Acctg 160 Quiz 1 ( Summer 21) PDF

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NAME: Date: Professor: Section: Score:ACCOUNTING FOR SPECIAL TRANSACTIONS Quiz 11 capital and drawings accounts are similar to the corporate a. paid in capital, retained earnings, and dividends accounts. b earnings account. c in capital and retained earnings accounts. d and common stock accounts.2 t...

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Page|1 NAME: Pr of es s or :

Sec t i on:

Dat e: Sc or e:

ACCOUNTI NG FORSPECI ALTRANSACTI ONS Qui z1 1. Par t ne r s hi pc api t alanddr a wi ngsac c ount sar es i mi l art ot hec or por a t e a . pai di nc api t al , r e t ai ne dear ni ngs , anddi vi de ndsac c ount s . b. r e t ai nede ar ni ngsac c ount . c . pai di nc api t alandr et ai ne de ar ni ngsac c ount s . d. pr e f er r edandc ommons t oc kac c ount s . 2. I ft hepar t ne r s hi pa gr e ementdoe snots pec i f yhow i nc omei st obeal l oc a t e d,pr ofit sandl os s s houl dbeal l oc at ed a . equal l y . b. i npr opor t i ont ot hewei ght eda ve r ageofc api t ali nves t e ddur i ngt hepe r i od. c .e qui t abl ys ot ha tpar t ne r sar ec ompens a t e df ort het i meandeffor te xpendedonbehal foft he par t ne r s hi p. d. i nac c or danc ewi t ht hei rc api t alc ont r i but i ons . 3. Mi keand Mar i o agr e e dt of or m apar t ne r s hi p.Mi kec ont r i but e de qui pme ntwi t hc ar r yi ng amountof₱100, 00 0andf a i rval ueof₱70, 000,whi l eMar i oc ont r i but e dc as hof₱200, 000.The par t ne r sagr e e dt o ha veapr ofits har i ng r a t i oof2: 1,r e s pe c t i ve l y .Thei ni t i alc r e di t st ot he par t ne r s ’c api t alac c ount ss hal lr e fle c tt hi sf ac t .Undert hebonusme t hod,how muc hi st he bal anc eoft hec api t alac c ountofMar i oi mme di a t e l yaf t e rt hepar t ne r s hi pf or ma t i on? a . 90, 00 0 c . 200, 000 b. 135 , 000 d. 70, 000 4. On Apr i l30,20x1,AAA,BBB and CCC f or me d apar t ne r s hi p by c ombi ni ng t he i rs e par a t e bus i ne s spr opr i e t or s hi ps .AAA c ont r i but e dc as hof₱50, 000.BBBc ont r i but e dpr oper t ywi t ha ₱36, 00 0c ar r yi ng amount ,a ₱40, 00 0or i gi nalc os t ,and ₱80, 000f ai rval ue . Thepar t ner s hi p ac c ept e dr e s pons i bi l i t yf ort he₱35, 000mor t ga gea t t ac he dt ot hepr oper t y.CCC c ont r i but e d e qui pmentwi t ha₱30, 000c ar r yi ngamount ,a₱75, 000or i gi nalc os t ,and₱55, 00 0f ai rval ue .The par t ne r s hi pa gr ee ments pe c i fie st ha tpr ofit sand l os s esar et obes har e d equal l ybuti ss i l ent r e gar di ngc api t alc ont r i but i ons .Whi c hpar t ne rhast hes mal l es tApr i l30 ,20x1c api t ala c c ount bal anc e ? a . AAA c . CCC b. BBB d. Al lc api t alac c ountbal anc e sar ee qual 5. OnJ anuar y1,20x1 ,Mr .A andMs .Bagr e edt of or m apar t ne r s hi pc ont r i but i ngt he i rr e s pe c t i ve as s e t sande qui t i e ss ubj e c tt oadj us t ment s .Ont ha tda t e , t hef ol l owi ngwer epr ovi de d. Mr . A Ms . B Cas h 28, 00 0 62, 000 Ac c ount sr e c ei vabl e 200, 000 600, 000 I nve nt or i e s 120, 000 200, 000 Land 600, 000 Bui l di ng 500, 000 Fur ni t ur e & 50, 00 0 35, 000 fixt ur es I nt angi bl eas s et s 2, 000 3, 000 Ac c ount spa yabl e 180, 000 250, 000 Ot herl i a bi l i t i e s 200, 000 350, 000 Capi t al 620, 000 800, 000 Thef ol l owi ngadj us t ment swe r ea gr e e dupon:

