Q14 through 15. As of December 31, 2011, the books of Vicente, Garcia and Cabuyadao Partnership showed capital balances of 40,000, 25,000 and 5,000. The partner's profit and loss ratio was 3:2:1 respectively. The partners decided to dissolve and liquidate. They sold all the non-cash assets for P37,000 cash. After settlement of all liabilities amounting to P12,000, they still have P28,000 cash left for distribution.

Q14. The loss on realization of the non-cash assets was:

a. 42,000

b. 40,000

c. 45,000

d. 21,000

Q15. Assuming that any debit balance of partner's capital is uncollectible, the share of Vicente on P28,000 cash for distribution was:

a. 19,000

b. 16,000

c. 18,000

d. 17,800

Q16 through 20. Flordeliz Valencia and Araceli Tumacole are partners of Dumaguete Fastfood whoo shared profit and loss in the ratio of 2:3. Their respective capital balances are P30,000 and P45,000. Argie Anqui is admitted in the partnership by investing cash of P20,000 for a 1/5 interest in the new firm.

Q16. How much was the total agreed capital of the partners?

a. P75,000

b. P95,000

c. P100,000

d. P110,000

Q17. How much was bonus and to whom shall it be given?

a. P1,000 to the new partner

b. P1,000 to the old partner

c. P5,000 to the new partner

d. P5,000 to the old partner

Q18. How much is the share of Valencia and Tumacole on the bonus?

Valencia

a. P 400

b. P 600

c. P3,000

d. P2,000

Tumacole

P 600

P 400

P2,000

P3,000

Q19. What is the new profit and loss ratio of the new partnership?

Valencia Tumacole angui

a. 32% 48% 20%

b. 2/5 3/5 1/5

c. .40 .60 .20

d. 2 3 1

Q20. What are the new capital balances of the partners after the admission of Angui?

Valencia tumacole angui

a. 30,000 45,000 20,000

b. 30,000 45,000 21,000

c. 30,400 45600 19,000

d. 31,000 45000 20000