GENSANTOS FOUNDATION COLLEGE, INC.

(GFCI)
PARTNERSHIP ACCOUNTING – FORMATION AND OPERATION

MIDTERM EXAM

Name: Score:
Year and Section:

PART I. PROBLEM SOLVING

INSTUCTIONS: Write your final answer on the test paper and provide your solution on a separate sheet of paper (except for Journal Entries
– on a separate sheet of paper only). Answers with no solution will not be credited. NO CHEATING!

Problem 1. On April 27, 2023, the capital accounts of X, Y, and Z shows the following balances:

X P360,000
Y 225,000
Z 135,000

At this time, W is admitted to the firm when he purchases a one-sixth interest in the firm for P82,500. The old partners equalized their capital
investments. Afterward, all the partners agree to divide profits and losses equally. The new partnership closed its books on June 30, 2023 reporting a
profit of P12,600 for two months. The partners made the following withdrawals: X and Z, P750 per month; Y and W, P1,000 per month. On June 30,
2023, W invests enough cash to increase his capital to one-third interest in the partnership. How much cash is to be invested W? (3pts)

XX YY ZZ WW TOTAL
Capital balances before Admission P360,000 P225,000 P135,000 – P720,000
Capital transfer to WW (1/6) -60,000 -37,500 -22,500 _120,000 ______–
Balances P300,000 P187,500 P112,500 P120,000 P720,000
Equalization of capital -100,000 __12,500 __87,500 ______– ______–
Balances P200,000 P200,000 P200,000 P120,000 P720,000
Net profit, equally 3,150 3,150 3,150 3,150 12,600
Drawings (2 months) _( 1,500) _( 2,000) _( 1,500) _( 2,000) _( 7,000)
Capital balances before WWs Investment P201,650 P201,150 P201,650 P121,150 P725,600

Total Capital of XX, YY and ZZ (201,650+201,650+201,650) 604,450

Divided by XX, YY, and ZZ Interest 2/3
Total Agreed Capital including W 906,675.00
Multiply to WW's Interest 1/3
Agreed Capital of WW 302,225.00
Less: Contributed Capital - 121,150.00
Additional Cash to be Invested by WW 181,075.00

Problem 2. As part of the initial investment, a partner contributes equipment that had originally cost P125,000 and on which accumulated depreciation
of P100,000 has been recorded. If similar equipment would cost P150,000 to replace and the partners agree on a valuation of P38,000 for the
contributed equipment, what amount should be debited to the equipment account? (2pts)

P38,000 – Agreed Value

Problem 3. Xavier and Yolonda have original investments of P50,000 and P100,000 respectively in a partnership. The Articles of the Partnership
include the following provisions regarding the division of net income: interest on original investment at 15%, salary allowances of P22,000 and P20,000
respectively, and the remainder equally. Net income is P90,000.

Required:
a. How much of the net income of P90,000 is allocated to all partners? (2pts)

Xavier Yolanda Total

Interest 7,500.00 15,000.00 22,500.00
Salaries 22,000.00 20,000.00 42,000.00
RB equally 12,750.00 12,750.00 25,500.00
Net Income 42,250.00 47,750.00 90,000.00

b. Journal entry to record the income distribution. (2pts)

Income Summary 90,000

Xavier, Capital 42,250

Yolanda, Capital 47,750

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Problem 4. On September 30, 2023, Pain admitted Gain for an interest in his business. On this date, Pain's capital account shows a balance of
P158,400. The following were agreed upon before the formation of the partnership:

Prepaid expenses of P17,500 and accrued expenses of P5,000 are to be recognized.

5% of the outstanding accounts receivable of Pain amounting to P100,000 is to be recognized as uncollectible.

Gain is to be credited with one-third equity in the partnership and is to invest cash aside from the P50,000 worth of merchandise.

