504 | Basic Financial Accounting and Reporting 2023 Edition by Prof. WIN BallodaNAME:SECTION:a.b.Multiple Choice1. The partnership agreement of Niza and Sala provides the interest at 10% per year isto be credited to each partner on the basis of weighted-average capital balances. Asummary of Sala's capital account for the year ended Dec. 31, 2022 follows:Balance, Jan. 1Additional Investment, July 1Withdrawal, Aug. 1Balance, Dec. 31a. P45,750b. P46,125What amount of interest should be credited to Sala's capital account for 2022?1609SCORE:PROFESSOR:P192,000P282,000bro2. Barroga and Gonzales are partners who shares profits and losses in the ratio of60:40, respectively. Barroga's salary is P60,000 and P30,000 for Gonzales. Thepartners are also paid interest on their average capital balances. In 2022, Barrogareceived P30,000 of interest and Gonzales, P12,000. The profit and loss allocation isdetermined after deductions for the salary and interest payments. If Gonzales'share in the residual profit (profit after deducting salaries and interest) was P60,000in 2022, what was the total partnership profit?a. P550,000.b. P350,000.c. ne P49,500P51,750d.c. P233,333.d. P150,000.P420,000120,000(45,000)495,000C.d.P345,000P387,0003. Cabance, a partner in the Cabance and Mendoza Partnership has a 30% share in thepartnership profit and loss. His capital account had a net decrease of P60,000 in2022. In 2022, he withdrew P130,000 against his capital and invested propertyvalued at P25,000 in the partnership. The profit of the partnership isAntiporda and Sy are partners who share profits and losses after salary and interestallowances in the ratio of 60:40, respectively. Antiporda's salary is P20,000 and Sy'sP10,000. The partners are also paid interest on their average capital balances. In022 Antiporda, received 10.000 in interest and fu 00000If Sy's share of

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Multiple Choice 1. The partnership agreement of Niza and Sala provides the interest at 10% per year is to be credited to each partner on the basis of weighted-average capital balances. A summary of Sala's capital account for the year ended Dec. 31, 2022 follows: Balance, Jan. 1 Additional Investment, July 1 Withdrawal, Aug. 1 Balance, Dec. 31 What amount of interest should be credited to Sala's capital account for 2022? P49,500 P51,750 a. P45,750 b. P46,125 P420,000 120,000 (45,000) 495,000 C. d.

Multiple Choice 1. The partnership agreement of Niza and Sala provides the interest at 10% per year is to be credited to each partner on the basis of weighted-average capital balances. A summary of Sala's capital account for the year ended Dec. 31, 2022 follows: Balance, Jan. 1 Additional Investment, July 1 Withdrawal, Aug. 1 Balance, Dec. 31 What amount of interest should be credited to Sala's capital account for 2022? P49,500 P51,750 a. P45,750 b. P46,125 P420,000 120,000 (45,000) 495,000 C. d.

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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