Cash Accounts Receivable Inventory Land Building Total Note Payable C, Capital F, Capital Total P520,967 83 790 60,312 P1,908,300 2,598,000 4,506,300 665,069 67,984 597,085 4,506,300 4,506,300 665,069 Additional Information: 1. Included in accounts receivable is an account amounting to P22,454, which is deemed uncollectible 2 The inventory has an estimated selling price of P56,354 and estimated costs to sell of P22,567. 3. A mortgage of P 250,000 on the land is shouldered by F. 4. The building is over-depreciated by P323, 555 5. The building also had a mortgage amounting to P231,356, which was already fully paid by F. 6. The note payable is net of the discount on note payable amounting to P 15,234. Proper valuation requires the recognition of this discount. 7. C and F shall share in profits using the ratio 40:60 and in losses using the ratio 50:50. Questions: 1. How much is the adjusted balance of partner C? a. P549, 106 b. P548, 106 2. How much is the adjusted balance of partner F? a. P4,828,856 b. P4,830,855 3. How much is the NRV of the inventory? a. P33,787 b. Р3,788 4. If the partnership gains a profit of P250,000, how much is C's share? | а Р107, 000 b Р105, 000 5. If the partnership gains a profit of P250,000, how much is F's share? a. P140, 000 b. P149, 000 6. If the partnership incurs a loss of P100,000, how much is C's share? a. P50, 000 b. P55, 999 7. If the partnership incurs a loss of P100,000, how much is F's share? a. P60, 000 b. P50, 000 8. How much note pay able should the partnership recognize after its formation? а Р84, 999 b. P85, 000 c. P549,106 d. P549,107 C. P4,829,855 d. P4,839,857 C. PP33,789 d Р33,790 c. P100, 000 d. P101, 000 c. P101,000 d. P150, 000 c. P55, 000 d. P60, 000 c. P55, 000 d. P61, 000 c. P83, 218 d. P70, 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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C and F formed a partnership. The following are their contributions:

	C	F
Cash	P520,967
Accounts Receivable	83,790
Inventory	60,312
Land		P1,908,300
Building		2,598,000
Total	665,069	4,506,300
Note Payable	67,984
C, Capital	597,085
F, Capital		4,506,300
Total	665,069	4,506,300

Additional Information:

Included in accounts receivable is an account amounting to P22,454, which is deemed
The inventory has an estimated selling price of P56,354 and estimated costs to sell of P22,567.
A mortgage of P 250,000 on the land is shouldered by
The building is over-depreciated by P323,555
The building also had a mortgage amounting to P231,356, which was already fully paid by
The note payable is net of the discount on note payable amounting to P 15,234. Proper valuation requires the recognition of this
C and F shall share in profits using the ratio 40:60 and in losses using the ratio 50:50.

Cash
Accounts Receivable
Inventory
Land
P520,967
83,790
60,312
|P1,908,300
2,598,000
4,506,300
Building
Total
Note Payable
C, Capital
F, Capital
Total
665,069
67,984
597,085
4,506,300
4,506,300
665,069
Additional Information:
1. Included in accounts receivable is an account amounting to P22,454, which is deemed uncollectible.
2. The inventory has an estimated selling price of P56,354 and estimated costs to sell of P22,567.
3. A mortgage of P 250,000 on the land is shouldered by F.
4. The building is over-depreciated by P323,555
5. The building also had a mortgage amounting to P231,356, which was already fully paid by F.
6. The note payable is net of the discount on note payable amounting to P 15,234. Proper valuation
requires the recognition of this discount.
7. C and F shall share in profits using the ratio 40:60 and in losses using the ratio 50:50.
Questions:
1. How much is the adjusted balance of partner C?
a. P549,106
b. P548, 106
2. How much is the adjusted balance of partner F?
a. P4,828,856
b. P4,830,855
3. How much is the NRV of the inventory?
a. P33,787
b. Р33,788
4. If the partnership gains a profit of P250,000, how much is C's share?|
a. P107, 000
b. P105, 000
5. If the partnership gains a profit of P250,000, how much is F's share?
a. P140, 000
b. P149, 000
6. If the partnership incurs a loss of P100,000, how much is C's share?
а. Р50, 000
b. P55, 999
7. If the partnership incurs a loss of P100,000, how much is F's share?
a. P60, 000
b. P50, 000
8. How much note payable should the partnership recognize after its formation?
а Р84, 999
b. P85, 000
C. P549,106
a. P549,107
C. P4,829,855
d. P4,839,857
C. PP33,789
d. Р33,790
c. P100, 000
d. P101, 000
c. P101,000
d. P150, 000
c. P55, 000
d. P60, 000
c. P55, 000
d. P61, 000
C. P83, 218
d. P70, 000

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