losses. How much will Pozon, the industrial partner get?a.Pozon will get only P10,000 which is one-third of the profith Pozon will get only P20,000 in the first year and none in the second vearPozon will share in the loss in the second year.C.operations.22. Which of the following is not considered a legitimate expense of a partnership?a. Supplies used in the partners' offices.b. Salaries for management hired to run the business.c. Depreciation on assets contributed to the partnership by the partners.d. Interest paid to partners based on the amount of their invested capital.23. Opiso, Bombeo and Palatino are partners. Their contributions are as follows: Opiso,P600,000; Bombeo, P400,000 and Palatino, services. The partners agreed to divideprofits or losses in the following percentages: Opiso, 35%; Bombeo, 25% andPalatino, 40%. If there is a profit of P100,000, how should the profit be distributedamong the partners?Opiso, P35,0003; Bombeo, P35,000 and Palatino, P30,000.b. Opiso, P30,000; Bombeo, P20,000 and Palatino, P50,000.C. Opiso, P35,000; Bombeo, P25,000 and Palatino, P40,000.d. Opiso, P60,000; Bombeo, P40,000 and Palatino, nothing.a.uses which of the following capital concept?a. Equallyb. Ending capitalc. Beginning capitald. Average capital

Answered: JL UP ustrial partner. During of…

JL UP ustrial partner. During of Partnership, it was agreed that Po ustrial partner get? is one-third of the profit. firct

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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Question

losses. How much will Pozon, the industrial partner get?
a.
Pozon will get only P10,000 which is one-third of the profit
h Pozon will get only P20,000 in the first year and none in the second vear
Pozon will share in the loss in the second year.
C.
operations.
22. Which of the following is not considered a legitimate expense of a partnership?
a. Supplies used in the partners' offices.
b. Salaries for management hired to run the business.
c. Depreciation on assets contributed to the partnership by the partners.
d. Interest paid to partners based on the amount of their invested capital.
23. Opiso, Bombeo and Palatino are partners. Their contributions are as follows: Opiso,
P600,000; Bombeo, P400,000 and Palatino, services. The partners agreed to divide
profits or losses in the following percentages: Opiso, 35%; Bombeo, 25% and
Palatino, 40%. If there is a profit of P100,000, how should the profit be distributed
among the partners?
Opiso, P35,0003; Bombeo, P35,000 and Palatino, P30,000.
b. Opiso, P30,000; Bombeo, P20,000 and Palatino, P50,000.
C. Opiso, P35,000; Bombeo, P25,000 and Palatino, P40,000.
d. Opiso, P60,000; Bombeo, P40,000 and Palatino, nothing.
a.
uses which of the following capital concept?
a. Equally
b. Ending capital
c. Beginning capital
d. Average capital

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