1.7 Amie revers Aster and Amerforming a parshin by combining their businesses. Their books show the following: Aster Cash P 72.000 P 30,000 Accounts Receivable 150,000 108,000 Merchandise Inventory 240,000 156,000 Furniture and Fixtures 330,000 102,000 Prepaid Expenses 63.000 21.000 Accounts Payable 366,000 144,000 Aster, Capital 489.000 Amie, Capital 273,000 COURS se or los tner It has been agreed to recognize uncollectible accounts of P7,500 and P5,400 to each party, respectively, and that the furniture and fixtures of Amie are under depreciated by P9,000. If cach partner's share in equity is to be equal to the net assets invested, the capital accounts of Aster and Amie would be 2 P489,000 and P273,000 respectively. b. P481,500 and P276,600 respectively. P481,500 and P258.600, respectively. d. P855.000 and P417,000, respectively. to MC 2-8 A business owned by Antonia was short of cash and Antonia decided to form a partnership with Andrea, who was able to contribute cash twice the interest of Antonia in the new partnership. The assets contributed by Antonia appeared as follows in the statement of financial position of her business: cash, P9,000; accounts receivable, P189,000 with allowance for uncollectible accounts of P6,000; merchandise inventory, P420,000; and store equipment, P150,000 with accumulated depreciation of P15,000. ach.com 0,000 0.000 0,000 Antonia and Andrea agreed that the allowance for uncollectible accounts was inadequate and should be P12,000. They also agreed that the fair value for the inventory is P460,000 and for the store equipment is P140,000. The cash contributed by Andrea into the partnership was A. P 747,000 c. P 1,572,000 b. P 786,000 d. P1,576,000 MC 2-9 to be Almeda and Asistio are combining their separate business to form a partnership. Cash and non-cash assets are to be contributed for a total capital of P600,000. The non-cash assets to be contributed and the liabilities to be assumed are as follows: Almeda Asistio FMV BV FMV Accounts Receivable P 40,000 P 30,000 Merchandise Inventory 60,000 90,000 P 40,000 P 80,000 Equipment 120,000 100.000 80,000 120,000 Accounts Payable 30,000 30.000 20,000 20,000 BV Chapter 2 - Nature and Formation of a tribution of cash to The partners' capital accounts are to be equal after all the contribu assets and the assumption of liabilities. The amount of cash contributed by Almeda is a. P100,000 c. P210,000 b. P110,000 d. P300,000 MC 2-10 Using the information in MC 2-9, the total assets of the partnership is a. P340,000 c. P630,000 b. P360.000 d. P650,000 MC 2-11 Using the information in MC 2-9, and assuming the excess capital crede over the fair value of the net assets transferred to the partnership is recognized as goodwill, how much is the goodwill to be credited to Asistio? a. P120,000 c. P180,000 b. P150,000 d. P300,000 MC 2-12 Amable and Aguila entered into a partnership on February 1, 2014 by investing the following assets: Amable Aguila Cash P 40.000 Merchandise Inventory P 90,000 Land 130,000 Equipment 30,000 Furniture and Fixtures 200,000 The agreement between Amable and Aguila provides that profits and losses are to be divided 60% and 40% respectively, and that the partnership is to assume the P100,000 mortgage on the land. If Aguila is to receive capital credit equal to the full amount of his net assets invested, how much is his capital balance upon partnership formation? a. P 10,000 c. P160,000 b. P150,000 d. P400,000 MC 2-13 Using the information in MC 2-12 and assuming that Aguila in P100,000 cash and the partners are to have equal interest in the par the total capital of the partnership is a. P240,000 c. P490,000 b. P250,000 d. P590,000 that the capital of the ratio, the bonus upon MC 2-14 Using the information in MC 2-12 and assuming that the partners is proportionate to their profit and loss ratio, the partnership formation is a. P6,000 to Amable c. P10,000 to Amable b. P6,000 to Aguila d. P10,000 to Aguila 2 - Nature and Formation of a Partner 15 MC2-15 Using their Using the information in MC 2.14 the capital balances upon partnership formation are Amable Aguiluz Amable Aguiluz a. P 245.000 P245.000 P156,000 P234.000 b. P 234,000 P156,000 d. P294,000 P196,000 1.16 The Agulto and Acejas Partnership was formed on October 1, 2014. AL that date, the following assets were contributed: Agulto P600,000 Cash Merchandise inventory Building Furniture and equipment Acejas P280,000 440,000 800,000 120,000 The building is subject to a mortgage loan of P320,000 which is to be assumed by the partnership. The partnership agreement provides that Agulto and Acejas share on profit and loss of 25% and 75%, respectively. Agulto's capital account at October 1, 2014 should be a. P400,000 c. P1,200,000 b. P720,000 d. P1,520,000 MC2-17 MC2-18 Using the information in MC 2-16 and assuming that the partnership agreement provides that the partners initially should have an equal interest in partnership capital, Acejas' capital account on October 1, 2014 should be a. P480,000 c. P 960.000 b. P720,000 d. P1,200,000 Using the information in MC 2-17, the bonus to be recognized in the transaction is a. Zero c. P240,000 b. P200,000 d. P480,000 Using the information in MC 2-17, the effect of the bonus on capital of the partners is Agulto Acejas increase increase increase decrease decrease increase decrease decrease MC2-19 MC2-20 Using the information in MC 2-16, and assuming that capital shall be proportionate to the partners' profit and loss ratio, the required capital of Acejas is a. P520,000 b. P720,000 c. d. P1.200,000 P1.440,000