Special Partnership and Corporation Quiz

Required
Quiz Proper.  Multiple Choice.  Select the best answer.
Good luck!  Honesty is the best policy.
3.Maria and Jose formed a partnership on September 1, 2022.  Maria contributed
P1,260,000 cash and computer equipment that cost P540,000.  The fair value of
the computer equipment is P360,000.  Maria has notes payable to the computer
of P120,000 to be assumed by the partnership.  Maria is to have 60% capital
interest in the partnership.  Jose contributed P900,000 cash only.  The partners
agreed to share profits and losses equally.  Maria should make an additional
investment or withdrawal of
(1 Point)
Investment P600,000
Withdrawal P600,000
Investment P150,000
Withdrawal P150,000
None of the above
4.For the year ended 2021, the partnership of Arnel, Brent, Charles and David
made P1,000,000 profit.  The agreement provides for 10% interest on ending
capital balances; monthly salary P15,000 for each partner; 10% bonus before
interest, salary and bonus to Arnel; and any remaining profit is to be divided in
the ratio 2::2:3:3.  The ending capital during the year are P100,000; P250,000;
P350,000; P300,000, respectively.  What is Brent's ending capital after distribution
of profits?
(1 Point)
P406,000
P441,200
P471,000
P487,400
None of the above
5.On January 1, 2022, partners Lorenz, Eve, Allen and Pia have decided to admit
Denise as a new partner.  Denise will purchase 50% interest of Pia for P500,000. 
Before the admission of Denise, the old partners have capital balances P300,000;
350,000; P450,000; and P500,000; respectively, and shares profits and losses
equally.  What is the amount of partnership equity after admission of Denise?
(1 Point)
P1,100,000
P1,600,000
P1,850,000
P2,100,000
None of the above
6.On December 31, 2021, after distributing the partnership profits to partners, the
partners Axel, Bernadet, Cris and Destiny decided to liquidate their partnership. 
On this date, the account balances were Cash P150,000; Non-cash assets
P1,800,000; Liabilities, P350,000; Axel Capital P400,000; Bernadet, Capital
P400,000; Cris Capital P400,000; and Destiny Capital P400,000.  The partners share
profits and loss in the ratio 1:2:3:4.  On January 2, 2022, the non-cash assets were
realized for P2,000,000.  How much did Axel receive as final settlement?
(1 Point)
P420,000
P440,000
P460,000
P480,000
None of the above
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