Multiple Choice -1. Jacob and Joseph agreed to accept Joshua into the partnership by investingrespectively. They share profits and losses in a ratio of 2 : 3.Jacob and Joseph are partners with capital balances of P1,500,000 and P2,400,000P1,000,000 cash for a one-fifth interest in the par tnership. Joshua's capitalare partners with capital balances of P1,500,000 and P2,400.000balance will bea. P1,000,000b. P 900,000с. Р 800,000d. P 700,000e. Not given, Jacob and Joseph agreed to accept Joshua into the partnership by investingP1 000,000 cash for a one-fifth interest in the partnership. Jacob's capitalbalance will bea. P2,400,000b. P2,000,000c. P1,600,000d. P1,000,000e. Not given3. Jacob and JosephP1,000,000 cash for a one-fourth interest in t he partnership. Joshua's capitabalance will beagreed to accept Joshua ir ito the partnership by investinga. P2,250,000b. P2,000,000c. P1,500,000d. P1,250,000e. Not given share of profits and losses i n exchange for a cash contribution. No bonus is to be4. Jacob and Joseph agreed to accept Joshua into the partnership by iowewiAfer thbalance will beof profa. P2,250,000b. P2,000,000c. PI,500,000d. P1,250,000e. Not given9 JusticapaTheircaptainterecorded and presented at their i espective fair values.recorded How much cash should Justin contribute?a. P350,000b. P300,000с. Р250,000d. P200,000e. Not given10 J6. Justin is to be admitted & is a new partner with a 20% capital interest and a 7share of profits and losse s in exchange for a cash contribution. No bonus is sorecorded. How much ca sh should Justin contribute?a. Р200,000b. P187,500c. PI78,500d. P287,500e. Not given7. After the admission of Justin as a new partner with a 20% interest and 20% Saof profits, what is the percentage share of Jasper in the profits and losses!a. 54.3 %b. 53.3%c. 27.6%d. 20.0%e. Not given

4. Jacob and Joseph agreed to a ccept Joshua into the partnership by inves P1,000,000 cash for a one forurth interest in the partnership. Joseph's balance will be a. P2,250,000 b. P2,000,000 c. PI,500,000 d. P1,250,000 e. Not given Jasper and Jethro are partners 'who share profits and losses 2: 1. Their e balances are P500,000 and P2 50,000 respectively. The assets and liabilitiesa recorded and presented at their 1 espective fair values. 5. Justin is to be admitted as a new partner with a 25% capital interest and a 259 share of profits and losses i n exchange for a cash contribution. No bonus is to be recorded How much cash should Justin contribute? a. P350,000 b. P300,000 c. P250,000 d. P200,000 e. Not given

4. Jacob and Joseph agreed to a ccept Joshua into the partnership by inves P1,000,000 cash for a one forurth interest in the partnership. Joseph's balance will be a. P2,250,000 b. P2,000,000 c. PI,500,000 d. P1,250,000 e. Not given Jasper and Jethro are partners 'who share profits and losses 2: 1. Their e balances are P500,000 and P2 50,000 respectively. The assets and liabilitiesa recorded and presented at their 1 espective fair values. 5. Justin is to be admitted as a new partner with a 25% capital interest and a 259 share of profits and losses i n exchange for a cash contribution. No bonus is to be recorded How much cash should Justin contribute? a. P350,000 b. P300,000 c. P250,000 d. P200,000 e. Not given

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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4.3 The Capital of bah and Rah are as follows: Bah 25, 000 Rah 15,000 They share profits equally. Kuh will buy 1/5 the interest and earnings of Bah for 8,000 and Dah will buy 1/2 the interest and earnings of Rah for 7,000. REQUIRED: a. Entry to record the admission of the new partners. b. What is the interest of each partner in the new partnership? c. What is the new profit and loss sharing ratio?
TB MC Qu. 7-66 (Algo) Joint costs allocated to product DBB-1 using the physical measure method: Double Company Double Company produces three products - DBB-1, DBB-2, and DBB-3 from a joint process. Each product may be sold at the split- off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Key information about Double's production, sales, and costs follows. Units Sold Price (after additional processing) Separable Processing cost Units Produced Total Joint Cost Sales Price at Split-off Multiple Choice $783,333. $812,973. $1,727,568. The amount of joint costs allocated to product DBB-1 using the physical measure method is: $1,253,333. DBB-1 19, 200 $ 65 $ 142,000 19, 200 $1,219,459. $ 25 DBB-2 28,800 $ 50 $ 76,000 28,800 $ 35 DBB-3 40,800 $75 $ 98,000 40,800 $ 55 Total 88,800 $ 316,000 88,800 $ 3,760,000
1. Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when their net assets amounted to P 260,000. Capital balances were P 170,000 and P 90,000, respectively. If the non-cash assets were sold for an amount equal to book value, what amount of cash should Orange and Lemon respectively received?
4.1 Mimi and Gigi are partners sharing profits and losses in the ratio of 2:3 with capitals of 9,000 and 15,000, respectively. Lulu is to be admitted into the partnership after which they will share profits and losses equally. The books of the old partnership will still be use by the new partnership. REQUIRED: Give the entry to record the admission of Lulu under each of the following independent assumptions. Show also the comparative capital structure and interest of each partner in relation to the total capital before and after the admission of Lulu. a. Lulu buys 1/4 the interest of Mimi for 3,000. b. Lulu buys 1/5 the interest of Gigi for 2,000. c. Lulu buys 1/2 the interest of Mimi for 5,000 and 1/4 the interest of Gigi for 6,000.
TRUE OR FALSE
How much is the share of Lorna share in the net income? * P89,235.00 P90,382.50 P90,735.00 P91,350.00 answer not given
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Jacob and Joseph are partners with capital balances of P1,600,000 and P2,400,000 respectively. They share profits and losses in a ratio of 2 : 3. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fifth interest in the partnership. Joshua's capital balance will be 1. P1,000,000 P 900,000 'P 800,000 P 700,000 Not given 2. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fifth interest in the partnership. Jacob's capital balance will be P2,400,000 P2,000,000 P1,600,000 P1,000,000 Not given 3. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fourth interest in the partnership. Joshua's capital balance will be P2,250,000 P2,000,000 P1,500,000 P1,250,000 Not given