Required:

a. Journalize the entry to record the adjustments in the book of Pain. (2pts)
Prepaid Expenses 17,500
Pain, Capital 17,500
Pain, Capital 5,000
Accrued, Expenses 5,000
Pain, Capital 100,000
Allowance for Doubtful Accounts 100,000

b. The amount of cash to be invested by Gain. (2pts)

Pain, Capital Pain Adjusted Capital 165,900.00

5,000.00 158,400.00 Divided by Interest of Pain 2/3
5,000.00 17,500.00 Total Agreed Capital 248,850.00
10,000.00 175,900.00 Multiply by Share of Gain 1/3
165,900.00 Total Capital of Gain 82,950.00
Less: Inventory Contribution - 50,000.00
Additional Cash 32,950.00

c. What are the capital balances of each partner after the admission of the new partner? (2pts)

Pain – P165,900 Gain – P82,950

Problem 5. Luz, Vi, and Minda are partners with capital balances, as of December 31, 2023, of P300,000, P300,000, and P200,000, respectively,
and who share profits and losses equally. Minda wishes to withdraw, and it is agreed that she is to take certain furniture items, with a second-hand
value of P50,000, and a note for the balance of her interest. The furniture items are carried in the books at P65,000; brand new, however, they would
cost P80,000.

Required:
a. The amount reduced in the capital balance of Minda after the purchase of furniture items. (3pts)
Charged for Furniture Acquired by Minda taken at second hand value 50,000.00
Less: Carrying Amount 65,000.00
Loss on Realization - 15,000.00
Luz Vi Minda
Second Value of Furniture Taken 50,000.00
Share in Loss on Realization of P15,000 5,000.00 5,000.00 5,000.00
Decrease in Capital 5,000.00 5,000.00 55,000.00

b. The value of the note that would get is: (3pts)

Minda 200,000.00
Less: Decrease in Capital 55,000.00
Value of Note 145,000.00

Problem 6. On March 1, 2023, Cruz and Ferrer formed a partnership with each contributing the following assets:

Cruz Ferrer
Cash P30,000 P70,000
Machinery and Equipment 25,000 75,000
Building - 225,000
Furniture and fixtures 10,000 -

The building is subject to a mortgage loan of P90,000, which the partnership assumes. The partnership agreement provides that Cruz and Ferrer share
profits and losses of 40 percent and 60 percent, respectively.

Assuming that the partners agreed to bring their respective capital in proportion to their respective profit and loss ratio, and using Ferrer’s capital as
the base, provide the following requirements.

Required:

a. How much cash is to be invested by Cruz? (2pts)

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 Ferrer Total Contributions 280,000.00
Divided by Interest of Ferrer 60%
Total Agreed Capital 466,666.67
Multiplied by Interest of Cruz 40%
Agreed Capital of Cruz 186,666.67
Initial Contribution of Cruz - 65,000.00
Additional Cash to be Invested by Cruz 121,666.67

b. Journalize the entry to record the admission of Cruz and Ferrer. (2pts)

Cash 30,000 Cash 70,000

Machinery and Equipment 25,000 Machinery and Equipment 75,000
Furniture and Fixtures 10,000 Building 225,000
Cruz, Capital 65,000
Mortgage Payable 90,000
Ferrer, Capital 280,000
Cash 121,666.67
Cruz, Capital 121,666.67

Problem 7. Cortez admits Divino for a partnership in his business. The statement of financial position of Cortez on November 30, 2023 before the
admission of Divino shows the following:

Debit Credit
Cash P?
Accounts receivable P96,000
Merchandise inventory P144,000
Accounts payable P49,600
Cortez, capital P?

It is agreed that for purposes of establishing Cortez’s interest, the following adjustments should be made:
1. An allowance for doubtful accounts of 2% of accounts receivable is to be established.
2. The merchandise inventory is to be valued P160,000.
3. Prepaid expenses of P5,200 and accrued expenses of P3,200 are to be recognized.

Divino invested cash of P113,640 to give him a one-third interest in the total capital of the firm.

Required:
a. Journalize the entry to record the adjustments in the book of Cortez. (2pts)
Cortez, Capital 1,920
Allowance for Doubtful Accounts 1,920
Merchandise Inventory 16,000
Cortez, Capital 16,000
Prepaid Expenses 5,200
Cortez, Capital 5,200
Cortez, Capital 3,200
Accrued Expenses 3,200
b. What is Cortez's capital balance before adjustment? (2pts)
Divino Investment 113,640.00
Divided by: Divino Interest 1/3
Total Agreed Capital 340,920.00
Less: Divino Investement - 113,640.00
Agreed Capital of Cortez 227,280.00
b. Assets Liabilities Capital
Cash ? 211,200.00
AR 96,000.00
MI 144,000.00
AP 49,600.00
Total 240,000.00 49,600.00 211,200.00 Req b. Just Workback
Adj. from Adjusted
Balance or Agreed
AFDA - 1,920.00 -
1,920.00
Capital then reflect
MI 16,000.00 16,000.00 the Adjustment in
PE 5,200.00 5,200.00 reverse
AE 3,200.00 - 3,200.00 computation
Adjusted Balance 227,280.00

c. Total cash of Partnership after the admission of Divino? (2pts)

