2 Cabello and Dacanay are partners in a trading company. During 2020, they withdrew their salary allowances of P250,000 and P375,000, respectively. Profits and losses are shared in the ratio of 3:2. The income summary account before any profit allocation has a credit balance of P750,000. The partners' capital account show the following: Cabello Dacanay Beginning balances P750,000 P500,000 Additional investments 125,000 250,000 Withdrawals other than salary allowances : (250,000) (125,000)What are the capital balances of the partners for the year 2020 after closing income summary and withdrawals accounts? Cabello Dacanay P700,000 P675,000 b. P450,000 P300,000 C. P575,000 P425,000 d. P950,000 P1,050,000 4. Partner Manamtam had a capital balance on January 1, 2020 of P45,000 and made additional capital contributions during 2020 totaling P50,000. During the year 2020, Manamtam withdrew P8,000 per month. Manamtam's post- closing capital balance on December 31, 2020 is P30,000. Manamtam's share of 2020 partnership income is a. P96,000 b. P50,000 C. P31,000 d. P8,000b. 37,950 decrease c. 120,750 decrease d. 144,900 increase 10. Bagcal and Cabatuan was organized and began operations on March 1 2020. On that date, Bagcal invested P337,500, and Cabatuan invested computer equipments with current fair values of 405,000. Cabatuan also invested P135,000 cash in the partnership on November 1, 2020, because of its shortage of cash. The partnership contract includes the following remuneration plan: Bagcal Cabatuan P40,500 P54,000 Annual salary (recognized as operating expense) 10% 10% Annual interest on average capital 60% 40% Remainder The annual salary was to be withdrawn by each partner in 12 monthly installments. During the year ended February 28, 2021, the partnership had net sales of P1, 125,000, cost of goods sold of P630,000, and total operating expenses of P225,000 (including partners' salaries expense but excluding interest on partners' average capital account balances). Each partner made monthly cash drawings in accordance with the partnership contract. What are the capital balances of the partners on February 28, 2021? Bagcal Cabatuan a. P486,000 P661,500 b. P445,500 P607,500 c. P526,500 P715,500 d. P405,000 P553,500 11. Dalangin, a partner in the Prayer Partnership, has a 30% participation in partnership profits and losses. Dalangin's capital account has a net decrease of P1,080,000 during the calendar year 2020. During 2020, Dalangin withdrew P2,340,000 (charged against this capital account) and contributed 124property valued at P450,000 to the partnership. What was the net income of the Dalangin Partnership for year 2020? a. 2,700,000 b. 4,200,000 C. 6,300,000 d. 9,900,000 12, Partners Maramba and Pasac have a profit and loss agreement with the following provisions: salaries of P30,000 and P45,000 for Maramba and Pasac, respectively; a bonus to Maramba of 12% of net income after salaries and bonus; and interest of 10% on average capital balances of P50,000 and P65,000 for Maramba and Pasac, respectively. One-fourth of any remaining profits are allocated to Maramba and the balance to Pasac. If the partnership had net income of P108,600, how much should be allocated to Partner Maramba? a. P43,225 b. P43,816 C. P47,850 d. P65,375 13. In the preceding problem, how much should be allocated to Pasac? a. P43,225 b. P43,816 C. P47,850 d. P65,375