Page|2 a . Ac c ount sr e c e i vabl eof₱20, 000and₱40, 000ar eunc ol l e c t i bl ei nA’ sandB’ sr e s pec t i vebooks . b. I nvent or i e sof₱6, 000and₱7, 000ar ewor t hl e s si nA’ sandB’ sr e s pec t i vebooks . c .I nt angi bl eas s e t sar et obewr i t t e noffi nbot hbooks . How muc hi st headj us t e dc api t alofMr .A? a . 952 , 000 b. 925 , 000

c . 750, 000 d. 592, 000

Us et hef o l l o wi ngi nf o r ma t i o nf o rt hene xtt woq ue s t i o ns : A,BandCf or medapar t ne r s hi p.Thei rc ont r i but i onsar easf ol l ows :

Cas h Equi pme nt To t a l s

A 80, 000 80, 000

B 20, 000 160, 000 180, 00 0

C 200 , 000 200, 00 0

Addi t i o na li nf o r ma t i o n: t houghCha sc ont r i but e dt hemos tc as ht ot hepar t ne r s hi p,hedi dnotha vet hef ul lamountof  Al ₱200 , 000a vai l abl eandwasf or c e dt obor r ow ₱80, 000.  Thee qui pme ntc ont r i but e dbyBhasanunpai dmor t ga geof₱40, 000,t her epa ymentofwhi c hi s as s ume dbyt hepar t ne r s hi p.  Thepar t ne r sa gr e edt oequal i zet he i ri nt e r es t .Cas hs et t l e me nt samongt hepar t ne r sar et obe madeout s i det hepar t ne r s hi p. 6. Whi c hoft hef ol l owi ngs t a t e ment si sc or r e c t ? a . Apa ysC₱60, 000. b. Ar ec ei ves₱60, 000f r om C.

c . AandBpa ysCat ot alof₱60, 000 . d. Apa ysB₱60, 00 0.

7. Thes i mpl ej our nalent r i e st or ec or dt hepar t ne r s ’c ont r i but i onsi nc l ude a . a₱60, 000c r edi tt oA’ sc api t alac c ount . c . ac r e di tt ol oanpa yabl ef or₱80, 000. b. ade bi tt omor t ga gef or₱40, 000. d. a₱60, 000c r edi tt oC’ sc api t alac c ount . 8. Mr . SunandMs .Moonf or me dapar t ne r s hi p. Thei rc ont r i but i onsar easf ol l ows : Mr .Sun Ms .Moon Cas h 400, 00 0 Ac c ount sr ec ei vabl e 250, 00 0 Land 750, 00 0 Equi pme nt 180, 00 0 To t a l 650, 000 1, 130 , 000 Addi t i o na li nf o r ma t i o n:  Onl y80% oft heac c ount sr ec e i vabl ei sde eme dc ol l e c t i bl e .  Thel and i ss t a t e da tor i gi na lc os t .Thef ai rval uei s₱1, 000, 000.Thepar t ne r s hi p as s ume sa ₱250 , 000unpai dmor t gageont hel and.  Ms .Moonac qui r e dt hee qui pme ntonal ongt e r m financ i ngbas i s .Ms .Moonpr omi s e dt opa y t heunpai d pr i nc i palbal anc eof₱80, 000us i nghe rper s onalf unds .Theequi pme nti sunde r de pr ec i a t edby₱30, 000. How muc hi st hei ni t i alpar t ne r s hi pc api t al ? a . 1, 500, 00 0 b. 900 , 000

c . 600, 000 d. 400, 000

Us et hef o l l o wi ngi nf o r ma t i o nf o rt hene xtt woq ue s t i o ns : AandBf or me dapar t ne r s hi p. Thef ol l owi ngar et he i rc ont r i but i ons :

