Problem: The following statement of financial position is presented for the partnership of Maia, Cheska and Chinchin who shares profits and losses in the ratio of 5:3:2 respectively. ASSETS LIABILITIES AND EQUITY Cash P120,000.00 Liabilities P280,000.00 Other assets 1,080,000.00 Maia, Equity Cheska, Equity 560,000.00 320,000.00 Chinchin, Equity P1,200,000.00 40,000.00 P1,200,000.00 Question No. 4. Assume that the assets and liabities are fairly valued on the statement of financial position and the partnership decided to admit Joco as a new partner with a 1/5 interest. No goodwill or bonus is to be recorded. How much should Joco contribute in cash or other assets? a. P240,000.00 b. P230,000.00 c. P184,000.00 d. P147,200.00 e. None of these. Question No. 5. Assume tha instead of admitting a new partner, the partners decided to liquidate the partnership. If the other assets are sold for P800,000.00, how should the available cash be distributed to each partner? a. Maia, P280,000.00; Cheska, P320,000.00; Chinchin, P40,000.00 b. Maia, P324,000.00; Cheska, P236,000.00; Chinchin, P16,000.00 c. Maia, P412,000.00; Cheska, P228,000.00 d. Maia, P410,000.00; Cheska, P230,000.00 e. None of these

Problem: The following statement of financial position is presented for the partnership of Maia, Cheska and Chinchin who shares profits and losses in the ratio of 5:3:2 respectively. ASSETS LIABILITIES AND EQUITY Cash P120,000.00 Liabilities P280,000.00 Other assets 1,080,000.00 Maia, Equity Cheska, Equity 560,000.00 320,000.00 Chinchin, Equity P1,200,000.00 40,000.00 P1,200,000.00 Question No. 4. Assume that the assets and liabities are fairly valued on the statement of financial position and the partnership decided to admit Joco as a new partner with a 1/5 interest. No goodwill or bonus is to be recorded. How much should Joco contribute in cash or other assets? a. P240,000.00 b. P230,000.00 c. P184,000.00 d. P147,200.00 e. None of these. Question No. 5. Assume tha instead of admitting a new partner, the partners decided to liquidate the partnership. If the other assets are sold for P800,000.00, how should the available cash be distributed to each partner? a. Maia, P280,000.00; Cheska, P320,000.00; Chinchin, P40,000.00 b. Maia, P324,000.00; Cheska, P236,000.00; Chinchin, P16,000.00 c. Maia, P412,000.00; Cheska, P228,000.00 d. Maia, P410,000.00; Cheska, P230,000.00 e. None of these

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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