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1. The accounts of the partnership of Erwin, Ralph and Mon at the end of its fiscal year on September 30, 2013, are as follows:
Cash
P15,000
Loan from Mon
P10,000
Other Assets
130,000
Erwin, Capital (30%)
45,000
Loan to Ralph
5,000
Ralph Capital (50%)
30,000
Liabilities
50,000
Mon, Capital (20%)
15,000
If Mon received P9,000 on the first distribution of cash, the cash realized from the initial sale of asset was
65,000
2. JM and PK, having capital balances of P245,000 and P131,250 respectively, decided to admit CY into the partnership. CY is to invest sufficient amount in order to have a 25% interest in the partnership. If JM and PK share profit in a proportion of 3:1 respectively, and PK’s capital balance after CY’s investment is P147,437.50, how much was invested by CY?
3. The following Statement of Financial Position for the partnership of CD, NH and GV were taken from the books on October 1, 2012. Assets
Liabilities and Capital
Cash
P100,000
Liabilities
P200,000
Other Assets
400,000
CD, Capital
120,000
NH, Capital
95,000
_______
GV, Capital
85,000
Total Assets
500,000
Total liabilities and Capital
500,000
The partners agreed to distribute profit as follows:
Annual salaries to CD and NH of P5,000 each
Annual interest of 5% of the beginning capital
Bonus of 15% to CD based on income after salaries, interest and bonus
Remaining profit: 25% to CD, 35% to NH and 40% to GV
The partnership began its operations on October 1, 2012 and net income as of December 31, 2012 is P69,500. How much is the share of CD in Net income?
24750 handouts ko partnership formation to dissolution
4. SG, AP and TS are partners with capital balances of P784,000, P2,730,000 and P1,190,000 respectively, sharing profits and losses in the ratio of 3:2:1. DJ is admitted as a new partner bringing with him expertise and is to invest cash for a 25% interest in the partnership which includes a credit of P735,000 for bonus upon his
Cash
P15,000
Loan from Mon
P10,000
Other Assets
130,000
Erwin, Capital (30%)
45,000
Loan to Ralph
5,000
Ralph Capital (50%)
30,000
Liabilities
50,000
Mon, Capital (20%)
15,000
If Mon received P9,000 on the first distribution of cash, the cash realized from the initial sale of asset was
65,000
2. JM and PK, having capital balances of P245,000 and P131,250 respectively, decided to admit CY into the partnership. CY is to invest sufficient amount in order to have a 25% interest in the partnership. If JM and PK share profit in a proportion of 3:1 respectively, and PK’s capital balance after CY’s investment is P147,437.50, how much was invested by CY?
3. The following Statement of Financial Position for the partnership of CD, NH and GV were taken from the books on October 1, 2012. Assets
Liabilities and Capital
Cash
P100,000
Liabilities
P200,000
Other Assets
400,000
CD, Capital
120,000
NH, Capital
95,000
_______
GV, Capital
85,000
Total Assets
500,000
Total liabilities and Capital
500,000
The partners agreed to distribute profit as follows:
Annual salaries to CD and NH of P5,000 each
Annual interest of 5% of the beginning capital
Bonus of 15% to CD based on income after salaries, interest and bonus
Remaining profit: 25% to CD, 35% to NH and 40% to GV
The partnership began its operations on October 1, 2012 and net income as of December 31, 2012 is P69,500. How much is the share of CD in Net income?
24750 handouts ko partnership formation to dissolution
4. SG, AP and TS are partners with capital balances of P784,000, P2,730,000 and P1,190,000 respectively, sharing profits and losses in the ratio of 3:2:1. DJ is admitted as a new partner bringing with him expertise and is to invest cash for a 25% interest in the partnership which includes a credit of P735,000 for bonus upon his