2/14/22, 12:09 PM Quiz No. C2 Problems: Financial Accounting and Reporting ll (Partnership and Corporation) - Nhyriel Mae S.

SELAUSO

Quiz No. C2 Problems

Due
Feb 8 at 7pm
Points
60
Questions
4
Available
until Feb 8 at 7pm
Time Limit
120 Minutes

Instructions
Instructions:

1. Read and answer the problems carefully. 

2. You can upload your working papers in the last question of this quiz. 

3. In case you find it difficult to write your answers in the canvas during the quiz, you may upload your
answer sheet, together with your working papers in Quiz No. C2 Problems UPLOAD section

      a. If handwritten, please write eligibly and no pencils allowed;

      b. Please upload a properly taken photo of your working papers and/or answer sheet;

4. Inform me, ASAP, in case you experience any internet or power disruptions.

This quiz was locked Feb 8 at 7pm.

Attempt History
Attempt Time Score
LATEST Attempt 1
113 minutes 54 out of 60

Score for this quiz:

54 out of 60
Submitted Feb 8 at 6:19pm
This attempt took 113 minutes.

Question 1 5
/ 5 pts

A,B,C and D own a publishing company that they operate as a

partnership. The  partnership agreement includes the following:

* A receives a salary of P40,000 and a bonus of 3% of profit after all

bonuses.

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2/14/22, 12:09 PM Quiz No. C2 Problems: Financial Accounting and Reporting ll (Partnership and Corporation) - Nhyriel Mae S. SELAUSO

* B receives a salary of P20,000 and a bonus of 2% of profit after all

bonuses.

* All partners will receive 10% interest on their average capital balances.

The average capital balances are as follows:

       A      P100,000

       B          90,000

       C          40,000

       D          94,000

Any remaining profits and loss are to be divided equally among the
partners.

If the profit is P315,000, determine how much will be allocated to

Partner A.

Note: Write the figures with comma with no space in between, i.e.
XX,XXX 

Correct!
110,900

orrect Answers P110,900.00

P110,900

110,900.00

110,900

Question 2 5
/ 5 pts

Partner A first contributed P50,000 of capital into an existing partnership

on March 1, 2019. On June 1, 2019, the partner contributed another
P20,000. On September 1, 2019, the partner withdrew P15,000 from the
partnership. Withdrawals in excess of P10,000 are charged to the
partner’s capital account.

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2/14/22, 12:09 PM Quiz No. C2 Problems: Financial Accounting and Reporting ll (Partnership and Corporation) - Nhyriel Mae S. SELAUSO

The annual weighted average capital balance of Partner A is

Note: Write the figures with comma with no space in between and round
off to the nearest peso, i.e. XX,XXX

Correct!
51,667

orrect Answers P51,667.00

P51,667

51,667.00

51,667

Question 3 5
/ 5 pts

A,B,C and D own a publishing company that they operate as a

partnership. The  partnership agreement includes the following:

* A receives a salary of P40,000 and a bonus of 3% of profit after all

bonuses.

* B receives a salary of P20,000 and a bonus of 2% of profit after all

bonuses.

* All partners will receive 10% interest on their average capital balances.

The average capital balances are as follows:

       A      P100,000

       B          90,000

       C          40,000

       D          94,000

Any remaining profits and loss are to be divided equally among the
partners.

If the profit is P315,000, determine how much will be allocated to

Partner C.

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2/14/22, 12:09 PM Quiz No. C2 Problems: Financial Accounting and Reporting ll (Partnership and Corporation) - Nhyriel Mae S. SELAUSO

Note: Write the figures with comma with no space in between, i.e.
XX,XXX 

Correct!
55,900

orrect Answers P55,900.00

P55,900

55,900.00

55,900

Question 4 45
/ 45 pts

Joseph, Mark and Lovely are partners operating a variety store. Profit for
the current year was P720,000. Their capital accounts at the end of the
year before profits were distributed showed balances of P540, 000: P
450,000: and P810,000 respectively.

Requirements:

A. Determine the share of each partners

B. Prepare entries to close the income summary account to the 

partners’ capital accounts under each of the following methods of
distributing profits and losses and show your supporting
computations. (TO BE UPLOADED)

Note: Write the figures with comma with no space in between and no
decimals, i.e. XX,XXX 

1. Profit will be divided equally.

   Joseph  240,000

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2/14/22, 12:09 PM Quiz No. C2 Problems: Financial Accounting and Reporting ll (Partnership and Corporation) - Nhyriel Mae S. SELAUSO

   Mark  240,000

   Lovely  240,000

2. Profit will be divided according to the ratio of their ending capital

balances.

   Joseph  216,000

   Mark  180,000

   Lovely  324,000

3. Interest of 10% per year will be allowed on partners’ ending capital

balances. The remainder will be divided into the ratio of 2:3:5.

   Joseph  162,000

   Mark  207,000

   Lovely  351,000

4. Monthly salaries of P 10,000; P 5,000; and P 5,000 will be allowed

to Joseph, Mark and Lovely respectively. The remainder will be
divided according to the ratio of their ending capital balances.

   Joseph  220,000

   Mark  180,000

   Lovely  320,000

5. All partners will be given 10% interest on their ending capital

balance. The remainder will be divided 35% to Joseph 25% to Mark
and 40% to Lovely.

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2/14/22, 12:09 PM Quiz No. C2 Problems: Financial Accounting and Reporting ll (Partnership and Corporation) - Nhyriel Mae S. SELAUSO

   Joseph  243,000

   Mark  180,000

   Lovely  297,000

Answer 1:

Correct! 240,000

Answer 2:

Correct! 240,000

Answer 3:

Correct! 240,000

Answer 4:

Correct! 216,000

Answer 5:

Correct! 180,000

Answer 6:

Correct! 324,000

Answer 7:

Correct! 162,000

Answer 8:

Correct! 207,000

Answer 9:

Correct! 351,000

Answer 10:

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2/14/22, 12:09 PM Quiz No. C2 Problems: Financial Accounting and Reporting ll (Partnership and Corporation) - Nhyriel Mae S. SELAUSO

Correct! 220,000

Answer 11:

Correct! 180,000

Answer 12:

Correct! 320,000

Answer 13:

Correct! 243,000

Answer 14:

Correct! 180,000

Answer 15:

Correct! 297,000

monthly salaries we need annual salaries

Quiz Score:
54 out of 60
This quiz score has been manually adjusted by -6.0 points.

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