Page|3

Cas h Ac c ount sr ec ei vabl e I nvent or y Land Bui l di ng To t a l Not epa yabl e A,c api t al B, c api t al To t a l

A 200, 00 0 150, 00 0 100, 00 0

450, 000

B 500, 000 620, 000 1, 12 0, 000

220, 000 230, 00 0 450, 000

1, 120 , 000 1, 120 , 000

Addi t i o na li nf o r ma t i o n:  Theac c ount sr e c ei vabl ehasar ec over abl eamountof₱120, 000.  Thei nvent or yhasane s t i ma t e ds e l l i ngpr i c eof₱110, 00 0ande s t i mat edc os t st os e l lof₱20, 000.  Thel andhasaf ai rval ueof₱500, 000anunpai dmor t gageof₱120, 00 0.Thepar t ne r sagr e edt ha t Bs hal ls et t l et hemor t gageus i nghi spe r s onalf unds .  Thebui l di ngi sove r depr e c i a t edby₱30, 000.  Thebui l di ngal s ohasanunpai dmor t gageamount i ngt o₱550, 00 0.Thepar t ner sa gr e edt ha tt he par t ne r s hi ps hal las s umer e pa ymentoft hemor t gage .  Thenot epa yabl ehasaf ai rval ueof₱210, 000 .  AandBs hal ls har ei npr ofit sandl os s es40% and60%,r e s pe c t i ve l y . 9. How muc har et headj us t e dc api t albal anc e sofAandB, r es pe c t i ve l y? A B a . 200 , 000 600 , 000 b. 230 , 000 480 , 000 c . 200 , 000 1, 030, 000 d. 230 , 000 600 , 000 10.As s umet hatapar t ne r ’ sc api t als hal lbei nc r e as e dac c or di ngl ybyc ont r i but i ngaddi t i onalc as ht o br i ngt hepar t ne r s ’c api t albal anc e spr opor t i ona t et ot he i rpr ofitorl os sr a t i o.Whi c hpar t ne r s houl dpr ovi deaddi t i onalc as handhow muc hi st headdi t i onalc as hc ont r i but i on? a . Par t ne rAs houl dpr ovi deaddi t i onalc api t alof₱150, 000. b. Par t ne rAs houl dpr ovi deaddi t i onalc api t alof₱200, 000. c . Par t ne rBs houl dwi t hdr a wc api t alof₱300, 000 . d. Par t ne rBs houl dpr ovi dec api t alof₱300, 000. 11.Par t ne r sAandBs har ei npr ofit sandl os s esona70: 30r a t i oaf t ers al ar yal l owanc esof₱80, 000f or A and₱40, 000f orB.Thebus i ne s se ar ne dpr ofitof₱32 0, 000be f or ede duc t i onf ort hes al ar i e s . Theyea r endc l os i nge nt r i e swoul di nc l ude a . a₱100, 000c r edi tt oA’ sc api t alac c ount . b. an₱80, 000de bi tt oA’ sc api t alac c ount . c . a₱220, 000c r edi tt oB’ sc api t alac c ount . d. a₱320, 000c r edi tt ot hei nc omes ummar yac c ount . 12.AandB’ spar t ner s hi pa gr e e me ntpr ovi de st hef ol l owi ng:  Annuals al ar i e sof₱96, 000f orAand₱60, 000f orB.  10% bonust oA, bas e donpr ofitaf t e rs al ar i e sandbonus .  P/Lr a t i oof60: 40. Thepar t ne r s hi pe ar ne dpr ofitof₱200, 000be f or es al ar i esandbonus . How muc hwasA’ ss har e ? a . 124 , 000 c . 96, 000

