* On Apr, 30, 2019, Lacson, Yacapin, and Bernal formed a partnership by combing their separate business proprietorships. Lacson contributed cash of PS0,000. Tacapin contributed property with a P36,000 arrying amount, a 40,000 original Cost, and PSO,000 fair value, The partnership accepted responsibiity for the P35,000 mortgage attached to the property. Bernal contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value, The partnershipp agreement specifies that proits and losses are to be shared equally but is silent regarding capital contributions, Which partner has the largest Apr. 3o, 2019, capital balance? a. Lacson C. Bernal b. Yacapin d. All capital account balances are equal

* On Apr, 30, 2019, Lacson, Yacapin, and Bernal formed a partnership by combing their separate business proprietorships. Lacson contributed cash of PS0,000. Tacapin contributed property with a P36,000 arrying amount, a 40,000 original Cost, and PSO,000 fair value, The partnership accepted responsibiity for the P35,000 mortgage attached to the property. Bernal contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value, The partnershipp agreement specifies that proits and losses are to be shared equally but is silent regarding capital contributions, Which partner has the largest Apr. 3o, 2019, capital balance? a. Lacson C. Bernal b. Yacapin d. All capital account balances are equal

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 33CE

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On July 1, 2019, Olga, Mega and Giga formed the OMG Partnership, by combining their separate business proprietorships. Olga contributed cash of P150,000. Mega contributed property with a carrying amount of P108,000, original cost of P120,000. and a fair value of P240,000. The partnership accepted responsibility for the P105,000 mortgage attached to the property. Giga contributed equipment with a carrying amount of P90,000, original cost of P225,000 and fair market value of P165,000. The partnership agreement specifies that profits and losses are to be shared equally. How much is the investment of Mega? Using the information in no. 2, and assuming capital are based on their profit and loss agreement, how much is the implied bonus? *
On July 1, 2020, X, Y and Z formed a partnership by combining their separate business proprietorships. X contributed cash of P 200,000. Y contributed property with a carrying amount of P144,000, original cost of P160,000. and a fair value of P320,000. The partnership accepted responsibility for the P140,000 mortgage attached to the property. Z contributed equipment with a carrying amount of P120,000, original cost of P300,000 and fair market value of P220,000. The partnership agreement specifies that profits and losses are to be shared equally. How much is the investment of Y?*
7. On Apr. 30, 2019, Lacson, Yacapin, and Bernal formed a partnership by combining their separate business proprietorships. Lacson contributed cash of P50,000. Yacapin contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership accepted responsibility for the P35,000 mortgage attached to the property. Bernal contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. Which partner has the largest Apr. 30, 2019, capital balance? a. b. Lacson Yacapin C. d. Bernal All capital account balances are equal.
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On July 1, 2019, GWEN, ASHE and JINX formed a partnership by combining their separate business proprietors. GWEN contributed cash of P700,000. ASHE contributed property with P360,000 carrying amount, a P500,000 original cost and P800,000 fair market value. The partnership accepted responsibility for theP450,000 mortgage attached to the property. JINX contributed equipment with a P300,000 carrying amount, P750,000 original cost, and P550,000 fair value. The partnership agreement specifies that profits and losses are to be shareequally but is silent regarding capital contributions. What is the capital balance of GWEN?
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n April 30, 2018, Lacson, Yacapin, and Bernal formed a partnership by combining their separate business proprietors. Lacson contributed cash of P50,000. Yacapin contributed property with a P36,000 carrying amount, a P40,000 original cost, and P80,000 fair value. The partnership accepted responsibity for the P35,000 mortgaged attached to the property. Bernal contributed equipment with a P30,000 carrying amount, a P75,000 original cost, and P55,000 fair value. The partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. Which partner has the largest capital balance?
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The condensed statement of financial position of the partnership of Buenaflor and Gangoso as of Dec. 31, 2019 showed the following: Total Assets P200,000 Total Liabilities 40,000 Buenaflor Capital 80,000 Gangoso, Capital 80,000 On this date, the partnership was dissolved and its net assets tranferred to a newly formed corporation. The fair value of the assets was P24,000 more than the carrying value on the firms books. Each of the partners was issued 10,000 shares of the corporation's P1 par ordinary share. Required: Prepare the journal entries in the books of the corporation.
On September 30, 2022, A, B, and C formed a partnership by combining their separate business proprietorships. • A contributed cash of P500,000. B contributed Land with a P460,000 carrying amount, a P400,000 original cost, and a P500,000 fair market value. The partnership accepted responsibility for the P150,000 mortgage attached to the property. . C contributed equipment with a P300,000 carrying amount, a P750,000 original cost, and a P550,000 fair value. Compute B's capital account to be credited upon formation.
Garachico, Perez, and Burgos formed a partnership on Jan. 1, 2019, and contributed P150,000, P200,000, and P250,000, respectively. Their articles of co-partnership provided that the operating profit be shared among the partners as follows: as salary, P24,000 for Garachico, P18,000 for Perez, and P12,000 for Burgos; interest of 12% on the ending capital during 2019 of the three partners;bonus to Burgos of 8% of profit before salaries and interest and the balance in the ratio of 2:4:4, respectively. The profit earned for the year ended Dec. 31, 2019 amounted to P176,000. Garachico contributed additional capital of P30,000 on July 1 and made a withdrawal of P10,000 on Oct. 1; Perez contributed additional capital of P20,000 on Aug. 1 and made a withdrawal of P10,000 on Oct. 1; and, Burgos made a withdrawal of P30,000 on Nov. 1. What are Partner's profit or losses?