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Aldrin, Benny and Carlo, new CPAs, are to form a
partnership Aldrin will contribute cash of P50,000 and is
computer that originally cost P60,000 but with a second-
hand value of P25,000. Benny will contribute P80,000 in
cash. Carlo, whose family sells computers, will contribute
P25,000 in cash and a brand-new computer with printer that
cost his family's computer dealership P50,000 but with a
regular selling price of P60,000. The three agree to share
profits and losses equally. Upon formation, capital balances
are Aldrin; Benny; Carlo
Question 1Select one:
75,000 80,000 85,000 correct
110,000 80,000 75,000
88,333 88,333 88,334
80,000 80,000 80,000
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The correct answer is: 75,000 80,000 85,000
Question 2
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows:
Roy and Jone agreed to form a partnership by contributing
their net assets, subject to the following adjustments:
•Receivables of P20,000 in Roy's books and P40,000 in
Jone's books are uncollectible.
•Inventories of P6,000 and P7,000 in the respective books
of Roy and Jone are worthless.
•Other assets in both books are to be written off.
If the partners agreed that Roy should withdraw or invest in
order to have a capital ratio of 40%, how much should be
the amount of additional investment or withdrawal 7
Question 2Select one:
P92,000 withdrawal
P92,000 investment wrong
P 296,000 investment
P 296,000 withdrawal
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The correct answer is: P92,000 withdrawal
Question 3
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Rainier admits Diona as a partner in business. Just before
the partnership's formation, Rainier's books showed the
following:
How much cash should Diona invest to secure a one-third
interest in the partnership?
Question 3Select one:
28,310
14,155
28,410
26,400
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The correct answer is: 14,155
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Egay and Thessa formed a partnership and they agreed to
share initial capital equally, although Egay contributed
P150,00 and Thessa contributed P126,000 in identifiable
assets.
Under the bonus approach to adjust the capital accounts,
Thessa's unidentifiable assets should be debited for
Question 4Select one:
P12,000
P20,000
P59,000
P-0- correct
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The correct answer is: P-0-
Question 5
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On January 1, 2020, the business assets and liabilities of
Roy and Jone were as follows: