1.Gracia investedP100,000 for a one-third interest in the partnership in which the other partners have

capital totalling P260,000 before admitting Gracia. After distribution of the bonus, what is Gracia's

capital?

a. P53,330 c. 86,670

b. 100,000 d. 120,000

2. Tolentino invested P400,000 for a 20% interest in a partnership that has capital totalling P2,000,000 after

admitting Tolentino. Which of the following is true?

a. Tolentino's capital is P400,000.

b. Tolentino received a bonus of P100,000.

c. The partners received a bonus of P100,000

d. The original partner's capital in the business was P1,200,000 before admitting Tolentino.

3. Lorenzo invested P400,00 for a one-fourth interest in a partnership in which the other partners have

capital totalling P800,000 before admitting Lorenzo. After distribution of the bonus, what is Lorenzo's

capital balance?

a. P100,000 c. 200,000

b. 300,000 d. 400,000

4. Paulin and Bossing are partners who share profits and losses in the ratio of 2:1 and have capital balances

of P750,000 and P1,500,000, respectively. The partners agreed to admit Tonyo to the partnership. Tonyo

invested 750,000 for a 35% interest in the partnership. The new total capital balance after admitting

Tonyo is P3,000,000. Bossing's capital balance after Tonyo is admitted is

a. 1,600,000 c. 1,500,000

b. 1,400,000 d. 1,350,000

5. Dallas bought Seechua's interest in the Seechua and Lalang Partnership by a 600,000 direct payment to

Seechua. The capital balances before the sale were 240,000 and 360,000 respectively. What will be the

amount in Dallas' capital account?

A. 240,000 B. 360,000

C. 480,000 D. 600,000

6. Resma invested 100,000 for a one third interest in a partnership in which the other partners have capital

totaling 260,000 before admitting Resma. After distribution of the bonus, what is Resma's capital?

A. 53,330 B. 86, 670

C. 100,000 D. 120,000

7. Partners San Miguel and Lucifer receive a salary of P150,000 and P300,000, respectively, and share profit

and losses in a 2:1 ratio, respectively. If the partnership suffered a PP150,000 loss in 2016, by how much

would San Miguel's account decrease?

a. P400,000

b. P250,000

c. P200,000

d. P100,000

8. Partners A and B receive an interest allowance of P100,000 and P150,000, respectively, and divide the

remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year,

what is the effect on B's capital?

a. P82,500 decrease

b. P120,000 decrease

c. P170,000 decrease

d. P105,000 decrease

9. If partnership has profit of P44,000 and Partner A is to be allocated a bonus of 10% of profit after the

bonus, Partner A's bonus would be

a. P4,400 b. 3,600 c. 4,000 d. none of the above

10. Dar and Ling share in the partnership's profit in the ratio of 2:1, respectively. Dar received P245,000 as his

share. How much did Ling receive as his share?

a. 367,000 c. 122,500

b. 245,000 d. 122,000

11. The Adam and Apple Partnership has a P450,000 net income during the year. Adams gets credit for salary

of P120,000. How much of the profit is credited to Apple if they share remaining profits in the ratio of

40:60, respectively?

a. 120,000 c. 198,000

b. 270,000 d. 318,000

12. Sig and Fred agreed to share the partnership's profit as follows:

To Sig: P15,000 per month; 5% bonus after salary and bonus

To Fred: The remaining Balance

What is the amount of Fred's share from the partnership's income of P411,000.

a. 1,457,000 c. 927,000

b. 795,000 d. 1,325,000

13. In 2014, Pa, Ma and Tay are partners with average capital balances of P120,000, P60,000 and P40,000,

respectively. The partners receive 10% interest on their average capital balances. After deducting salaries

of P30,000 to Pa and P20,000 to Ma, the residual profit or loss is divided equally. During the year, the

partnership sustained a loss of P33,000 before interest and salaries to the partners. BY what amount

should Pa's capital account change?

a. 42,000 increase c. 23,000 decrease b. 11,000 decrease d. 7,000 decrease