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Jujuju Xc

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Ashryle Salazar
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6 views1 page

Jujuju Xc

Uploaded by

Ashryle Salazar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Partnership Operations 51

bonus. The remainder is shared in the ratio of 7:2. Sheehan'


s
share inpartnership profit for the year was P296,000. How
much was the partnership profit before Billy's salary and
bonus?

a. 1,580,000 c. 1,751,348
b. 1,672,342 d. 1,420,000

7. A&B Partnership earns profit of P240,000 in 20x1. The


movements in the capital accounts of the partners are shown
below:

A, capital B, capital
Dr. Cr. Dr. Cr.
Jan. 1 120,000 80,000
May 1 20,000 10,000
July 1 20,000
Aug. 1 10,000
Oct. 1 10,000 5,000

How much is the share of A if profits are to be divided based on

average capital?
a. 108,333 с. 103,457
b. 121,500 d. 136,543
(RPCPA)

8. Partner A first contributed P50,000 of capital into an existing


partnership March 1, 20x1. On June 1 20x1, Partner A
on

contributed another P20,000. On September 1, 20x1, Partner A


withdrew P15,000 from the partnership. Withdrawal in excess
of P10,000 is charged to the partner's capital account. The
annual interest rate applicable to capital contributions is 12%.
How much is the interest on the weighted average capital
balance of Partner A in 20x1?
a. 6,200 c. 7,567
b. 6,667 d. 8,993
(AICPA)

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