33. Elmo, Flor, and Gener are partnersdividing profits and losses in theratio of 5:3:2, respectively whosecapital balances as at the beginningof the year were P60,000, P40,000,and P30,000, respectively. Sevenmonths later, Gener retired. Theprofit for the year was estimated at48,000 (realized uniformlythroughout the year). On the dateof the retirement, the drawingaccount of Gener showed a debitbalance of 1,500. Also, thepartnership had an unpaid loan toGener in the amount of 5,000.How much is the equity of Gener inthe partnership on the date of theretirement?а. 31,200b. 32,100с. 39,100d. 43,100 8. Villon invested 600,000 for a 30%interest in a partnership in which theother partners have capital totaling1,000,000 before admitting Villion.After distribution of the bonus, what isVillion's capital balance?A. 720,000В. 600,000C. 480,000D. 300,0009. S. Almeda enters into a partnership bycontributing the following: Cash,2,000; Accounts Receivable, 400; Land24,000 cost, 40,000 fair market value;and accounts payable, 1,600. Whatwill be the initial amount recorded inAlmeda's capital account?A. 24,800В. 42,400С. 2,000D. 40,800

Partnership is the form of business organization where two or more individual come together to run…

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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