300,000 and P190,000,
respectively.If on final settlement of partners’ claims Beans received P99,000, how much did Jack receive?

Response: P261,000

Score: 1 out of 1 Yes

Question 5
C, W and N formed a partnership on January 1,2018, with investments of P100,000, P150,000, and P200,000, respectively. For division of income, they agreed to provide:
(1) interest of 10% of the beginning capita balance each year, (2) annual compensation of P10,000 to W, and (3) sharing the remainder of the income or loss in a ratio of 20%
for C and 40% each for W and N. Net income was P150,000 for 2018 and P180,000 for 2019. Each partner withdrew P1,000 for personal use every month during 2018 and
2019. What was W's capital balance at the end of 2019?

Response: P264,540

Score: 1 out of 1 Yes

Question 6
A, B and C decided to liquidate their partnership business. The financial position of the partnership shows: A, Capital (30%) P210,000; B, Capital (20%) P150,000; C,
Capital (50%) P210,000. Upon liquidation, all of the partnership’s assets are sold and sufficient cash is realized to pay all liabilities except one for P30,000. All partners are
solvent except C. By what amount would the capital of A change?

Response: P24,000 increase

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1/24/2021 Instructions - B-ACCTG111 BSA13 1st sem 2019-2020 - DLSU-D College/GS
Score: 0 out of 1 No

Question 7
Jack and Beans, who share profits and losses in the ratio 3:7, decided to liquidate their Talk Partnership. The partner’s capital balances are P300,000 and P190,000,
respectively.Before the realization of non-cash assets, the partnership has a zero balance in its cash account and a P200,000 balance in its liabilities. If on final settlement of
partners’ claims Jack received P261,000, how much was the net proceeds from the sale of the non-cash assets?

Response: P560,000

Score: 1 out of 1 Yes

Question 8
On March 1,2019, CC and FF formed a partnership with each contributing the following assets:for CC- Cash, P30,000; Machinery, P25,000; and Furniture & Fixtures,
P10,000; and for FF- Cash; P70,000; Machinery, P75,000; Building, P225,000. The building is subject to a mortgage loan of P90,000, which is to be assumed by the
partnership. The agreement provides that CC and FF share profits and losses 3:7, respectively. On March 1, the capital of FF would show a balance of

Response: P280,000

Score: 1 out of 1 Yes

Question 9
Jack and Beans, who share profits and losses in the ratio 3:7, decided to liquidate their Talk Partnership. The partner’s capital balances are P300,000 and P190,000,
respectively.If all partnership assets are realized and all liabilities are settled, the partnership has remaining cash of P120,000, how much would Beans receive from the
liquidation?

Response: None

Score: 1 out of 1 Yes

Question 10
Among the various options available for determining the partners’ share of profit are the following except

Response: Loans to the partnership

Score: 1 out of 1 Yes

Question 11
CC admits DD as a partner in business. Accounts in the ledger for CC on December 31, 2019, just before the admission of DD are: Cash, P6,800; Accounts Receivable,
P14,200; Merchandise Inventory, P20,000; Accounts Payable, P8,000. It is agreed that for the purpose of establishing CC's interest the following adjustments should be
made: an Allowance for Bad Debts of 3% of Accounts Receivable is to be established; the Merchandise Inventory should be valued at P23,000; Prepaid salary expenses of
P600 and accrued rent expense of P800 are to be recognized. DD is to invest sufficient cash to obtain a 1/3 interest in the partnership.The amount of cash investment by DD
is

Response: P17,687

Score: 1 out of 1 Yes

Question 12
C, W and N formed a partnership on January 1,2018, with investments of P100,000, P150,000, and P200,000, respectively. For division of income, they agreed to provide:
(1) interest of 10% of the beginning capita balance each year, (2) annual compensation of P10,000 to W, and (3) sharing the remainder of the income or loss in a ratio of 20%
for C and 40% each for W and N. Net income was P150,000 for 2018 and P180,000 for 2019. Each partner withdrew P1,000 for personal use every month during 2018 and
2019. What was W's share of income for 2018?

Response: P63,000

Score: 1 out of 1 Yes

Question 13
The Articles of Co-Partnership should contain clear provisions on all of the following except

Response: Taxes paid by the partnership

Score: 1 out of 1 Yes

Question 14
The partnership of P. Alonzo and R. Amurao was formed on April 1,2009. At that date, the following assets were contributed: P. Alonzo - Cash P300,000, Furniture and
Equipment, 60,000; R. Amurao - Cash, P140,000, Merchandise Inventory, P 220,000, Building, P400,000.The building is subject to a mortgage loan of P160,000 which is to
be assumed by the partnership. The partnership agreement provides that Alonzo and Amurao share on income and loss of 25% and 75%, respectively. Amurao’s capital
account at April 1,2009 should be

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1/24/2021 Instructions - B-ACCTG111 BSA13 1st sem 2019-2020 - DLSU-D College/GS
Response: P600,000

Score: 1 out of 1 Yes

Question 15
Jack and Beans, who share profits and losses in the ratio 3:7, decided to liquidate their Talk Partnership. The partner’s capital balances are P300,000 and P190,000,
respectively.If all partnership assets and liabilities are realized and settled at their carrying amounts, how much would Beans receive from the liquidation?

Response: P190,000

Score: 1 out of 1 Yes

Question 16
The partnership of P. Alonzo and R. Amurao was formed on April 1,2009. At that date, the following assets were contributed: P. Alonzo – Cash, P300,000, Furniture and
Equipment, 60,000; R. Amurao - Cash, P140,000, Merchandise Inventory, P 220,000, Building, P400,000.The building is subject to a mortgage loan of P160,000 which is to
be assumed by the partnership. The partnership agreement provides that Alonzo and Amurao share on income and loss of 25% and 75%, respectively. The bonus given by
Amurao to Alonzo is

Response: P120,000

Score: 1 out of 1 Yes

Question 17
The statement of financial position of the partnership A, B and C shows: Cash, P22,400; Other Assets, P212,000; Liabilities, P38,400; A, Capital (50%) P76,000; B, Capital
(25%) P64,000; and C, Capital (25%) P56,000. If B received a total of P31,000 from partnership liquidation, how much was the loss on realization?

Response: P127,000

Score: 1 out of 1 Yes

Question 18
The statement of financial position of the partnership A, B and C shows: Cash, P22,400; Other Assets, P212,000; Liabilities, P38,400; A, Capital (50%) P76,000; B, Capital
(25%) P64,000; and C, Capital (25%) P56,000. If C received P10,000 from the first cash distribution, how much was the total cash distributed to partners?

Response: P28,000

Score: 1 out of 1 Yes

Question 19
Banta, Berba, and Borja formed a partnership on January 1,2009. They had the following initial investments: Banta – P200,000; Berba – P300,000; Borja – P450,000. The
partnership agreement states that profits and losses are to be shared equally by the partners after consideration is made for the following:
Salary allowance of P120,000 for Banta, P96,000 for Berba and P72,000 for Borja.
Average partners’ capital balances during the year shall be allowed 10% interest.
Additional information:
On June 30, 2009, Banta invested an additional of P120,000.
Berba withdrew P140,000 from the partnership on September 30,2009.
Share on the remaining partnership profit was P10,000 for each partner.
How much is the total interest on average capital balances of the partners?

Response: P97,500

Score: 1 out of 1 Yes

Question 20
C, W and N formed a partnership on January 1,2018, with investments of P100,000, P150,000, and P200,000, respectively. For division of income, they agreed to provide:
(1) interest of 10% of the beginning capita balance each year, (2) annual compensation of P10,000 to W, and (3) sharing the remainder of the income or loss in a ratio of 20%
for C and 40% each for W and N. Net income was P150,000 for 2018 and P180,000 for 2019. Each partner withdrew P1,000 for personal use every month during 2018 and
2019. What was C's share of income for 2019?

Response: P34,420

Score: 1 out of 1 Yes

Question 21
CC admits DD as a partner in business. Accounts in the ledger for CC on December 31, 2019, just before the admission of DD are: Cash, P6,800; Accounts Receivable,
P14,200; Merchandise Inventory, P20,000; Accounts Payable, P8,000. It is agreed that for the purpose of establishing CC's interest the following adjustments should be
made: an Allowance for Bad Debts of 3% of Accounts Receivable is to be established; the Merchandise Inventory should be valued at P23,000; Prepaid salary expenses of
P600 and accrued rent expense of P800 are to be recognized. DD is to invest sufficient cash to obtain a 1/3 interest in the partnership. CC's adjusted capital before the
admission of DD is

Response: P35,374
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1/24/2021 Instructions - B-ACCTG111 BSA13 1st sem 2019-2020 - DLSU-D College/GS
Score: 1 out of 1 Yes

