Ra m o n Ma g sa ysa y Me m o ria l C olle g e s

Ba c he lo r o f Sc ie nc e in Ac c o unta nc y Pro g ra m
Pio ne e r Ave ., G e ne ra l Sa nto s C ity
Te l. No . 552-3348

Na m e : ______________________________ Da te : ___________ Sc o re : _____________

Sub je c t : AC C TG 13- Ac c o unting fo r Pa rt a nd C o rp . Pre lim Q uiz
Instruc to r: Mrs. Ma rivic B. Pe ña flo r, C PA, MBA AY: 2021-2022 FIRST SEMESTER

1. In the c a le nd a r ye a r 2014, the p a rtne rsh ip o f A a n d B re a lize d a n e t p ro fit o f P 240,000. The c a p ita l
a c c o un ts o f the p a rtne rs sho w the fo llo wing p o sting s:

A c a p ita l B, c a p ita l

De b it C re d it De b it C re d it

Ja n. 120,000 80,000

Ma y1 20,000 10,000

July 1 20,000

Aug 1 10,000

Oc t 1 10,000 5,000

a . If the p ro fits a re to b e d ivid e d b a se d o n a ve ra g e c a p ita l, th e sha re o f A a n d B, re sp e c tive ly

a re :
b . If 20% inte re st b a se d o n the c a p ita l a t the e nd o f the ye a r is a llo w e d a nd g ive n a nd the
b a la n c e o f the 240,000 p ro fit is d ivid e d e q ua lly, the to ta l sha re o f A a n d B, re sp e c tive ly a re :
c . Pre p a re jo urn a l e n try to re c o rd the d istrib u tio n o f p ro fit o f e a c h o f the g ive n c a se .

2. In the c a le nd a r ye a r 2017, the p a rtne rsh ip o f An a a nd Fe sho w the p o stin g s o n the ir c a p ita l a c c o unts
p re se n te d b e lo w:

An a , c a p ita l Fe , c a p ita l

De b it C re d it De b it C re d it

Ja n. 180,000 130,000

Jun e 1 20,000 30,000

Aug ust 1 15,000

Oc t 1 10,000

No v 1 10,000 5,000

A. Fo r e a c h o f the follo wing inde pe nde nt pro fit a nd lo ss a g re e me nt c a se s, pre pa re a sc he dule to

distribute pro fit: ( 5 pts e a c h)
 No v 1 10,000 5,000

A. Fo r e a c h o f the follo wing inde pe nde nt pro fit a nd lo ss a g re e me nt c a se s, pre pa re a sc he dule to

distribute pro fit: ( 5 pts e a c h)

1. Sa la rie s a re p ro vid e d to Ana o f 30,000 a nd 20,000 to Fe . An a re c e ive s a b o nus o f 5 % o f p ro fit a fte r

b o nus. Inte re st of 10% b a se d o n e nd in g c a p ita l b a la n c e s a n d re m a in d e r will b e sha re d o n the ra tio
o f 3:2. Pro fit fo r d istrib utio n wa s P 500,000.
2. An a re c e ive s a b o n us o f 10% o f p ro fit a fte r b o nus a nd sa la rie s. Sa la rie s a re P 40,000 to Ana a n d
30,000 to Fe . Inte re st o f 10% b a se d o n a ve ra g e c a p ita l b a la nc e s a nd a ny re m a ind e r will b e d ivid e d
e q ua lly. Pro fit fo r d istrib utio n w a s P 680,000.
3. Bo th Ana a nd Fe a re g ive n a n inte re st o f 10% b a se d o n th e ir re sp e c tive a ve ra g e c a p ita l b a la n c e s,
sa la rie s o f P 80,000 a nd 60,000 a re g ive n re sp e c tive ly. An a re c e ive s a b o nus o f 15% o f p ro fit a fte r
inte re st sa la rie s a nd b o nus a n d a ny re m a ind e r w ill b e d ivid e d e q ua lly. Pro fit fo r d istrib utio n wa s P
400,000.