Page|4 b. 112 , 000

d. 76, 000

13.TheAAA a ndBBBpar t ne r s hi pa gr e eme ntpr ovi desf orAAA t or ec ei vea20% bonusonpr ofit s be f or et hebonus .Re mai ni ngpr ofit sandl os s e sar edi vi de dbet we enAAA andBBBi nt her a t i o of2: 3,r e s pe c t i ve l y.Whi c hpar t nerhasagr ea t e radvant a gewhent hepar t ne r s hi phasapr ofitor whe ni tha sal os s ? Pr o fit Lo s s a . AAA BBB b. AAA AAA c . BBB AAA d. BBB BBB 14.A,BandC ar epar t ne r s ,s har i ngi npar t ner s hi ppr ofit si nt her a t i oof2: 3: 4.A,t hemanagi ng par t ne r ,i sent i t l edt oanannuals al ar yof₱80, 000anda10% bonusonpr ofitaf t erde duc t i ngt he s al ar ybutbe f or ede duc t i ngt hebonus .Thepar t ne r s hi pe ar ne dpr ofitof₱560, 00 0be f or es al ar y andbonus . How muc hi st hes har eofA? a . 214 , 400 c . 224, 000 b. 196 , 000 d. 189, 667 15.Thepar t ne r s hi pa gr e ementofA, BandCs t i pul a t e st hef ol l owi ng:  A,t hemanagi ngpar t ne r , s hal lr e c e i veabonusof10% ofpr ofit .  Eac hpar t ne rs hal lr ec ei vea6% i nt e r e s tona ver agec api t ali nves t ment s .  Anyr emai ni ngpr ofitorl os ss hal lbes har e de qual l y . Thea ver agec api t ali nves t ment soft hepar t ne r sdur i ngt heye arwe r e₱80, 00 0f orA,₱50, 000f orB, and₱30, 000f orC.Thepar t ne r s hi pear ne dpr ofitof₱1 00, 000dur i ngt heper i od.How muc hwasA’ s s har e ? a . 23, 80 0 c . 29, 800 b. 28, 60 0 d. 41, 600 16.AandB’ spar t ner s hi pa gr e e me nts t i pul a t e st hef ol l owi ng:  Annuals al ar yal l owanc eof₱100 , 000f orA.  Bonust oAof10% oft hepr ofitaf t e rpar t ne r ’ ss al ar i e sandbonus .  Thepar t ne r ss har ei npr ofit sandl os s e sona60: 40r a t i o. Thepar t ner s hi pi nc ur r edl os sof₱40, 000be f or ede duc t i onf ors al ar i es .How muc hi st hec hangei n A’ sc api t alac c ount ? a . 56, 00 0dec r e as e c . 15, 000dec r e as e b. 16, 00 0i nc r e as e d. 9, 000i nc r e as e 17.A&BPar t ne r s hi pe ar nspr ofitof₱240, 000i n20x1.Themove me nt si nt hec api t alac c ount soft he par t ne r sar es hownbe l ow: A,c api t al B, c api t al Dr . Cr . Dr . Cr . J an.1 1 20 , 000 8 0, 0 00 Ma y1 2 0, 0 00 1 0, 0 00 J ul y1 2 0, 0 00 Aug.1 1 0 , 000 Oc t .1 1 0, 0 00 5 , 00 0 How muc hi st hes har eofBi fpr ofit sar et obedi vi de dbas e dona ver agec api t al ? a . 103 , 457 c . 121, 500 b. 108 , 333 d. 136, 543

Page|5 18.A andBs har ei npar t ner s hi ppr ofit sandl os s e sona40: 60r a t i o.Dur i ngt heye ar ,A’ sc api t al ac c ounthad aneti nc r e as eof₱50, 000.Par t ne rA madec ont r i but i onsof₱10, 000and c api t al wi t hdr a wal sof₱60, 000dur i ngt heyea r .How muc hwast hes har eofBi nt hepar t ner s hi ppr ofit f ort heyea r ? a . 100 , 000 c . 200, 000 b. 150 , 000 d. 180, 000 19.AandBf or me dapar t ne r s hi pi n20x1. Thepar t ne r s hi pc ont r ac ts t i pul a t e st hef ol l owi ng:  ₱30, 00 0annuals al ar yt oe ac hpar t ne rduea te ac hyea r end.  Bonusof10% ofpr ofitaf t e rs al ar i e sandbonusf orA  8% i nt er e s tont hepar t ne r s ’wei ght e da ve r agec api t albal anc es .  Anyr emai ni ngpr ofitorl os si st obedi vi dedequal l y . Thepar t ne r s hi p’ sl e dge rs howst hef ol l owi ng: Dat e Ma r c h1 ,2 0 x1 J une1 ,2 0 x1 Augus t1 ,2 0x 1 De c e mbe r1 ,2 0 x1

