Answer and show your solution
the foion As of December 31, 200a, V, A and M Partnershrith a debit bal. effecting distribution of income summary from has Data for questions 4 to 8 nt w its operation beginning January 1, 200a: Cash NonCash Payable Vloan 40.000 10.000 50,000 50,000 summary. The partners have Upon distribution of P30,000 debit balance the following profit and loss agreement: (a) All partners shall have a monthly salary (b) V, the, of P1,000. interest on capital and bonus. ton naging partner shall have 10% bonus on the profit before (c) Interest on beginning nning capital would be 6% annually. (They have equal beginni 4. The capital balances of the each partner will be a. Decreased by P10,000 b. Increased by P10,000. c. Increased by P5,000 Neither of these d. The adjusted capital of each partner after effecting their respective share from operation is a. P60,000 b. P50,000 c. P40,000. d. Answer not given. 5. 6. The adjusted total partnership assets would be a. P200,000. b. P150,000 c. P120,000 d. P170,000 7. Assuming that the partners liquidated the partnership and the noncash assets were sold for P100,000, the correct amount of loss on realization would be a. P30,000 b. P40,000 c. P90,000 d. P60,000.. 8. Based on assumption number 7, the cash received by M for the final settlement of his capital balance amounts to a. P30,000. b. P40,000 c. P90,000 d. P60,000 the foion As of December 31, 200a, V, A and M Partnershrith a debit bal. effecting distribution of income summary from has Data for questions 4 to 8 nt w its operation beginning January 1, 200a: Cash NonCash Payable Vloan 40.000 10.000 50,000 50,000 summary. The partners have Upon distribution of P30,000 debit balance the following profit and loss agreement: (a) All partners shall have a monthly salary (b) V, the, of P1,000. interest on capital and bonus. ton naging partner shall have 10% bonus on the profit before (c) Interest on beginning nning capital would be 6% annually. (They have equal beginni 4. The capital balances of the each partner will be a. Decreased by P10,000 b. Increased by P10,000. c. Increased by P5,000 Neither of these d. The adjusted capital of each partner after effecting their respective share from operation is a. P60,000 b. P50,000 c. P40,000. d. Answer not given. 5. 6. The adjusted total partnership assets would be a. P200,000. b. P150,000 c. P120,000 d. P170,000 7. Assuming that the partners liquidated the partnership and the noncash assets were sold for P100,000, the correct amount of loss on realization would be a. P30,000 b. P40,000 c. P90,000 d. P60,000.. 8. Based on assumption number 7, the cash received by M for the final settlement of his capital balance amounts to a. P30,000. b. P40,000 c. P90,000 d. P60,000
