SCORE: PROFESSOR: NAME: SECTION: Multiple Choice 1. Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1. The partnership agreement provides for 8% interest on capital and a salary end balances on partners' capital accounts are as follows: Ceradoy, P200,000; for Manongsong of P80,000 per annum. Profit for 2019 was P840,000 and the year- Manongsong, P150,000 and Anuran, P120,000. What was Anuran's share of residual profits for 2019? a. P120,400 b. P126,670 C. P130,000 d. P140,000 2. Malaluan and Baral are in partnership. They share profits in the ratio 3:2 and close The profit-sharing ratio was revised to become Malaluan 50%, Baral 25% and Castro their accounts on June 30 each year. On Jan. 1, 2019, Castro joined the partnership. 25%, after providing for annual salaries as follows: Baral, P20,000 and Castro, P12,000. The partnership profit for the year ended June 30, 2019 was P480,000, accruing evenly over the year. What are the partners' total share in profits for the year ended June 30, 2019? a. b. Malaluan P256,000 P248,000 P264,000 P264,000 Baral P162,000 P168,000 P166,000 P156,000 Castro P62,000 P64,000 P66,000 P60,000 C. d. 3. Refozar, Martinez and Magsino formed a partnership. It's on a calendar year basis. The profit-sharing arrangements are as follows: Until June 30, 2019, the annual salaries are provided as follows: Martinez, P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2. From July 1, 2019, the salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended Dec. 31, 2019 was P400,000 before charging partners salaries, accruing evenly through the year, and after charging an expense of P40,000, which it was agreed related wholly to the first six months of the year. How should the profit for the year be divided among the partners? Magsino P182,000 P130,000 P88,000 P200,000 P116,000 P84,000 Refozar Martinez a. b. 2-32 | WIN Ballada's Partnership and Corporation Accounting C. d. P198,000 P118,000 P88,000 P180,000 P132,000 P88,000 4. Rubio and Bisana established a trading partnership. They share profits equally after allowing salaries of P40,000 per year for Rubio and interest on partner's capital at 5% per year. On Jan. 1, 2019, their capital balances are as follows: Rubio, P200,000 and Bisana, P100,000. On July 1, 2019, Bisana invested an additional P100,000 and Rubio's salary was discontinued. The partnership profit for the year ended Dec. 31, 2019 was P337,500. What was Rubio's total profit share for the year ended Dec. 31, 2019? P182,500 P178,750 c. P180,000 d. P190,000 a. b. 5. Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2019, Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30, 2019 were: 6 months ended Dec. 31, 2018 6 months ended June 30, 2019 P300,000 P450,000 An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva's total profit share for the year ended June 30, 2019? a. P330,000 b. P310,000 C. P340,000 d. P350,000 6. Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. On July 1, 2019 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for the six months to Dec. 31, 2019. The profit sharing arrangements after Doblas' admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year ended Dec.31, 2019 was P240,000 accruing evenly over the year. What should Figueroa's total profit share be for the year ended Dec. 31, 2019? a. P140,000 b. P139,000 c. P114,000 d. P139,375