Perez, Leira Jeen D.

BSA 2-3

Multiple Choice – Problems

3-I
Q-1. What should the share of Rodrigues on the partnership?
Solution:
Opiso’s share: P32,000 / P80,000 x 100% = 40%
Therefore,
Rodriguez’s share: 100% - 40% = 60%

3-II
Q-2. How much was Javier’s share?
Solution:
3
Total Profit: P75,000 / 5 = P125,000
3
Dequito’s share: P125,000 x 5 = P75,000

Therefore,
2
Javier’s share: P125,000 x 5 = P50,000

Q-3. How much is the amount of profit that Dequito and Javier shared?
Solution:
3
Total Profit: P75,000 / 5 = P125,000

3-III
Q-4. How much is the share of Kenneth Peras on the P120,000 profit?
Solution:

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 P120,000 / 3 = P40,000
Q-5. How much is the capital balance of Mark Peras after receiving the share of the
P120,000 profit?
P100,000

Q-6. If the partners failed to stipulate in their agreement on how profit will be divided, how
much is the share of Jean Pila on the P 120,000 profit?
P 40,000 / P200,000 x P 120,000 = P 24,000

3-IV

Q-7. How much was the fractional share of Zamora on the profit distribution of P110,000?
Solution:
Zamora’s share: P150,000 / P450,000 x P110,000 = P36,666.67
Zamora’s fractional share: P36,666.67 / P110,000 = 33.33% or 33 1/3%

3-V
Q-8. How much is the share of Ardina as an industrial partner?
Solution:
Ardina’s share: P100,000 x 10% = P10,000

Q-9. How much is the share of Torres and Un on the P100,000 profit?
Solution:
Torres’ share: P65,000 / P100,000 x P90,000 = P58,500
Un’s share: P35,000 / P100,000 x P90,000 = P31,500

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 Q-VI
Partners
Total Diane Ysabelle

Salaries allowed to partners P 120,000 P60,000 P 60,000

Interests allowed to partners P 8,400 5,250 3,150
Bonus to Diane 7,160 7,160
Remainder
Diane 38,664 38,664
Ysabelle 25,776 25,776
As Distributed P 200,000 P 111,074 P 88,926

Q-10. How much salary that each of the partners will receive for the year?
Solution:
Salary of each partner for the year:
P5,000 x 12mos. = P60,000

Q-11. The share of partners on the 6% interest based on the average capital would be-
Solution:
Diane’s interest: P87,500 x 6% = P5,250
Ysabelle’s interest: P52,500 x 6% = P3,150

Q-12. How much amount of bonus will Diane receive?

Solution:
Diane’s bonus: P200,000 – P120,000 – P8,400 x 10% = P7,160

Q-13. How much will each of the partner receive on final profit distribution?
Solution:
Diane’s share: P60,000 + P5,250 + P7,160 + P38,664 = P111,074
Ysabelle’s share: P60,000 + P3,150 + P25,776 = P88,926

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 3-VII
Q-14. How much is the corrected profit?

Profit P 98,000

Add: Overstated Depreciation Expense 3,000

Less: Understated Salaries Expense (P 5,000) (2,000)

Corrected Profit P 96,000

Q-15. Assuming that there was no written agreement on how profit and loss is divided,

how much is the share of Mascarinas on the corrected profit?

P 150,000 / P 350,000 x P 96,000 = P 41,143

Mascarinas’ share on P 96,000 profit – P 41,143

3-IV

Q-16. How much is their respective share in the profit of P 120,000?

Partners
Total Gregorio Jumawan

Salaries allowed to partners P 35,000 P 15,000 P 20,000

Interests allowed to partners 65,000 20,000 45,000
Remainder
Gregorio 6,000 6,000
Jumawan 14,000 14,000
As Distributed P 120,000 P 41,000 P 79,000

Hilnora Gregorio’s share on P 120,000 profit – P 41,000

Cristine Jumawan’s share on P 120,000 profit – P 79,000

Q-17. How much is the share of Jumawan if partnership profit was P 90,000?

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 Partners
Total Gregorio Jumawan

Salaries allowed to partners P 35,000 P 15,000 P 20,000

Interests allowed to partners 65,000 20,000 45,000
Remainder (Loss)
Gregorio (3,000) (3,000)
Jumawan (7,000) (7,000)
As Distributed P 90,000 P 32,000 P 58,000

Cristine Jumawan’s share on P 90,000 profit – P 58,000

Q-18. How much is the share of Gregorio if the partnership loss was P 5,000?

Partners
Total Gregorio Jumawan

Salaries allowed to partners P 35,000 P 15,000 P 20,000

Interests allowed to partners 65,000 20,000 45,000
Remainder (Loss) P5,000
Gregorio (1,500) (1,500)
Jumawan (3,500) (3,500)
As Distributed P 95,000 P 33,500 P 61,500

Hilnora Gregorio’s share on P 5,000 loss – P 3,500 profit.

3-V
Q-19. How much is Tormi’s share on the partnership profit if percentages are applied after
each partners received a P20,000 salary allowance?
Partners
Total Tanago Tormis Rubin
Salaries allowed to partners P 60,000 P 20,000 P 20,000 P 20,000
Remainder
Tanago 10,000 10,000
Tormis 6,000 6,000
Rubin 4,000 4,000
As Distributed P 80,000 P 30,000 P 26,000 P 24,000

Tormi’s share: P 26,000

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 3-VI

Q-20. How much is profit or loss during the period?

Solution:

Profit: P1,385,000 – P685,000 – P450,000 = P250,000

Q-21. Their respective share in profit would be:

Solution:

Bidad’s profit share: P250,000 x 20% = P50,000

Mondijar’s profit share: P250,000 x 50% = P125,000

Sarceno’s profit share: P250,000 x 30% = P75,000

Q-22. What would now be the capital balance of Bidad?

Partners
Total Bidad Mondijar Sarceno
Salaries allowed to partners P 180,000 P 60,000 P 60,000 P 60,000
Interest allowed to Bidad P 45,000 45,000
Remainder
Bidad 10,000 10,000
Mondijar 5,000 5,000
Sarceno 10,000 10,000
As Distributed P 250,000 P 115,000 P 65,000 P 70,000

Capital balance of Bidad: P300,000 + P115,000 = P415,000

3-VII
Q-23. The computed bonus to be received by Carpeso would be-

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 Solution:
Bonus to Carpeso: P240,000 x 20% = P48,000
P48,000 / 1.2 = P40,000
Q-24. Upon distribution of profit, the drawing of Carpeso and Cebreros should be
credited by-
Carpeso: P240,000 + P 40,000 / 2 = P140,000
Cebrerso: P240,000 – P 40,000 / 2 = P100,000

3-VIII
Q-25. What is the new profit and loss ratio of the partners?
Zabalo’s ratio – 70% x 3/5 = 42%
Perez’s ratio – 70% x 2/5 = 28%
Delmonte’s ratio – 30%
Q-26. By what amount should the reported profit be increased or decreased?
Solution:
P450,000 + P15,000 – P5,000 + P4,000 = P464,000
Profit was increased with P14,000.
Q-27. How much is the correct amount of profit?
Solution:
P450,000 + P15,000 – P5,000 + P4,000 = P464,000
Q-28. How much is the partners’ respective share in profit?
Solution:
Zabalo’s ratio – P464,000 x 42% = P194,880
Perez’s ratio – P464,000 x 28% = P129,920
Delmonte’s ratio – P464,000 x 30% = P139,200

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