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Partnership Dissolution ( 10 items 2 points) Instruction: Encircle the letter of the correct answer. 1. Partners Clarkson, Hammond, and May divide profits and losses 5:3:2, respectively, and their statement of financial position on Sept. 30,201, follows: CHM Partnership Statement of Financial Position Sept. 30,201 The assets and liabilities are recorded at their approximate current fair values. Cruise will be admitted as a new partner with a 20% interest in capital and earnings in exchange for a cash investment. Bonus will not be considered. How much cash should Cruise contribute? a. P150,000 c. P120,000 b. P144,000 d. P175,000 2. The capital account for the partnership of Parker and Hoppus on Oct. 31, 20X1, follows: \[ \begin{array}{lr} \text { Parker, Capital } & \text { P80,000 } \\ \text { Hoppus, Capital } & 40,000 \\ \cline { 2 - 2 } & \text { P120,000 } \end{array} \] The partners share profits and losses in the ratio of 6:4, respectively. The partnership desperately needs cash, and the partners agreed to admit Domingo as a partner with one-third in the capital and profits and losses upon her investment of P40,000. Immediately after Domingo's admission, what should be the capital balances of Parker, Hoppus, and Domingo, respectively? a. P72,000;P34,667;P53,333 c. P60,000;P60,000;P60,000 b. P68,000;P32,000;P50,000 d. P66,667;P33,333;P50,000 3. When Jagger retired from Plant, Jagger, and Grisham, he received cash in excess of his capital account balance. Under the bonus method, what effect on the partnership books would the excess received by Jagger be? a. It did not affect the capital account balances of Plant and Grisham. b. It reduced the capital account balances of Plant and Grisham. c. It was recognized as a goodwill of the partnership. d. It was recognized as an operating expense of the partnership. 4. Partners Jackson, Rockefeller, and Pickard share profits and losses 50:30:20, respectively. The statement of financial position on Apr. 30,200B, follows: The assets and liabilities are recorded and presented at their respective fair values. Mbrgan is to be admitted as a new partner with a 20% capital interest and a 20% share of profits and losses in exchange for a cash contribution. How much cash should Morgan contribute? a. P100,000 c. P72,000 b. P75,000 d. P80,000 5. Kennedy and Haynes are partners with capital balances of P70,000 and P30,000, respectively. Profits and losses are divided in the ratio of 60:40. Kennedy and Haynes decided to form a new partnership with Sweeney, who invested land valued at P15,000 for a 20% capital interest in the new partnership. Sweeney's cost of the land was P12,000. The partnership used the bonus method to record the admission of Sweeney into the partnership. Sweeney's capital account should be credited for the following: a. P12,000 c. P23,000 b. P15,000 d. P16,000 6. Diemer and Wilson are partners who share profits and losses in the ratio of 7:3, respectively. On Oct. 5,201, their respective capital accounts were as follows: \[ \begin{array}{lr} \text { Diemer } & \mathrm{P} 35,000 \\ \text { Wilson } & 30,000 \\ \cline { 2 - 2 } & \mathrm{P} 65,000 \end{array} \] On that date, they agreed to admit Marwick as a partner with a one-third interest in the capital and profits and losses, and upon her investment of P35,000. The new partnership will begin with a total capital of P90,000. Immediately after Marwick's admission, what are the capital balances of Diemer, Wilson, and Marwick, respectively? a. P30,000;P30,000; P30,000 c. P36,167;P30,500;P33,333 b. P31,667;P28,333;P30,000 d. P31,500;P28,500;P30,000 7. When Price retired from the partnership of Waterhouse, Cooper, and Price, the final settlement of Price's interest exceeded Price's capital balance. They share profits and losses equally. Under the bonus method, what effect on the partnership books will the excess have? a. It was recorded as goodwill. b. It was recorded as an expense. c. It did not affect the capital balances of Waterhouse and Cooper. d. It reduced the capital balances of Waterhouse and Cooper. 8. Partners Young and Deloitte share profits and losses in the ratio of 7:3, respectively. On Feb. 1,20X1, their capital account balances were as follows: YoungDeloitteP70,00060,000 Young and Deloitte agreed to admit Ernst as a partner with a one-third interest in the partnership capital and profits or losses for an investment of P40,000. The new partnership will begin with total capital of P180,000. Immediately after Ernst's admission to the partnership, the capital account balances of Young, Deloitte, and Ernst, respectively, are: a. P63,000;P57,000;P60,000 c. P58,333;P55,000;P56,667 b. P60,000;P60,000;P60,000 d. P70,000;P60,000;P50,000 9. On Jun. 30, 20X1, the statement of financial position for the partnership of Newhart, Fickard, and lzzard, together with their respective profit and loss ratios, were as follows: P180,000 Newhart had decided to retire from the partnership. By mutual agreement, the assets will be adjusted to their fair value of P216,000 on Jun. 30,201. It was agreed that the partnership would pay Newhart P71,200 cash for Newhart's partnership interest, including Newhart's ban, which will be repaid in full. After Newhart's retirement, what is the balance of Pickard's capital account? a. P36,450 c. P45,450 b. P46,200 d. P33,950 10. The capital accounts of the partnership of Cleef, Falk, and Liddell on Jun. 1,20X1, are presented below with their respective profit and loss ratio: \begin{tabular}{lrr} Cleef & P139,200 & 1/2 \\ Falk & 208,800 & 1/3 \\ Liddell & 96,000 & 1/6 \end{tabular} On Jun. 1,20X1, Wedgwood was admitted to the partnership when he purchased, for P134,000, a proportionate interest from Cleef and Liddell in the net assets and profits of the partnership. As a result, Wedgwood acquired a one-fifth interest in the net assets and profits of the firm. What combined gain did Cleef and Liddell realize upon selling a portion of their interest in the partnership to Wedgwood? A. P0 C. P62,400 B. P82,000 D. P45,200