8. The Soliman and Palaganas Partnership agreement provides for Soliman to receive a20% bonus on profits before the bonus. Remaining profits and losses are dividedbetween Soliman and Palaganas in the ratio of 2:3, respectively. Which partner hasa greater advantage when partnership has a profit or when it has a loss?ProfitLossа.SolimanPalaganasb.SolimanSolimanPalaganasPalaganasС.Solimand.Palaganas9. At the beginning of 2019, the statement of financial position for EasyPage Company,showed the following balances in the partners' capital accounts: Rivera, P24,000and Rosario, P26,000. Rivera and Rosario share profits and losses in a 3:7 ratio.During 2019, EasyPage experienced a P40,000 loss. Rivera withdrew P10,000 fromthe partnership during the year and Rosario withdrew P18,000. What will be thebalance in Rivera's capital on Dec. 31, 2019?P 3,600b. Р 2,000с. Р12,000d. P26,000а.10. On Jan. 1, 2019, Demafiles and Barbosa decided to form a partnership. At the endof the year, the partnership made a profit of P120,000. The capital accounts of thepartnership showed the following transactions:Demafiles, CapitalBarbosa, CapitalDr.Cr.Dr.Cr.Jan. 1P40,000P25,000Aprг. 1P5,000June 110,00010,000Aug. 1Sept. 1Р3,0001,0005,0004,000Oct. 1Dec. 15,000Assuming that an interest of 20% per annum is given on average capital and thebalance of the profits is allocated equally, the allocation of profits should beDemafiles, P60,000; Barbosa, P59,400.Demafiles, P61,200; Barbosa, P58,800.Demafiles, P67,200; Barbosa, P52,800.Demafiles, P68,800; Barbosa, P51,200.a.c.b.d.11. Barbo is a partner and has an annual salary of P24,000 but actually draws P3,000 permonth. The other partner has an annual salary of P35,000 and draws P2,000 permonth. What is the total annual salary that should be used to allocate profitbetween the partners?a. P119,000b. P 71,000c. P 60,000d. P 59,000

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8. The Soliman and Palaganas Partnership agreement provides for Soliman to receive a 20% bonus on profits before the bonus. Remaining profits and losses are divided between Soliman and Palaganas in the ratio of 2:3, respectively. Which partner has a greater advantage when partnership has a profit or when it has a loss? Profit Loss Soliman Palaganas а. b. Soliman Soliman Palaganas Palaganas С. Soliman d. Palaganas

8. The Soliman and Palaganas Partnership agreement provides for Soliman to receive a 20% bonus on profits before the bonus. Remaining profits and losses are divided between Soliman and Palaganas in the ratio of 2:3, respectively. Which partner has a greater advantage when partnership has a profit or when it has a loss? Profit Loss Soliman Palaganas а. b. Soliman Soliman Palaganas Palaganas С. Soliman d. Palaganas

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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TRUE OR FALSE
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