The capital accounts of the partnership of G. Silang, H. Del Pilar, and I.Aguinaldo are presented below with their respective profit and loss ratios: Silang P278,000 (1/2) Del Pilar 418,000 (1/3) Aguinaldo 192,000 (1/6) J. Quezon was admitted to the partnership when he purchased directly, for P264,000, a proportionate interest from Silang and Del Pilar in the net assets and profits of the partnership. As a result , Quezon acquired a one-fifth interest in the net assets and profits of the firm. 1. Assuming implied goodwill is not to be recorded, what is the combined gain realized by Silang and Del Pilar upon the sale of a portion of their interests in the partnership to Quezon? a. P 0 c. P122,800 b. P86,400 d. P164,000 P. Lina and Q. Mina are partners with a profit and loss ratio of 75:25 and capital balances of P100,000 and P50,000 respectively. R. Nina is to be admitted into the partnership by purchasing a 20% interest in the capital, profits and losses for P60,000. 2. Assuming goodwill is not recorded, the capital balances of Lina and Mina after the admission of Nina are: a. Lina, P 80,000 and Mina, P40,000 b. Lina, P120,000 and Mina, P60,000 c. Lina, P112,000 and Mina, P38,000 d. Lina, P100,000 and Mina, P50,000 3. Assuming goodwill is to be recorded, the capital balances of Lina, Mina and Nina are: a. P170,000; P70,000; P60,000 b. P 80,000; P40,000; P30,000 c. P192,500; P77,500; P30,000 d. P100,000; P50,000; P60,000 M. Feliz contributed P24,000 and N. Eliz contributed P48,000 to form a partnership, and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P16,290; Feliz withdrew P5,050 and Eliz P8,000. At the start of the following year, they agreed to admit O. Deliz into the partnership. He was to receive a one fourth interest in the capital and profits upon payment of P30,000 to Feliz and Eliz, whose capital accounts were to be reduced by transfers to Deliz s capital account of amount sufficient to bring them back to their original capital ratio. 4. How should the P30,000 paid by Deliz be divided between Feliz and Eliz: a. Feliz P9,825; Eliz, P20,175 b. Feliz, P15,000; Eliz, P15,000 c. Feliz, P10,000; Eliz, 20,000 d. Feliz, P 9,300; Eliz, 20,700