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The most equitable distribution of partnership profit

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10. The most equitable distribution of partnership profit based on capital contributionsuses which of the following capital concept?a.Equallyc.ending capitalb.Average capitald.beginning capital
11. If a partnership agreement does not specify how profit is to be allocated, profits orlosses should be allocated
12. Which of the following distributions would be made last in dividing profits to thepartners when interest on capital balances and salary allowances are involved?
13.A 1:3:2 ratio is the same as
14. Partners De Guzman and Tugade receive a salary allowance of P30,000 and P70,000,respectively, and share the reminder equally.If the company earned P40,000 during theperiod, what is the effect on Tugade’s capital?a.P30,000 decreaseb.P50,000 increasec.P90,000 increased.P40,000 increase
15. Partners Manlogat, Vidal and Calingasan have capital balances in a partnership ofP150,000, P100,000 and P200,000, respectively.Loss for the year was P330,000.What will be the capital balance for Vidal if the three partners share profits and losses at4:3:3 ratio, respectively?
16. Partners Manlogat, Vidal and Calingasan have capital balanes in a partnership ofP150,000, P100,000 and P200,000, respectively.Loss for the year was P330,000.What will be Vidal’s capital balance if Manlogat gets an P180,000 salary, Vidal gets aP70,000 salary, and Calingansan gets a 10% interest on his beginning balance with theremainder being divided at a 2:2:1 ratio, respectively
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Chapter 12 / Exercise 3
Accounting
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d.P128,000 debit balance17. The partnership of Ronzales, Adalem and Bio divides profits or losses in the ratio of4:5:3.During 2012, the business earned P80,000.Bio’s share of this profit is

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Term
Summer
Professor
DeanEsterlinaGevera
Tags
Accounting, Corporation, partner
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Accounting
The document you are viewing contains questions related to this textbook.
Chapter 12 / Exercise 3
Accounting
Reeve/Warren
Expert Verified

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