1.

The statement of financial position of AB Partnership shows the following

information as of July 1, 20x1:Cash 48,000; Receivable from A 32,000; Equipment
1,560,000; Payable to B 40,000; A, Capital (40%) 600,000; B, Capital (60%)
1,000,000. On July 1, 20x1, the partners decide to admit C as a new partner with a
20% interest. The net assets of thefirm as of this date approximate their fair
values. If no bonus shall be allowed, how much should C invest in
thepartnership? (Show your solution and encircle your final answer)
2. A and B formed a partnership. The partnership agreement stipulates the
following:• Annual salary allowance of ₱100,000 for A, the managing partner.•
10% bonus to A after salaries but before deduction for the bonus.• The partners
share in profits and losses equally.The share of A in the partnership profit during
the period was ₱595,000, including a bonus of ₱90,000.How much was the share
of B? (Show your solutions and encircle your final answer)
3. A and B formed a partnership. The partnership agreement stipulates the
following:• Annual salary allowances of ₱100,000 for A and ₱70,000 for B.•
Bonus to A of 10% of profit after partner’s salaries and bonus.• The partners
share profits and losses on a 50:50 ratio.During the period the partnership
incurred loss of ₱500,000. How much is the share of A in the partnershipresults
of operations during the period? (Show your solution and encircle your final
answer)