6. Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. OnJuly 1, 2019 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profitshare would not be less than P25,000 for the six months to Dec. 31, 2019. The profit sharingarrangements after Doblas' admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. Theprofit for the year ended Dec. 31,2019 was P240,000 accruing evenly over the year. What shouldFigueroa's total profit share be for the year ended Dec. 31,2019?a. P140, 000b. P139,000c. P114,000d. 139,375Set 21. Which of the following best describes the nature of salary and interest allowances in a partnershipprofit and loss sharing agreement?a. A means of determining reasonable monthly withdrawals by each partner.b. The amount upon which each partner will have to pay personal income tax.c. A means of distributing profit in relation to services rendered and capital invested by partners.d. Expenses of the business that should be deducted from revenue in determining profit.2. A statement of changes in partner's equity should include all the following excepta. Beginning capital balances.b. Investments during the period.c. Partner's payment of loans.d. Withdrawals during the period.e. Ending capital balances.f. Share of profit for the period.3. Partners Lusterio and Advincula receive a salary of P150,000 and P300,000, respectively, and shareprofit and losses in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2019, by howmuch would Lusterio's account decrease?a. P400,000b. P250,000c. P200,000d. P100,000 Set 11. Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1. Thepartnership agreement provides for 8% interest on capital and a salary for Manongsong of P80,000 peranmum. Profit for 2019 was P840,000 and the year end balances on partner's capital accounts are asfollows: Ceradoy, P2000,000; Manongsong, P150,000 and Anuran, P120,000. What was Anuran's shareof residual profits for 2019?a. P120,400b. P126,670с. Р130,000d. P140,0002. Malaluan and Baral are in partnership. They share profits in the ratio 3:2 and close their accounts onJune 30 each year. On Jan. 1, 2019, Castro joined the partnership. The profit-sharing ratio was revised tobecome Malaluan 50%, Baral 25% and Castro 25%, after providing for annual salaries as follows: Baral,P20,000 and Castro, P12,000. The partnership profit for the year ended June 30, 2019 was P480,000,accruing evenly over the year. What are the partners' total share in profits for the year ended June 30,2019?MalaluanBaralCastroa. P256,000b. P248,000с. Р264,000d. P264,000P162,000 P62,000P168,000P166,000P156,000P64,000P66,000P60,0003. Refozar, Martinez and Magsino formed a partnership. It's on a calendar year basis. The profit-sharingarrangements are as follows:Until June 30, 2019, the annual salaries are provided as follows: Martinez, P40,000 andMagsino, P20,000. The residual profit will be shared in the ratio of 6:2:2.From July 1,2019, the salaries will be discontinued and the profit to be divided in the revised ratioof 5:3:2.Profit for the year ended Dec. 31, 2019 was P400,000 before charging partners' salaries, accruing evenlythrough the year, and after charging an expense of P40,000, which it was agreed related wholly to thefirst six months of the year. How should the profit for the year be divided among the partners?MagsinoP88,000P84,000P88,000P88,000RefozarMartinezа. Р182,000b. P200,000с. Р198,000d. P180,000P130,000P116,000P118,000P132,000

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6. Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. On July 1, 2019 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for the six months to Dec. 31, 2019. The profit sharing arrangements after Doblas' admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year ended Dec. 31,2019 was P240,000 accruing evenly over the year. What should Figueroa's total profit share be for the year ended Dec. 31,2019? a. P140, 000 b. P139,000 c. P114,000 d. 139,375

6. Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. On July 1, 2019 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for the six months to Dec. 31, 2019. The profit sharing arrangements after Doblas' admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year ended Dec. 31,2019 was P240,000 accruing evenly over the year. What should Figueroa's total profit share be for the year ended Dec. 31,2019? a. P140, 000 b. P139,000 c. P114,000 d. 139,375

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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