1st Year Question (Partnership and Corporation) (1 Question per SABADO TANONG)

AA and BB have a partnership agreement wherein it provides that interest at 10%

per year is to be credited to each partner on the basis of weighted-average capital
balances. A summary of the capital account of BB for the year ended December 31, 2018,
is as follows:
Balance, January 1 …………………………………………………….P320,000
Additional Investment, July 1 …………………………………………P68,000
Withdrawal, August 1…………………………………………………(P86,000)
Balance, December 31 ……………………………………………….. P395,000
What amount of interest should be credited to BB’s capital account for 2018?
a. 36, 592 c. 35,692
b. 36, 692 d. 35,592
2nd Year Question (Cost Accounting) (1 Question per SABADO TANONG)
VV Company has fixed costs of P500,000 and variable costs per unit of P8. It
plans on selling 120,000 units in the coming year. To realize a profit of P250,000, the
firm must have a sales price per unit of at least
a. 14.25
b. 14.16
c. 14.26
d. 14.17
3rd Year Question (Auditing) (1 Question per SABADO TANONG)
Janson Co. records purchases at net amounts. On March 5 Janson purchased
merchandise on account, P18,000, terms 2/10, n/30. Janson returned P1,200 of the March
5 purchase and received credit on account. At March 31 the balance had not been paid.
The amount to be recorded as a purchase return is
a. 1,255
b. 1,186
c. 1,250
d. 1,176
4th Year Question (Accounting for Business Combination) (1 Question per SABADO
TANONG)
On July 1, 2018, Nestle Company purchases 1,000 pounds of Swiss chocolate for
50,000 Swiss francs, payable in 60 days. On July 1, a Swiss franc is worth P27.29; by
August 30, the day of payment, the Swiss franc is worth 27.00. The 60-day forward rate
on July 1 is 1 Swiss franc = 28.00. Nestle Company should record the cost of the
chocolate as:

a. 1,350,000
b. 1,364,500
c. 1,400,000
d. 1,464,500