Dat e Ma r c h1 ,2 0 x1 J une1 ,2 0 x1 Augus t1 ,2 0x 1

Re f . 0 0 1 0 9 8 1 4 6 2 1 1

Re f . 0 0 1 0 9 8 1 4 6

A,Ca pi t a l De bi t

Cr e di t 30 , 0 00 . 0 0

10 , 0 00 . 0 0 20 , 0 00 . 0 0 5, 0 0 0 . 0 0 B,Ca pi t a l De bi t 10 , 0 0 0. 0 0 2 , 0 0 0. 0 0

Cr e di t 20 , 0 00 . 0 0

Bal anc e 30 , 0 0 0. 0 0 20 , 0 0 0. 0 0 40 , 0 0 0. 0 0 3 5 , 0 00 . 0 0

Bal anc e 20 , 0 0 0. 0 0 10 , 0 0 0. 0 0 8 , 0 0 0. 00

Thepar t ne r s hi p’ spr ofitbe f or es al ar i e sandbonusi n20x1i s₱60, 00 0.Thepar t ne r sagr e edt or ec ei ve f ul lannuals al ar i e si n20x1. How muc hi st hes har eofA? a . 30, 68 4 c . 32, 772 b. 29, 31 6 d. 28, 257 20.Bi l l y and She e han ar epar t ner si n Bas sCo.The i rpar t ne r s hi p agr e eme nts t a t e st hatBi l l yi s e nt i t l e dt oanannuals al ar yof₱100, 000and abonusof10% ofpr ofitaf t e rs al ar ybutbe f or e bonus .Ther emai nde ri ss har edi nt her a t i oof7: 2.She ehan’ ss har ei npar t ne r s hi ppr ofitf ort he yearwas₱296, 000. How muc hwast hepar t ner s hi ppr ofitbe f or eBi l l y’ ss al ar yandbonus ? a . 1, 580, 00 0 c . 1, 751, 348 b. 1, 672, 34 2 d. 1, 420, 0 00 21.Thepar t ne r s hi pa gr e ementofAxe l ,Ber g& Cobbpr ovi desf ort heye ar e nd al l oc a t i onofne t i nc omei nt hef ol l owi ngor de r :  Fi r s t , Axe li st or ec ei ve10% ofne ti nc omeupt o₱100, 00 0and20% over₱100, 00 0.  Se c ond,Ber gandCobbe ac har et or e c ei ve5% oft her e mai ni ngi nc omeover₱150, 000 .  Thebal anc eofi nc omei st obeal l oc a t edequal l yamongt het hr e epar t ner s . Thepar t ne r s hi p’ s2 003neti nc omewas₱250, 00 0be f or eanyal l oc a t i onst opar t ne r s .Wha tamount s houl dbeal l oc at edt oAx e l ? a . 101, 000 c . 108, 000 b. 103, 00 0 d. 110, 000 22.We enc he ei st r yi ngt ode c i dewhe t he rt oac c e ptas al ar yof₱40, 000ors al ar yof₱25, 00 0pl usa bonusof10% ofne ti nc omeaf t e rs al ar i e sand bonusasame ansofal l oc a t i ngpr ofitamong par t ne r s .Sal ar i e st r ac e abl et ot heot he rpar t ner sar ee s t i ma t edt obe₱10 0, 000.Wha tamountof i nc omewoul dbene c e s s ar ys ot ha tWe e nc he ewoul dc ons i de rc hoi c e st obee qual ?

