What is the answer in nunbers 1, 2, 3 and 4? 1. Aristorenas, Soriano and Filamor have the following profit and loss agreement:Partners Aristorenas and Soriano will receive salaries of P40,000 each.Partner Filamor will get a bonus of 10% of profit after salaries and bonus.Remaining profits are shared by Aristorenas, Soriano and Filamor in the ratio of 3:4:3,respectively.*The partnership had a profit of P91,000. How much should be allocated to Filamor?P 4,000b. P 4,070а.с. Р 9,100d. P27,3002. A partnership showed the following account balances: sales, P70,000; cost of sales,P40,000; operating expenses, P10,000; partners' salaries, P13,000; interest paid tobanks, P2,000 and partners' drawings, P8,000. The partnership profit isа. Р20,000.с. Р 5,000.d. P(3,000).b. P18,000.3. Villena, a partner in the Dulay, Villena & Co., has a 30% participation in partnershipprofits and losses. Villena's capital account has a net decrease of P120,000 duringthe calendar year 2019. During 2019, Villena withdrew P260,000 (charged againsthis capital account) and contributed property valued at P50,000 to the partnership.What was the profit of the Dulay, Villena & Co. for year 2019?a.P1,100,000С.P700,000b.P466,667d. . P300,0004. Márasigan, Cabance and Cequina formed a partnership on Jan. 1, 2019.contributed P120,000.EachSalaries were to be allocated as follows: Marasigan,P30,000; Cabance, P30,000; Cequina, P45,000. Drawings were equal to salaries andto be taken out evenly throughout the year. With sufficient partnership profit,Marasigan and Cabance could split a bonus equal to 25% of partnership profit aftersalaries and bonus (in no event could the bonus go below zero).Remaining profits were to be split as follows: 30% for Marasigan; 30% for Cabance,and 40% for Cequina. For the year, partnership profit was P120,000. Compute theending capital for each partner:Marasigan, P125,100; Cabance, P125,100, Cequina, P124,800Marasigan, P126,000; Cabance, P126,000, Cequina, P124,500Marasigan, P125,500;, Cabance, P125,500, Cequina, P124,000Marasigan, P155,100; Cabance, P155,100; Cequina, P169,800a.b.C.d.

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1. Aristorenas, Soriano and Filamor have the foļlowing profit and loss agreement: Partners Aristorenas and Soriano will receive salaries of P40,000 each. Partner Filamor will get a bonus of 10% of profit after salaries and bonus. Remaining profits are shared by Aristorenas, Soriano and Filamor in the ratio of 3:4:3, respectively. * * * The partnership had a profit of P91,000. How much should be allocated to Filamor? P 4,000 b. P 4,070 а. c. P 9,100 d. P27,300

1. Aristorenas, Soriano and Filamor have the foļlowing profit and loss agreement: Partners Aristorenas and Soriano will receive salaries of P40,000 each. Partner Filamor will get a bonus of 10% of profit after salaries and bonus. Remaining profits are shared by Aristorenas, Soriano and Filamor in the ratio of 3:4:3, respectively. * * * The partnership had a profit of P91,000. How much should be allocated to Filamor? P 4,000 b. P 4,070 а. c. P 9,100 d. P27,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

What is the answer in nunbers 1, 2, 3 and 4?

1. Aristorenas, Soriano and Filamor have the following profit and loss agreement:
Partners Aristorenas and Soriano will receive salaries of P40,000 each.
Partner Filamor will get a bonus of 10% of profit after salaries and bonus.
Remaining profits are shared by Aristorenas, Soriano and Filamor in the ratio of 3:4:3,
respectively.
*
The partnership had a profit of P91,000. How much should be allocated to Filamor?
P 4,000
b. P 4,070
а.
с. Р 9,100
d. P27,300
2. A partnership showed the following account balances: sales, P70,000; cost of sales,
P40,000; operating expenses, P10,000; partners' salaries, P13,000; interest paid to
banks, P2,000 and partners' drawings, P8,000. The partnership profit is
а. Р20,000.
с. Р 5,000.
d. P(3,000).
b. P18,000.
3. Villena, a partner in the Dulay, Villena & Co., has a 30% participation in partnership
profits and losses. Villena's capital account has a net decrease of P120,000 during
the calendar year 2019. During 2019, Villena withdrew P260,000 (charged against
his capital account) and contributed property valued at P50,000 to the partnership.
What was the profit of the Dulay, Villena & Co. for year 2019?
a.
P1,100,000
С.
P700,000
b.
P466,667
d. . P300,000
4. Márasigan, Cabance and Cequina formed a partnership on Jan. 1, 2019.
contributed P120,000.
Each
Salaries were to be allocated as follows: Marasigan,
P30,000; Cabance, P30,000; Cequina, P45,000. Drawings were equal to salaries and
to be taken out evenly throughout the year. With sufficient partnership profit,
Marasigan and Cabance could split a bonus equal to 25% of partnership profit after
salaries and bonus (in no event could the bonus go below zero).
Remaining profits were to be split as follows: 30% for Marasigan; 30% for Cabance,
and 40% for Cequina. For the year, partnership profit was P120,000. Compute the
ending capital for each partner:
Marasigan, P125,100; Cabance, P125,100, Cequina, P124,800
Marasigan, P126,000; Cabance, P126,000, Cequina, P124,500
Marasigan, P125,500;, Cabance, P125,500, Cequina, P124,000
Marasigan, P155,100; Cabance, P155,100; Cequina, P169,800
a.
b.
C.
d.

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