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1. SH and DN are partners with capital balances of P60,000 and P20,000, respectively.

Profits
and losses are divided into the ratio of 60:40. SH and DN decided to form a new partnership
with JN, who invested land valued at P15,000 for a 20 percent capital interest in the new
partnership. JN’s cost of the land was P12,000. The partnership elected to use the bonus
method to record the admission of JN into the partnership. JN’s capital account should be
credited for:

a. P12,000 c. P16,000

b. P15,000 d. P19,000

2. BR and RD are partners who share profits and losses in the ratio of 6:4. On May 1, 20x4,their
respective capital accounts were as follows:

BR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
P60,000
RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50,000
On that date, LL was admitted as a partner with a one-third interest in capital and profits for an
investment of P40,000. The new partnership began with a total capital of P150,000. Immediately
after LL’s admission, BR’s capital should be:

a. P50,000 c. P56,667

b. P54,000 d. P60,000

3. Kris and Mark are partners who share profits and losses 70/30. They have capital account
balances of P170,000 and P260,000, respectively at the date they admit Frank into the
partnership. Frank invests P120,000 in the partnership for a 25 percent equity interest and the
bonus method is applied. What is the peso amount of bonus recognized in Frank’s capital
account at the date of admission?

a. P70,000 c. P23,333

b. P52,500 d. P17,500

4. On Dec 31,20x4, AN and DE are partners with capital balances of P80,000 and P40,000, and
they share profit and losses in the ratio of 2:1, respectively. On this date ST invests P36,000
cash for a one-fifth interest in the capital and profit of the new partnership. The partners agree
that the implied partnership (total evaluation of assets) goodwill is to be recorded simultaneously
with the admission of ST. The total implied goodwill of the firm is:

a. P4,800 c. P24,000

b. P6,000 d. P30,000
Use the following information for questions 5 to 6:

In the RST partnership, Ron’s capital is P80,000, Stella’s is P75,000 and Tiffany’s is P50,000.
They share income in a 3:2:1 ratio, respectively. Tiffany is retiring from the partnership. Each of
the following questions is independently of the others.

5. Tiffany is paid P60,000, and no goodwill is recorded. What is the Ron’s capital balance after
Tiffany withdraws from the partnership?

a. P74,000 c. P75,000
b. P71,000 d. P86,000
6. Tiffany is paid P56,000, and all implied goodwill is recorded. What is the total amount of
goodwill recorded?

a. P-0- c. P30,000

b. P6,000 d. P36,000

Use the following information for questions 7 to 10:

Peter, Roberts and Dana have the following capital balances: P80,000; P100,000 and P60,000
respectively. The partners share profits and losses 20%, 40% and 40% respectively.

7. Roberts retires and is paid P160,000 based on the terms of the original partnership
agreement. If the goodwill (total revaluation of asset) method is used, what is the capital
balance of Peter?

a. P20,000 c. P110,000

b. P60,000 d. P120,000

8. Roberts retires and is paid P160,000 based on the terms of the original partnership
agreement. If the goodwill (total revaluation of asset) method is used, what is the capital
balance of Dana?

a. P20,000 c. P110,000

b. P60,000 d. P120,000

9. What is the total partnership capital after Roberts retires receiving P160,000 and using the
goodwill (total revaluation of asset) method?

a. P20,000 c. P120,000

b. P60,000 d. P230,000
10. What is the total partnership capital after Roberts retire receiving P160,000 and using the
bonus method?

a. P20,000 c. P120,000

b. P60,000 d. P230,000

Use the following information for questions 11 to 19:

In the AD partnership, Allen’s capital is P140,000 and Daniel’s is P40,000 and they share
income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the
following questions is independent of the others.

11. What amount will David have to invest to give one-fifth percent interest in the capital of the
partnership if no goodwill or bonus is recorded?

a. P60,000 c. P50,000
b. P36,000 d. P45,000

12. Assume that David invest P50,000 for a one-fourth interest. Goodwill is to be recorded. The
journal to record David’s admission into the partnership will include:

a. a credit to cash for P50,000 c. a credit to David, Capital for P60,000


b. a debit to goodwill for P7,500 d. a credit to David, Capital for P60,000

13. Allen and Daniel agree that some of the inventory is obsolete. The inventory account is
decreased before David is admitted. David invests P40,000 for a one- fifth interest. What is the
amount of inventor? What amount will David have to invest to give him one- fifth percent interest
in the written down?

a. P4,000 c. P15,000
b. P20,000 d. P10,000

14.Allen and David agree that some of the inventory is obsolete. The inventory account is
decreased before David id admitted. David invests P40,000 for a one-fifth interest. What are the
capital balances of Allen and David is admitted into the partnership?

Allen Daniel Allen Daniel

a. P140,000 P40,000 c. P120,000 P36,000


b. P125,000 P35,000 d. P137,000 P39,000

15. David directly purchases a one-fifth interest by paying Allen P34,000 and Daniel P10,000.
The land account is increased before David is admitted. By what amount is the land account
increased?
a. P40,000 c. P36,000
b. P10,000 d. P20,000

16. David directly purchases a one-fifth interest by paying Allen P34,000 and Daniel P10,000.
The land account is increased before David is admitted. What are the capital balance of Allen
and Daniel after David is admitted into the partnership?

Allen Daniel Allen Daniel

a. P136,000 P40,000 c. P170,000 P50,000


b. P160,000 P40,000 d. P130,000 P50,000

17. David invests P40,000 for a one-fifth interest in the total capital of P200,000. The journal to
record David’s admission into the partnership will include:

a. credit to cash of P40,000 c. credit to David, Capital for P40,000


b. debit to Allen, Capital for P3,000 d. credit to Daniel, Capital for P1,000

18. David invests P40,000 for a one-fifth interest in the total capital of P20,000. What are the
capital balance f Allen and Daniel after David is admitted into the partnership?

Allen Daniel Allen Daniel

a. P160,000 P60,000 c. P140,000 P40,000


b. P136,000 P36,000 d. P137,000 P39,000

19. David invest P50 000 for a one-fifth interest. What amount of goodwill will be recorded?

a. P20,000 c. P40,000
b. P4,000 d. P15,000

20. Bishop has a capital balance of P120,000 in a local partnership, and a Cotton has a
P90,000 balance. This two partners share profits and losses by a ratio of 60 percent to Bishop
and 40 percent to Cotton. Lovett invests P60,000 in cash in the partnership for a 20 percent
ownership. The goodwill (or revaluation of asset) method will be used. What is Cotton’s capital
balance after this new investment?

a. P99.600
b. P102.000
c. P112,000
d. P126,000

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