Prieto, Norberto and Moncada are partners and share profits and losses equally. Each has a capital balance of P1,800,000. Noberto retires from the partnership and receives P1,500.000. The partnership assets are fairly stated. 1. What is the entry to record Norbertos retirement? a. B. Norbero, capital P1,800,000 (dr) Goodwill 300,000 (cr) Cash 1,500,000 (cr) b. B. Norberto, capital P1,800,000 (dr) Partnership assets 300,000 (cr) Cash 1,500,000 (cr) c. B. Norberto, capital P1,500,000 (dr) Cash P1,500,000 (cr) d. B. Norberto, capital P1,800,000 (dr) C. Moncada, capital 150,000 (cr) A. Prieto, capital 150,000 (cr) Cash P1,500,000 (cr) Dansalan, Evangelista and Floresca share partnership profits in the ratio of 2:3:5. On September 30, Floresca opted to retire from the partnership. The capital balances on this date follow: L. Dasalan, capital P25,000 M. Evangelista, capital P40,000 N. Floresca, capital P35,000 2. How many is to debited from Dansalan, assuming Floresca is paid P39,000 in full settlement of his partnership interest? a. P2,400 c. P3,000 b. P4,000 d. P1,600 E. Salgado, F. Tiangco and G. Umali are partners. Umali is permitted to withdraw from the partnership on December 31. It was agreed that the settlement is to be made by payments from the personal funds of the remaining partners to Umali. Capital balances on December 31, show: Capital Balances Profit Ratio Salgado P30,000 30% Tiangco 25,000 30% Umali 45,000 40% 3. If Salgado and Tiangco paid Umali P48,000, how much is the undervaluation of assets if the transaction will be recorded using the revaluation of assets method? a. P500 c. P5,000 b. P3,000 d.P7,500 H. Vicente, I. Walde and J. Yson are partners with capital balances on December 31, 2021 of P300,000, P300,000 and P200,000 respectively. Profits are shared equally. Yson wishes to Withdraw and it is agreed that he is to take certain furniture and fixtures at their second-hand value of P12,000 and note for the balance of his interest . The furniture and fixtures are carried on the books as fully depreciated. Brand new, furniture and fixtures may cost P20,000. 4. Ysons acquisition of the second-hand furniture will result to a. increase in the capital of P4,000 each for Vicente, Walde and Yson b. increase in the capital of P6,000 each for Vicente and Walde c. increase in the capital of P10,000 each for Vicente and Walde d. increase in the capital of P8,000 for Yson The balance sheet as of June 30, 2021 for the partnership of R. Vasquez, J.Watson, and L. Ylagan shows the following information: Total Assets P360,000 R. Vasquez, Loan P20,000 R. Vasquez, Capital 83,000 J. Watson , Capital 77,000 L. Ylagan, Capital 180,000 P360,000 It was agreed among the partners that Vasquez retires from the partnership and it was further agreed that the assets be adjusted to their fair value of P408,000 as of June 30, 2021. The partnership would pay Vasquez, P121,000 cash for his partnership interest and includes the payment of loan to him. No goodwill is to be recorded. Vasquez, Watson and Ylagan share profits and losses , 25%, 25%, and 50% respectively. 5. What is Ylagans capital balance after the retirement of Vasquez? a. P120,000 c. P200,000 b. P180,000 d. P560,000 The total of the partners capital accounts was P110,000 before the recognition of partnership goodwill in preparation for the withdrawal of a partner whose income-and- loss sharing ratio is 2/10. He was paid P28,000 by the firm in final settlement for his interest. The remaining partners capital accounts, excluding their share of goodwill, totaled P90,000 after his withdrawal. 6. The total goodwill of the firm agreed upon was a. P40,000 c. P20,000 b.P28,000 d. P 8,000