Accounting 5 8

Advanced Accounting May 8, 2012 1.
Ferdie, Jorge, and Hort are partners with average capital balances during 2011 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 Ferdie and P20,000 to Hort, the residual profit or loss is divided equally. In 2011 the partnership sustained a P33,000 loss. By what amount should Ferdies capital account change (increase or decrease in Ferdies capital)? 2. Partner Calvin is personally insolvent, owing P600,000. Personal assets will only bring P200,000 when liquidated. At the same time, Calvin has a credit capital balance in the partnership of P120,000. The capital amounts of the other partners total a (credit) balance of P250,000. The personal creditors of Calvin can collect up to? 3. Lim and Ong are partners sharing profits and losses in the ratio of 6:4 respectively. On January 2, the partners decided to admit Ang as a new partner upon his investment of P16,000. On this date, the interest in the partnership of Lim and Ong are as follows: Lim P23,000 Ong 18,600 Assuming that the new partneris given 1/3 interest in the firm and the assets are revalued. The capital balances of the partners after admission of Ang are? 4. Ace, Ben, and Choy are partners sharing profits in the ratio of 3:3:2. On June 30, their capital balances are: Ace, P600,000; Ben, P400,000; Choy, P300,000. The partners agree to admit Dex on the following agreement: (1) Dex is to pay Ang P400,000 for interest of Aces interest. (2) Dex is also to invest P300,000 in the partnership. (3) The total capital of the partnership is to be P2,000,000, of which Dexs interest is to be 25%. What are the capital balances of the partners after the admission of Dex? 5. Capital and loan balances for Abe, Beb, and Ceb who share profits 2:2:1, are as follows just before liquidation: Abe, loan P10,000 Abe, capital 15,000 Beb, loan 5,000 Beb, capital 30,000 Ceb, loan 10,000 Ceb, capital 10,000 Assuming that the cash of P12,000 is available as a first distribution to partners, how much cash is to b distributed to Ceb?
Advanced Accounting May 8, 2012 1. Ferdie, Jorge, and Hort are partners with average capital balances during 2011 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 Ferdie and P20,000 to Hort, the residual profit or loss is divided equally. In 2011 the partnership sustained a P33,000 loss. By what amount should Ferdies capital account change (increase or decrease in Ferdies capital)? 2. Partner Calvin is personally insolvent, owing P600,000. Personal assets will only bring P200,000 when liquidated. At the same time, Calvin has a credit capital balance in the partnership of P120,000. The capital amounts of the other partners total a (credit) balance of P250,000. The personal creditors of Calvin can collect up to? 3. Lim and Ong are partners sharing profits and losses in the ratio of 6:4 respectively. On January 2, the partners decided to admit Ang as a new partner upon his investment of P16,000. On this date, the interest in the partnership of Lim and Ong are as follows: Lim P23,000 Ong 18,600 Assuming that the new partneris given 1/3 interest in the firm and the assets are revalued. The capital balances of the partners after admission of Ang are? 4. Ace, Ben, and Choy are partners sharing profits in the ratio of 3:3:2. On June 30, their capital balances are: Ace, P600,000; Ben, P400,000; Choy, P300,000. The partners agree to admit Dex on the following agreement: (1) Dex is to pay Ang P400,000 for interest of Aces interest. (2) Dex is also to invest P300,000 in the partnership. (3) The total capital of the partnership is to be P2,000,000, of which Dexs interest is to be 25%. What are the capital balances of the partners after the admission of Dex? 5. Capital and loan balances for Abe, Beb, and Ceb who share profits 2:2:1, are as follows just before liquidation: Abe, loan P10,000 Abe, capital 15,000 Beb, loan 5,000 Beb, capital 30,000 Ceb, loan 10,000 Ceb, capital 10,000 Assuming that the cash of P12,000 is available as a first distribution to partners, how much cash is to b distributed to Ceb?

Accounting 5 8

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Advanced Accounting May 8, 2012 1.

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