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Units started into production, and costs incurred during the month...................................................... 135,000 $143,000 Units completed and transferred to finished goods during the month...................................................... 100,000 Work in process inventory on May 31.......................... 60,000 The amount of conversion cost in the ending work in process inventory was: A) $33,000 B) $38,100 C) $39,000 D) $45,000 16. Partners A and B have capital balances of P500,000 and P300,000 respectively before admitting incoming Partner C. The new partner will invest P200,000 for 25% capital interest and 20% in the profits and losses. What is the capital credit of C upon his admission? A. 250,000 B. 200,000 C. 160,000 D. 300,000 17. A and B have an existing partnership and share capital balances of P50,000 and P40,000, respectively. They share P and L in the ratio of 3:2. Before the admission of C into the partnership net assets are valued at P100,000. C is admitted into the partnership by mode of purchase of interest. C purchases one half of the capital of A and B. How much should be the capital of A after the admission? A. 27,500 B. 25,000 C. 28,000 D. 14,000 18. A and B has an existing partnership and share capital balances of P50,000 and P40,000, respectively. They share P and L in the ratio of 1:1. Before the admission of C into the partnership net assets are valued at P100,000. C is admitted into the partnership by mode of contribution or investment. C invests P100,000. They have agreed to give C 60% of the partnership capital. How much should be the capital of C using bonus method? A. 100,000 B. 120,000 C. 45,000 D. 60,000 19. The partnership of A, B and C have capital balances of P100,000, P80,000 and P70,000 for A, B and C, respectively. Before the retirement of B, the fair value of the net assets amount to P310,000. A, B and C share P and L equally. B will be paid P115,000, inclusive of a P10,000 loan payable by the partnership to B. How much will be the capital of A after the retirement of B? A. 120,000 B. 117,500 C. 116,667 D. 125,000 20. Partners A, B, and C have capital balances of P300,000, P200,000, and P100,000 respectively. The following were also loan balances present in the partnership books: a loan to A in the amount of P50,000 and a loan from C in the amount of P30,000. Partner B decided to retire from the partnership and they agreed to pay P170,000 for his interest. They share profits and losses 30:30:40 respectively. Assuming there was an asset that needed to be revalued, what is the capital balance of Partner C after retirement? a. 100,000 b. 140,000 c. 117,143 d. 60,000 21. Soon-to-be partners, A and B will contribute the following: A will contribute cash, P1,500,000, and B will contribute a Building with a carrying amount of P1,000,000 and an agreed value of P1,200,000. The building has a mortgage in the amount of P100,000, but it will be paid personally by B. One of the provisions, of their agreement is upon formation the capital balances of the partners will be equal. What is the contributed capital of B? A. 1,000,000 B. 1,100,000 C. 1,200,000 D. 1,350,000 22. The partners’ capital (income-sharing ration in parentheses) of Nunn, Owen, Park and Quan on May 31, 2014, were as follows: Nunn (20%) P60,000 Owen (20%) P80,000 Park (20%) P70,000 Quan (40%) P40,000 On May 31, 2024, with the consent of Nunn, Owen, and Quan:

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