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 Unadjusted Capital 211,200.00
Unadjusted Liab 49,600.00
Total Liab and Cap 260,800.00
Less: AR - 96,000.00
Less: MI - 144,000.00
Beg Cash 20,800.00
Divino Investment 113,640.00
Total Cash 134,440.00

d. Journalize the entry to record the contribution of Cortez and Divino. (2pts)

Cash 20,800
Accounts Receivable 96,000
Merchandise Inventory 160,000
Prepaid Expenses 5,200
Allowance for Doubtful Accounts 1,920
Accrued Expenses 3,200
Accounts Payable 49,600
Cortez, Capital 227,280
Cash 113,640
Divino, Capital 113,640

Problem 8. Their assets and liabilities on December 31, 2023 before formation:

Loren Jamby

Assets P210,750 P103,000

Liabilities P91,500 P36,000

The following agreements are made to adjust assets and liabilities:

a. Both partners will provide a P5,000 allowance for doubtful accounts.

b. Loren’s fixed assets were over-depreciated by P1,000 and Jamby’s fixed assets were under-depreciated by P500.
c. The following items were omitted in the book of Loren

Unrecorded at Year End 2023

Prepaid Expenses P1,600
Accrued Expenses P1,400

Required:
a. Journalize the entry to record the adjustment. (2pts)

Loren, Capital 5,000

Allowance for Doubtful Accounts 5,000
Jamby, Capital 5,000
Allowance for Doubtful Accounts 5,000
Accumulated Depreciation 1,000
Loren, Capital 1,000
Jamby, Capital 500
Accumulated Depreciation 500
Prepaid Expenses 1,600
Loren, Capital 1,600
Loren, Capital 1,400
Accrued Expenses 1,400
b. What is the adjusted capital of each partner? (2pts)

Loren Jamby
5,000.00 119,250.00 5,000.00 67,000.00
1,400.00 1,000.00 500.00
1,600.00 5,500.00 67,000.00
6,400.00 121,850.00 61,500.00
115,450.00

Problem 9. Al and Macmod decide to form a partnership. The initial investments of the partners will include cash of P120,000 for Al and P80,000 for
Macmod. Al will transfer his office equipment with a book value of P96,000 and a fair market value of P84,000 to the partnership. Macmod will
transfer his land fairly valued at P1,000,000 and the building thereon fairly valued at P600,000. Macmod has just bought these at a lump sum price of
P1,800,000. In addition, the partnership will assume the mortgage of P400,000 on the building. What will be the total capital of the partnership?
(2pts)

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 Al Macmod Total
Cash 120,000.00 80,000.00 200,000.00
Office Equipment 84,000.00 84,000.00
Land 1,000,000.00 1,000,000.00
Building 600,000.00 600,000.00
Mortgage Payable - 400,000.00 - 400,000.00
Total 204,000.00 1,280,000.00 1,484,000.00

Problem 10. RR, SS, and TT, lawyers decide to form a partnership and agree to divide profits in the ratio 4:3:1. It is agreed, however, that RR and SS
shall guarantee fees from their own clients of P80,000 and P50,000, respectively, that any deficiency is to be charged directly against the account of
the partner failing to meet his guarantee and that any excess is to be credited directly to the account of the partner exceeding his guarantee. Fees
earned by the partnership during the first year of operation were P200,000 which included fees from clients of RR, P95,000, and fees from clients of
SS, P40,000. Operating expenses for the year were P100,000. By what amount should the partners’ capital account increase? (2pts)

RR SS TT Total
Excess (Deficiency)
RR (P80,000 - P95,000) 15,000.00 - - 15,000.00
SS (P50,000 - P40,000) - - 10,000.00 - - 10,000.00
Balance 4:3:1 47,500.00 35,625.00 11,875.00 95,000.00
Total 62,500.00 25,625.00 11,875.00 100,000.00

Problem 11. On January 01, 2024, A, B, C and D formed Balik-Balik na Question Co., a partnership, with capital contributions as follows: A, P50,000;
B, P25,000; C, P25,000 and D, 20,000. The partnership contract provided that each partner shall receive a 5% interest on contributed capital and that
A and B shall receive salaries of P5,000 and P3,000, respectively. The contract also provided that C shall receive a minimum of P2,500 per annum,
and D a minimum of P6,000 per annum, which is inclusive of amounts representing interest and share of remaining profits. The balance of the profits
shall be distributed to A, B, C, and D in a 3:3:2:2 ratio.

