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11. Tanupan is trying to decide whether to accept a salary of P40,000 or a salary of P25,000 plus a bonus of 10% of profit after salaries and bonus as a way of dividing profits among the partners. Salaries traceable to the other partners is P100,000 What amount of profit would make the choices equal? a. P165,000 C. P290,000 b. P265,000 d. P305,000 12. Hermocilla, Gonzaga, and Mallari are partners with average capital balances during the year of P120,000, P60,000 and P40,000, respectively. Partners receive 10% interest on their average capital balances. After deducting salaries of P30,000 to Hermocilla and P20,000 to Gonzaga, the residual profit or loss is divided equally. The partnership sustained a P33,000 loss before interest and salaries to partners. By what amount should Hermocilla's capital account change? a. P42,000 increase b. P35,000 decrease P11,000 decrease C. d. P 7,000 increase 13. Espiritu and Cheng have the following profit and loss agreement: salaries of P30,000 and P45,000 for Espiritu and Cheng, respectively; a bonus to Espiritu of 10% of profit after salaries and bonus; interest of 10% on average capital balances of P20,000 and P35,000 for Espiritu and Cheng, respectively; and any balance equally. If the profit is P102,500, how much should be allocated to Espiritu? a. P58,250 b. P47,796 C. P44,250 d. P44,125 14. Santos and Gloria share profits in the ratio of 3:2. However, Santos is to receive a bonus of 20% of the profits, in addition to his profit share. The partnership made a profit for the year of P24,000 before the bonus. Assuming Santos' bonus is computed on profit after deducting said bonus, how much profit share will Gloria receive? a. P15,200 b. P 8,000 C. P 9,600 d. P 9,000 15. Ravelo and Febrero are partners agreeing to allow monthly salaries of P6,000 and P5,000, respectively; 6% interest on the capital investment at the beginning of the year of P300,000 and P230,000, respectively, and the balance equally. The first year registered a profit of P100,000. The partners' share should be a. Ravelo, P58,100; Febrero, P41,900. b. Ravelo, P56,600; Febrero, P43,400. C. Ravelo, P54,500; Febrero, P45,500. d. Ravelo, P50,000; Febrero, P50,000. 16. The partnership agreement of Santiago and Generales provided that interest of 10% per annum is to be credited to each partner on the basis of average capital balances. A summary of Generales' capital account for the year ended Dec. 31, 2020 follows: P280,000 80,000 (30,000) P330,000 Balance, Jan. 1 Additional Investments, July 1 Withdrawal, August 1 Balance, Dec. 31 The amount of interest that should eventually be credited to Generales' capital is a. P30,500 b. P33,000. C. P30,750. d. P34,500 17. Un, Balaba, and Monta are partners with average capital balances during 2020 of their average capital balances. After deducting salaries of p90,000 to Un and P360,000, P180,000, and P120,000, respectively. Partners receive 10% Interest on P60,000 to Monta, the residual profit or loss is divided equally. In 2020, the firm sustained a P99,000 loss before interest and salaries to partners. By what amount should Un's capital account change? P105,000 decrease C. P21,000 increase b. P33,000 decrease d. P126,000 increase 18. Partner Quito had a beginning capital balance of P35,000 and made additional investments of P27,000 during the year. In the same year, Quito made drawings of P5,000 per month. The post-closing capital balance of Quito is P72,000. What is his share in the partnership profit? a. P70,000 C. P60,000 b. P15,000 d. P72,000 19. Carlos and her very close associate Liggayu formed a partnership on Jan. 1, 2020 with Carlos contributing P16,000 cash while Liggayu contributing equipment with a book value of P6,400 and a fair value of P4,800 and inventory items with a book value of P2,400 and a fair value of P3,200. During 2020, Liggayu made additional investments of P1,600 on April 1 and 21,600 on June 1, and on Sept. 1, he withdrew P4,000. Carlos had no additional investments or withdrawals during the year. The average capital balance at the end of 2020 for Liggayu is a. P7,200. b. P8,000. C. P8,800. d. P9,600. 20. Langbay, Villota and Hernandez are partners in an accounting firm. Their ending capital account balances were: Langbay, P90,000; Villota, P110,000 and Hernandez, P50,000. They share profits and losses in a 4:4:2 ratio, after the following special terms: Partner Hernandez is to receive a bonus of 10% of the profit after bonus. Interest of 10% shall be paid on that portion of the partner's capital in excess of P100,000. Salaries of P10,000 and P12,000 shall be paid to partners Langbay and Hernandez, respectively, Assuming profits of P44,000 in 2020, the total profit share of Hernandez would be a. P 7,800. b. P19,800. C. P16,800. d. P19,400