33. Elmo, Flor, and Gener are partners dividing profits and losses in the ratio of 5:3:2, respectively whose capital balances as at the beginning of the year were P60,000, P40,000, and P30,000, respectively. Seven months later, Gener retired. The profit for the year was estimated at 48,000 (realized uniformly throughout the year). On the date of the retirement, the drawing account of Gener showed a debit balance of 1,500. Also, the partnership had an unpaid loan to Gener in the amount of 5,000.
33. Elmo, Flor, and Gener are partners dividing profits and losses in the ratio of 5:3:2, respectively whose capital balances as at the beginning of the year were P60,000, P40,000, and P30,000, respectively. Seven months later, Gener retired. The profit for the year was estimated at 48,000 (realized uniformly throughout the year). On the date of the retirement, the drawing account of Gener showed a debit balance of 1,500. Also, the partnership had an unpaid loan to Gener in the amount of 5,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:33. Elmo, Flor, and Gener are partners
dividing profits and losses in the
ratio of 5:3:2, respectively whose
capital balances as at the beginning
of the year were P60,000, P40,000,
and P30,000, respectively. Seven
months later, Gener retired. The
profit for the year was estimated at
48,000 (realized uniformly
throughout the year). On the date
of the retirement, the drawing
account of Gener showed a debit
balance of 1,500. Also, the
partnership had an unpaid loan to
Gener in the amount of 5,000.
How much is the equity of Gener in
the partnership on the date of the
retirement?
а. 31,200
b. 32,100
с. 39,100
d. 43,100
Transcribed Image Text:8. Villon invested 600,000 for a 30%
interest in a partnership in which the
other partners have capital totaling
1,000,000 before admitting Villion.
After distribution of the bonus, what is
Villion's capital balance?
A. 720,000
В. 600,000
C. 480,000
D. 300,000
9. S. Almeda enters into a partnership by
contributing the following: Cash,
2,000; Accounts Receivable, 400; Land
24,000 cost, 40,000 fair market value;
and accounts payable, 1,600. What
will be the initial amount recorded in
Almeda's capital account?
A. 24,800
В. 42,400
С. 2,000
D. 40,800
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