Page|6 a . 165, 000 b. 290, 00 0

c . 265, 000 d. 305, 000

23.Gar c i aandHens onf or medapar t ner s hi ponJ anuar y2, 2005anda gr e edt os har epr ofit s90% and 10%,r e s pec t i ve l y .Gar c i ac ont r i but e dc api t alof₱25, 000 .He ns onc ont r i but e dnoc api t albuthasa s pe c i al i ze de xpe r t i s eand mana gest hefir mf ul lt i me .The r ewer enowi t hdr a wal sdur i ngt he yea r . Thepar t ner s hi pagr e eme ntpr ovi de sf ort hef ol l owi ng:  Capi t alac c ount sar et obec r edi t e dannual l ywi t hi nt e r es ta t5% ofbe gi nni ngc api t al .  Hens oni st obepai das al ar yof₱1, 000amont h.  Hens oni st or e c ei veabonusof2 0% ofi nc omec al c ul at e dbe f or ede duc t i nghi ss al ar yand i nt er e s tonbot hc api t alac c ount s .  Bonus , i nt er e s t ,andHens on’ ss al ar yar et obec ons i de r edpar t ne r s hi pe xpens es . Thepar t ne r s hi p2005i nc omes t a t e mentasf ol l ows : Re venue s Expe ns e s( i nc l udi ngs al a r y ,i nt e r e s t ,a ndbonus ) Neti nc ome Wha ti sHens on’ s2005bonus ? a . 11, 688 b. 12, 000

96, 450 49, 700 46, 750

c . 15, 000 d. 15, 738

24.A andBf or me dapar t ne r s hi pandbe ganoper at i onsonMar c h1,20x1. Ai nves t e d₱400 , 000c as h whi l eBi nve s t e de qui pme ntwi t habookval ueof₱1, 200, 00 0andaf ai rval ueof₱720, 000 .On Augus t31, 20x1, Ai nves t edaddi t i onalc as hof₱80 , 000. Thepar t ne r s hi pa gr ee ments t i pul at e st he f ol l owi ng:  Mont hl ys al ar yal l owanc esof₱8, 000and₱40, 000t oA and B,r es pe c t i ve l y ,r ec ogni ze das e xpe ns es .  20% bonusonpr ofitbe f or es al ar i e sandi nt e r es tbutaf t e rbonust oB.  12% annuali nt er e s tont hebe gi nni ngc api t alofA.  Bal anc ee qual l y . Themont hl ys al ar i e sar ewi t hdr a wnbyt hepar t ne r sa teac hmont he nd.Thepar t ne r s hi pear ne d pr ofitof₱840, 0 00dur i ngt hepe r i odbe f or ede duc t i onsf orbonusandi nt er e s t . How muc hi st hee ndi ngbal anc eofB’ sc api t alac c ount ? a . 1, 230, 000 c .910, 00 0 b. 1, 710, 000 d. 1, 630, 0 00 25.I fane w par t ne rac qui r e spar t ne r s hi pi nt e r e s tdi r e c t l yf r om t hepar t ne r sr a t he rt hanf r om t he par t ne r s hi p, a . noent r yi sr e qui r ed. b. t heexi s t i ngpar t ne r s hi pi sl i qui da t e d. c .t hepar t ner s hi pas s et ss houl dnotber e val uedbec aus et hi st ypeoft r ans ac t i ondoe snotr e s ul t t opar t ner s hi pdi s s ol ut i on. d. t hee xi s t i ngpar t ne r s ’c api t alac c ount sar er e duc edandt hene w par t ne r ’ sc api t alac c ounti s i nc r e as ed. Us et hef o l l o wi ngi nf o r ma t i o nf o rt hene xtf o uri nde pe nde ntc a s e s : Thec api t albal anc e sandpr ofitandl os sr a t i osoft hepar t ne r si nABCCo. ar easf ol l ows : Capi t al P/ L A 4 0, 0 00 40 % B 6 0, 0 00 30 % C 8 0, 0 00 30 %

