BS2

1. Mickey, Donald, and Minnie are partners sharing profit and loss in the ratio of 2:1:1, respectively.
Their
capital balances are P400,000 for Mickey, P200,000 for Donald and P100,000 for Minnie. Claims of
suppliers amounted to 500,000 including the loan extended by Minnie, P50,000. The cash balance
amounted to P300,000 and it increased to P1,050,000 as a result of the sale of the non-cash assets.
● How much cash was received by Donald in the final settlement?

162,500
● How much cash was received by Mickey in the final settlement?

325,000
● How much was the non-cash assets of the partnership?

900,000
● How much was the loss from sale of non-cash assets?

150,000
● How much was the cash proceeds from sale of non-cash assets?
750,000
● How much cash will Minnie receive?

112,500
1. Partnership JB has two partners, Jim and Bill. Jim own 60% of the partnership and Bill owns 40%. In
which of the following transactions will the partnership be held responsible for an individual partners'
actions
Bill signs a contract to buy furniture for official use in the partnership.
2. Carlin and Marley have a partnership agreement which includes the following provisions regarding
sharing net income or net loss.
* A salary allowance of P120,000 to Carlin and P100,000 to Marley.
* An interest allowance of 10% on capital balances at the beginning of the year.
* A bonus of 20% to Carlin,
* The remainder is to be divided 40% to Carlin and 60% to Marley.
The capital balances on January 1, 2018 for Carlin and Marley was P90,000 and P120,000,
respectively. During 2018, the Carlin and Marley partnership had sales of P2,000,000, cost of goods
sold of P1,100,000, and operating expenses of P400,000. Income Tax rate is 30%.
● If bonus is computed based on net income before bonus, salary allowances, and interest on
capital, the total share of C in the partnership is ________.
214600
● If bonus is computed based on net income after bonus, salary allowances, and interest on
capital, the total share of C in the partnership is ________.
183500
Dino, Doods, and Dong have the following accounts and their normal balances on January 31, 2021, the
date the partners agreed to liquidate their 3D Partnership:
Cash P20,000 Accounts Payable P10,000
Accounts Receivable 25,000 Notes Payable 27,000
Allowance for Bad Debts 5,000 Loans due to Dino 5,000
Merchandise Inventory 60,000 Loans due to Doods 7,000
Furniture & Equipment 50,000 Dino, Capital 20,000
Accumulated Depreciation 5,000 Doods, Capital 40,000
Dong, Capital 36,000
The partners divide profit and losses 4:1:5, respectively. Sales proceed follows:
Accounts Receivable P10,000
Merchandise Inventory 30,000
Furniture & Equipment 20,000
● Assuming that Dino is a limited partner, the cash paid to Dong is?
0
● If Dino is a limited partner, the cash paid to Doods is

32500
● Assuming that Dino is a limited partner, how much additional investment should Dong give?
1500
● How much is the non-cash assets?
125000
● Assuming that any deficiency will be immediately paid, the cash paid to Doods
40500
● Assuming that any deficiency is uncollectible, the cash paid to Dong?

2667
● The sale of non-cash assets resulted in a total loss of

65000
● How much is the cash available for distribution to the partners?

43000
● The sale resulted in a capital deficiency for

Dino
1. Felicity and Gregory are partners with capital balances of P700,000 and P500,000, respectively. They
agree to accept Randell who will contribute land costs him P500,000, but with a market value of
P600,000.
Randell will be given 30% interest in the partnership and bonus is to be recognized.
● The revised capital of Felicity after the admission of Randell is

P735,000
● Who gives the bonus?

Randell
Randell will be given 40% interest in the partnership.
● Assuming bonus is to be recognized, how much is the bonus?

120,000
● Assuming bonus is to be recognized, who gets the bonus?

Randell
agree to accept Randell who will contribute land costs him P500,000 but with a market value of
P600,000. Randell will be given 30% interest in the partnership but assets should first be revalued
using Randell’s investment and interest as basis.
● How much is the total agreed capital?

P2,000,000
● How much is the total asset revaluation?

200,000
agree to accept Randell who will contribute land costs him P500,000 but with a market value of
P600,000. Randell will be given 40% interest in the partnership but assets should first be revalued
using Randell’s investment and interest as basis.
● Total asset revaluation amounts to

P(300,000)

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1. Mickey, Donald, and Minnie are partners sharing profit and loss in the ratio of 2:1:1, respectively.

● How much cash was received by Donald in the final settlement?

● How much cash was received by Mickey in the final settlement?

● How much was the non-cash assets of the partnership?

● How much was the loss from sale of non-cash assets?

● How much cash will Minnie receive?

Cash P20,000 Accounts Payable P10,000

Accounts Receivable 25,000 Notes Payable 27,000

Allowance for Bad Debts 5,000 Loans due to Dino 5,000

Merchandise Inventory 60,000 Loans due to Doods 7,000

Furniture & Equipment 50,000 Dino, Capital 20,000

Accumulated Depreciation 5,000 Doods, Capital 40,000

Dong, Capital 36,000

● If Dino is a limited partner, the cash paid to Doods is

● Assuming that any deficiency is uncollectible, the cash paid to Dong?

● The sale of non-cash assets resulted in a total loss of

● How much is the cash available for distribution to the partners?

● The sale resulted in a capital deficiency for

● The revised capital of Felicity after the admission of Randell is

● Who gives the bonus?

Randell will be given 40% interest in the partnership.

● Assuming bonus is to be recognized, how much is the bonus?

● Assuming bonus is to be recognized, who gets the bonus?

● How much is the total agreed capital?

● How much is the total asset revaluation?

● Total asset revaluation amounts to

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