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Question 13 2 2 pts love and kisses are partners

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Question 132 / 2 ptsLove and Kisses are partners operating LK Merchandising with their following cashcontribution: Love P350,000 and Kisses P450,000. The capital accounts of Love andKisses for the year 2021 are as follows:LoveKissesDateDebitCredit DateDebitCreditJan 1460,000 Jan. 1520,000April 130,000May 160,000June 30100,000 July 3190,000Oct. 150,000Sept. 31120,000The partnership has a profit for the period of P900,000. The profit/loss for the period isdivided in the ratio of average capital (simple average). How much is the share of Love?600,000502,817397,183Correct!
300,000Question 14
2 / 2 ptsA, B and C formed a partnership. A will contribute cash amounting to P10,000 and B willcontribute equipment costing P10,000. The equipment have an estimated residual valueof 5% of cost and the estimated useful life is 48 months. B have already used theequipment for 25% of its useful life. The fair value of the equipment is P12,000. On theother hand, C will contribute his services to the partnership which is equivalent to anannual salary of P100,000. As of the formation of the partnership, how much is thecapital contribution of B?0Correct!
Question 152 / 2 ptsAlfonso and Marco decide to form a partnership. The initial investments of the partnerswill include cash of P120,000 for Alfonso and P80,000 for Marco. Alfonso will transferhis office equipment with a book value of P96,000 and a fair market value of P84,000 tothe partnership. Marco will transfer his land fairly valued at P1,000,000 and the buildingthereon fairly valued at P600,000. Marco has just bought these at a lump sum price ofP1,800,000. In addition, the partnership will assume the mortgage of P400,000 on thebuilding.What will be the total capital of the partnership?Correct!
1,494,0001,496,000Question 162 / 2 ptsKim and Kendall formed their partnership on Jan. 2, 2020 with their following cashcontribution: Kim P350,000 and Kendall P450,000. The capital accounts of Kim andKendall for the year 2021 are as follows:KimKendallDateDebitCreditDateDebitCreditJan 1460,000Jan. 1520,000April130,000May 160,000June30100,000July 3190,000Oct.150,000Sept. 31120,000The Income Summary has a debit balance of P900,000.If profit/loss for the period is divided in the ratio of ending capital, how much is the shareof Kim?Correct!

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Term
Fall
Professor
na
Tags
Balance Sheet, Corporation, Limited partnership, Types of business entity, partner

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