Page|7 To t a l

180 , 000

26.Dpur c ha s e sone ha l fofC’ si nt er e s tf or₱50, 000. The‘ bookval ueme t hod’i st obeus ed.Whi c hof t hef ol l owi ngs t a t ement si smos tl i kel yt obei nc or r e c t ? a . D’ sc api t ali sc r e di t e df orone hal fofC’ sc api t albal anc e . b. C’ sc api t albal anc ei sr educ e df ort hee qui t yt r ans f ert oD. c . Thec as hpa yme ntofD t oCi snotr e flec t e di nt hepar t ne r s hi p’ sac c ount i ngr ec or ds . d. Thepar t ne r s hi pequi t yi si nc r e as e dbyD’ spa yme nt . 27.D pur c has e s25 % ofA’ s ,B’ sandC’ sc api t ali nt e r es t sf or₱60, 000.Thepar t ne r sus e dt he‘ book val ueme t hod’t or ec or dD’ sadmi s s i on.Whi c hoft hef ol l owi ngs t a t eme nt si smos tl i ke l yt obe c or r e c t ? a . Thepar t ne r s hi p’ st ot ale qui t yi nc r e as e saf t e rr ec or di ngD’ sadmi s s i on. b. Theadmi s s i onofDi sac c ount edf orasat r ans ac t i onbe t we enDandt hepar t ne r s hi p. c . Goodwi l lof₱15, 000mus tber e c or ded, ac c or di ngt ot hePFRSs . d. Anequi t yt r ans f e rof₱45, 000wi l lbemadef r om t hes e l l i ngpar t ne r st oD. 28.Thec ar r yi ngamountoft hene tas s et sappr oxi ma t e sf ai rval ue .D i nve s t s₱80 , 000c as hf ora25% i nt er e s ti nt hepar t ner s hi p’ sne tas s et sandpr ofit s .Unde rt hebonusme t hod,how muc hi st he c api t albal anc eofAaf t e rD’ sadmi s s i on? a . 46, 00 0 c . 84, 500 b. 64, 50 0 d. 65, 000 29.Thec ar r yi ngamountoft hene tas s et sappr oxi ma t e sf ai rval ue .D i nve s t s₱52 , 000c as hf ora25% i nt er e s ti nt hepar t ner s hi p’ sne tas s et sa ndpr ofit s .Unde rt hebonusme t hod,how muc hi st he c api t albal anc eofBaf t e rD’ sadmi s s i on? a . 37, 60 0 c . 58, 200 b. 48, 70 0 d. 78, 200 Us et hef o l l o wi ngi nf o r ma t i o nf o rt hene xtt woq ue s t i o ns : Thes t a t ementoffinanc i alpos i t i onoft hepar t ner s hi pofA andBasofDec ember31,20x1i ss hown be l ow: Cas h 33, 354 Ac c ount sr ec ei vabl e 802 , 426 I nve nt or y Land

380 , 137 603 , 000

Bui l di ng

428 , 267

Equi pme nt Ot he ras s e t s To t a la s s e t s

2, 337, 918

Ac c ount spa yabl e Not e spa yabl e

422 , 590 545 , 000

A, c api t al

641 , 976

B,c api t al

728 , 352

To t a ll i a b i l i t i e sa nde q ui t y  

85, 134 5, 600

2, 337, 918

AandBs har ei npr ofit sandl os s e sequal l y . OnJ anuar y1,20x2,C i nf or me dA andBofhi si nt e nt i ont oi nves ti nt hepar t ne r s hi pf ora20% i nt er e s t . Thepar t ne r sa gr e e dont hef ol l owi ngadj us t ment spr i ort oC’ sadmi s s i on: o Ac c ount sr e c e i vabl eof₱55, 000s houl dbewr i t t e noff.

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I nvent or i e sof₱12, 200ar eobs ol e t eandha venor e s al eval ue . The‘ Ot he ras s e t s ’s houl dbewr i t t e noff.

30.I fnobonusi sal l owe d, how muc hi sC’ sr e qui r edi nves t ment ? a . 234 , 167 c . 236, 347 b. 324 , 382 d. 341, 367 31.Af t erC’ sadmi s s i on,t hepar t ner sa gr e edt oadj us tt hei rc api t albal anc e st or e flec tt he i r ’r es pec t i ve i nt er e s t si nt hepar t ne r s hi p’ sne tas s e t s .Cas hs e t t l eme nti st obemadebe t wee nt hepar t ne r s . How muc hi st hec as hs e t t l e me nt ? a . ₱43, 188pa ymentofAt oB c . ₱34, 288pa yme ntofCt oAandB b. ₱43, 18 8pa ymentofBt oA d. The r ewoul dbenoc as hs ...