Hello! Maybe someone can help me in my accounting

Question 10 (1 point)

When admitting a new partner by investment, a bonus to old partners is allocated on

Question 10 options:

the basis of income ratios before the admission of the new partner.

the basis of the original investment of the old partners.

a seniority basis.

the basis of capital balances.

Question 11 (3 points)

Gwen purchases 25% interest for P60,000 when the partnership of Super, James and King has a total capital of P270,000.

Prior to the admission of Gwen, each partner has a capital balance of P90,000.

Each partner relinquishes an equal amount of hid capital balance to Gwen. The amount to be relinquished by King is ?

Question 11 options:

P19,000

P15,000

P22,500

P37,500

Question 12 (3 points)

CoPas Company was established by Covidna and Plasma early last year.

They agreed to divide profits based on average capital.

Their capital account follows:

Covidna, Capital: Jan. 2 P125,000 Cr.; Aug. 1 P20,000 Dr.

Plasma, Capital: Jan. 2 P250,000 Cr.; Apr. 30 P50,000 Dr.; Oct. 1 P20,000 Dr.

At year-end, the partnership net income after tax is P85,000.

How much will be the share on income of Plasma ?

Question 12 options:

P54,409

P56,667

P53,684

P54,797

Question 13 (1 point)

A limited partner is someone who joined a partnership formation, contributed money into a common fund but does not agree to increase his capital contribution in case of not-so-good business operations and therefore does not totally share in the profits also.

Question 13 options:

True

False

Question 14 (1 point)

Mutual agency means that each partner is considered an agent of the partnership. As such, illegal activity of one partner affects the integrity of all the partners.

Question 14 options:

True

False

Question 15 (2 points)

A partnership recorded the following journal entry:

Cash (Dr.) P70,000

B. Tanner, Capital (Dr.) P10,000

R. Jackson, Capital (Dr.) P10,000

H. Rivera, Capital (Cr.) P90,000

The entry reflects:

Question 15 options:

Admission of a new partner who invests P70,000 and received a P20,000 bonus.

Additional investment into the partnership by Tanner and Jackson.

Withdrawal of a partner who pays a P10,000 bonus to each of the other partners.

Admission of a partner who pays a bonus to each of the other partners.

Question 16 (3 points)

Rosy, Roland and Robert were partners with capital balances as at year end of P250,000; P350,000; P400,000, respectively.

The partner's agreement stated that profit sharing will be based on year-end capital balances.

If the net income for the year before 30% income tax amounted P280,000, how much will be the profit share of Roland ?

Question 16 options:

P93,333

P65,333

P68,600

P78,400

Question 17 (1 point)

All partnership and corporation must register its business organization with the Securities and Exchange Commission, otherwise, it will not have a legal personality.

Question 17 options:

True

False

Question 18 (2 points)

James and Romeo invested P150,000 each in a partnership called JR Enterprises, Ltd.

They agreed to divide profits based on 3: 2 ratio.

If the net profits after 30% income tax amounted P125,000, how much will be the profit share of Romeo ?

Question 18 options:

P35,000

P62,500

P75,000

P50,000

Question 19 (3 points)

Rio owns a restaurant with the following accounts:

Cash P34,500;

Receivables P25,000;

Inventory P45,000;

Equipment P246,800;

Accounts payable P35,600;

Loans payable P75,000.

They agreed that Rio will transfer her business accounts except cash and accounts payable to the partnership.

The net realizable value of receivable is only P20,000 while the fair market value of the equipment is 85% of its book value.

Kia offered to invest cash equal to 50% of Rio's net assets transferred to the partnership -Rio & Kia Diners.

How much cash will Kia invest ?

Question 19 options:

P120,350

P117,690

P99,890

P78,100

Question 20 (1 point)

In the absence of a partnership agreement, the law says that income (and loss) should be allocated based on ?

Question 20 options:

Interest allowances

Equal shares

Salary allowances

The ratio of capital investments

Question 21 (1 point)

Partnership must register its business formation with the Department of Trade and Industry for Business Name, Mayor's Office for Business Permit and License, and Bureau of Internal Revenue for Taxpayer Identification Number, just like a sole proprietorship and corporation.

Question 21 options:

True

False

Question 22 (1 point)

In the liquidation of a partnership, any partner who has a capital deficiency ?

Question 22 options:

will receive a cash distribution only on the basis of his or her income-sharing ratio

it may be written off to a "loss" account

has a personal debt to the partnership for the amount of the deficiency

is automatically terminated as a partner

Question 23 (3 points)

FVR is a sole proprietor who invested the following assets in the partnership:

Cash - P14,000;

Inventory at cost P40,000 (market value P55,000);

Equipment at book value P60,000 (Fair value P80,000).

Assuming FVR has no liabilities, his capital account should be credited for ?

Question 23 options:

P114,000

P149,000

P129,000

P134,000

Question 24 (1 point)

A loan due from a partner is classified in the statement of financial position as a/an

Question 24 options:

partners' equity

current assets

current liability

as a disclosure

Question 25 (1 point)

Which of the following statements about partnership is incorrect ?

Question 25 options:

Partnership assets are co-owned by partners.

The industrial partner does not share in the losses of the partnership.

Rights over profit and assets represent claims of partners that are allocated based on partners' capital accounts.

If a partnership is terminated, the assets do not legally revert to the original contributor.

Question 26 (1 point)

Bonus to a particular partner is given as an inducement to join the partnership formation. As such, the partner will receive payment for his joining in the partnership.

Question 26 options:

True

False

Question 27 (3 points)

Greta and Jackson are partners.

Greta's capital balance in the partnership is P64,000, and Jackson's capital balance of P61,000.

Greta and Jackson have agreed to share equally in income or loss.

Greta and Jackson agree to accept Black with a 20% interest. Black will invest P35,000 in the partnership.

The bonus that is granted to the current partners equals ?

Question 27 options:

P1,875 each

P1,500 each

P3,750 each

P1,920 to Greta and P1,830 to Jackson