B. Pre pa re jo urna l e ntry to re c o rd the distributio n o f pro fit o f e a c h o f the g ive n c a se . ( 2 po ints e a c h)
he c a p ita l
REQUIREMENT NO. 1-A
A B
DATE BALANCES NO. OF MOS. AVERAGE DATE BALANCES
UNCHANGED CAPITAL
Jan-01 120,000 4 40,000 Jan-01 80,000
May-01 100,000 3 25,000 May-01 70,000
Aug-01 110,000 2 18,333 Jul-01 90,000
Oct-01 100,000 3 25,000 Oct-01 85,000
12 108,333

A 108,333 108,333/190,417 X 240,000 136,543 ANS

B 82,083 82,083/190,417 X 240,000 103,457
190,417 240,000
B, re sp e c tive ly
REQUIREMENT NO. 1-B
e n a nd the A B TOTAL
sp e c tive ly a re :
a se . INTEREST 20,000 17,000 37,000
REMAINDER 101,500 101,500 203,000
121,500 118,500 240,000
ita l a c c o unts

REQUIREMENT NO. 1-C

JOURNAL ENTRY
NO. 1-A INCOME SUMMARY 240,000
A, DRAWING 136,543
B, DRAWING' 103,457

NO. 1-B INCOME SUMMARY 240,000

A, DRAWING 121,500
B, DRAWING' 118,500

ANA F
DATE BALANCES NO. OF MOS. AVERAGE DATE BALANCES
UNCHANGED CAPITAL
he dule to
Jan-01 180,000 5 75,000 Jan-01 130,000
he dule to

Jun-01 160,000 4 53,333 Jun-01 160,000

Oct-01 170,000 1 14,167 Aug-01 145,000
Nov-01 160,000 2 26,667 Nov-01 140,000
12 169,167

REQUIREMENT NO. 2-A-1

ANA FE TOTAL BONUS NET INCOME

SALARIES 30,000 20,000 50,000 LESS: BONUS
INTEREST 16,000 14,000 30,000 NET INCOME AFTER AFTER BONUS
BONUS 23,810 23,810 X BONUS RATE 5%
REMAINDER 3:2 237,714 158,476.19 396,190 BONUS
SHARE IN THE PROFIT 307,524 192,476 500,000

REQUIREMENT NO. 2-A-2

ANA FE TOTAL BONUS NET INCOME

SALARIES 40,000 30,000 70,000 LESS: SALARIES
INTEREST 16,917 14,042 30,958 NET INCOME AFTER SALARIES BUT B4 B
BONUS 55,455 55,455 BONUS
REMAINDER - EQUALLY 261,794 261,794 523,587 NET INCOME AFTER AFTER SALARIES &
SHARE IN THE PROFIT 374,165 305,835 680,000 X BONUS RATE 5%
BONUS
REQUIREMENT NO. 2-A-3

ANA FE TOTAL NET INCOME

SALARIES 80,000 60,000 140,000 LESS: SALARIES
INTEREST 16,917 14,042 30,958 INTEREST
BONUS 29,875 29,875 NET INCOME AFTER SALARIES AND INTE
REMAINDER - EQUALLY 239,583 239,583 479,167 BONUS
SHARE IN THE PROFIT 366,375 313,625 680,000 NET INCOME AFTER AFTER SALARIES &
X BONUS RATE 5%
BONUS
 B
NO. OF MOS. AVERAGE
UNCHANGED CAPITAL
4 26,667
2 11,667
3 22,500
3 21,250
12 82,083

FE
NO. OF MOS. AVERAGE
UNCHANGED CAPITAL
5 54,167
 2 26,667
3 36,250
2 23,333
12 140,417

500,000 105%
23,810 5%
ME AFTER AFTER BONUS 476,190 100% BASE
5%
23,810

680,000
70,000
ME AFTER SALARIES BUT B4 BONUS 610,000 110%
55,455 10%
ME AFTER AFTER SALARIES & BONUS 554,545 100%
10%
55,455

400,000
140,000
30,958
ME AFTER SALARIES AND INTEREST BUT B4 BONUS 229,042 115%
29,875 15%
ME AFTER AFTER SALARIES & BONUS 199,167 100%
15%
29,875