Question 22
Banta, Berba, and Borja formed a partnership on January 1,2009. They had the following initial investments: Banta – P200,000; Berba – P300,000; Borja – P450,000. The
partnership agreement states that profits and losses are to be shared equally by the partners after consideration is made for the following:
Salary allowance of P120,000 for Banta, P96,000 for Berba and P72,000 for Borja.
Average partners’ capital balances during the year shall be allowed 10% interest.
Additional information:
On June 30, 2009, Banta invested an additional of P120,000.
Berba withdrew P140,000 from the partnership on September 30,2009.
Share on the remaining partnership profit was P10,000 for each partner.
The total partnership capital on December 31,2009 is

Response: P1,345,500

Score: 1 out of 1 Yes

Question 23
The partnership of P. Alonzo and R. Amurao was formed on April 1,2009. At that date, the following assets were contributed: P. Alonzo – Cash, P300,000, Furniture and
Equipment, 60,000; R. Amurao - Cash, P140,000, Merchandise Inventory, P 220,000, Building, P400,000.The building is subject to a mortgage loan of P160,000 which is to
be assumed by the partnership. The partnership agreement provides that Alonzo and Amurao share on income and loss of 25% and 75%, respectively. Assuming that the
partnership agreement provides that the partners initially should have an equal interest in partnership capital, Alonzo’s capital account should be

Response: P480,000

Score: 1 out of 1 Yes

Question 24
Jack and Beans, who share profits and losses in the ratio 3:7, decided to liquidate their Talk Partnership. The partner’s capital balances are P300,000 and P190,000,
respectively.The partnership has total liabilities of P200,000. If all partnership assets are realized for P500,000, how much would Jack receive from the liquidation?

Response: P243,000

Score: 1 out of 1 Yes

Question 25
The statement of financial position of the partnership A, B and C shows: Cash, P22,400; Other Assets, P212,000; Liabilities, P38,400; A, Capital (50%) P76,000; B, Capital
(25%) P64,000; and C, Capital (25%) P56,000. The partners realized P56,000 from the first installment sale of non-cash assets with total carrying amount of P120,000. How
much did B receive from the partial liquidation?

Response: P24,000

Score: 1 out of 1 Yes

Question 26
On March 1,2019, CC and FF formed a partnership with each contributing the following assets:for CC- Cash, P30,000; Machinery, P25,000; and Furniture & Fixtures,
P10,000; and for FF- Cash; P70,000; Machinery, P75,000; Building, P225,000. The building is subject to a mortgage loan of P90,000, which is to be assumed by the
partnership. The agreement provides that CC and FF share profits and losses 3:7, respectively. Assuming that the partners agreed to bring their respective capital in
proportion to their respective P/L ratio, and using FF's capital as the base, how much cash is to be invested by CC?

Response: P55,000

Score: 1 out of 1 Yes

Question 27
A person may become a partner in a partnership by all of the following methods except

Response: Making a loan to the partnership

Score: 1 out of 1 Yes

Question 28
Bolano, Baler, and Bensan are partners in an accounting firm. Their capital account balances at year-end were P180,000, P220,000, and P100,000, respectively. They share
profits and losses on a 4:4:2 ratio, after considering the following terms:
Bensan is to receive a bonus of 10% of profit after bonus.
Interest of 10% shall be paid on that portion of a partner’s capital in excess of P200,000.
Salaries of P20,000 and P24,000 shall be paid to partners Bolano and Bensan, respectively.
Assuming a profit of P220,000 for the year, the total profit share of Bensan was

Response: P74,800

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1/24/2021 Instructions - B-ACCTG111 BSA13 1st sem 2019-2020 - DLSU-D College/GS
Score: 1 out of 1 Yes

Question 29
Banta, Berba, and Borja formed a partnership on January 1,2009. They had the following initial investments: Banta – P200,000; Berba – P300,000; Borja – P450,000. The
partnership agreement states that profits and losses are to be shared equally by the partners after consideration is made for the following:
Salary allowance of P120,000 for Banta, P96,000 for Berba and P72,000 for Borja.
Average partners’ capital balances during the year shall be allowed 10% interest.
Additional information:
On June 30, 2009, Banta invested an additional of P120,000.
Berba withdrew P140,000 from the partnership on September 30,2009.
Share on the remaining partnership profit was P10,000 for each partner.
Partnership profit at December 31,2009 before salaries, interest and partners’ share on the remainder is

Response: P415,500

Score: 1 out of 1 Yes

Question 30
A, B and C decided to liquidate their partnership business. The financial position of the partnership shows: A, Capital (30%) P210,000; B, Capital (20%) P150,000; C,
Capital (50%) P210,000. Upon liquidation, all of the partnership’s assets are sold and sufficient cash is realized to pay all liabilities except one for P30,000. All partners are
solvent except C . How much is the additional contribution required of B?

Response: P6,000 b.

Score: 1 out of 1 Yes

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