What amount must be earned by the partnership, before any charge for interest and salaries, so that A may receive an aggregate of P12,500 including
interest, salary, and share of profits? (2pts)

30% 30% 20% 20%

A B C D Total
Interest 2,500.00 1,250.00 1,250.00 1,000.00 6,000.00
Salaries 5,000.00 3,000.00 8,000.00
Add Profit to give AA P12,500 5,000.00 5,000.00 3,333.33 3,333.33 16,666.67
Add Profit to give DD P6,000 1,666.67 1,666.67
Net Income 12,500.00 9,250.00 4,583.33 6,000.00 32,333.34

Problem 12. The Statement of Comprehensive Income of King and Queen Partnership for the year ended December 31, 2013 show a net income of
P80,000. The capital accounts of partners for 2013 shows the following:

1. King began the new year with a capital balance of P40,000

2. Queen began the year with a capital balance of P100,000
3. On April 1, King invested an additional P15,000 into the partnership
4. On August 1, Queen invested an additional P30,000 into the partnership
5. Throughout 2013, each partner withdrew P400 per week in anticipation of partnership net income. The partners agreed that these
withdrawals are not to be included in the computation of average capital balances for purposes of income distributions.

King and Queen have agreed to distribute the partnership net income according to the following plan.

King Queen
Interest on average capital balances 10% 10%
Bonuses on net income before salaries, 25% None
but after interest and bonuses
Salaries P25,000 P30,000
Residual (if positive) 70% 30%
Residual(if negative) 50% 50%

What are the capital balances of the partners on December 31,2013? (3pts)

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 King Queen Total
King Interest 5,125.00 11,250.00 16,375.00
Jan-13 40,000.00 3.00 120,000.00 Salaries 25,000.00 30,000.00 55,000.00
Apr-13 55,000.00 9.00 495,000.00 Bonus 12,725.00 12,725.00
Total 615,000.00 RB 5:5 - 2,050.00 - 2,050.00 - 4,100.00
Divided by 12.00 Net Income 40,800.00 39,200.00 80,000.00
Average Capital 51,250.00
Multiplied by: 10%
Interest 5,125.00 King Queen
Beg Balance 40,000.00 100,000.00
Queen Add. Investment 15,000.00 30,000.00
Jan-13 100,000.00 7.00 700,000.00 Total Capital 55,000.00 130,000.00
Aug-13 130,000.00 5.00 650,000.00 Less: Withdrawal (400 per week:400*52) - 20,800.00 20,800.00
Total 1,350,000.00 Balances before Net Income 34,200.00 150,800.00
Divided by 12.00 Net Income 40,800.00 39,200.00
Average Capital 112,500.00 Capital Balances as of Dec 31, 2013 75,000.00 190,000.00
Multiplied by 10%
Interest 11,250.00

Bonus B=Br(NI-I-B)
B=.25(80,000-16,375-B)
B= .25(63,625-B)
B=15,906.25-.25B
B=15,906.25/1.25
B= 12,725

Problem 13: On May 8, 2023 the capital balances and profit and loss ratio of Mona and Liza, partners of ML Partnership, are shown below:

On this date, they agree to admit Alma as a partner for a 25 percent interest in capital upon her investment of P80,000. There is a revaluation of
assets before the admission which resulted in a total agreed capital of P320,000. Mona, Liza, and Alma are to share profits in the ratio of 5:3:2.
Subsequently, Lorna joins the partnership by investing P75,000 for a 20 percent interest in the profits and capital. The former partners continue
sharing profits in their original ratio.

Required:

1. The capital balance of each partner after the admission of Alma. (3pts)

Capital of Old Partners 200,000.00

Investment of New Partner 80,000.00
Total Capital 280,000.00
Total Agreed Capital 320,000.00
Revalued Assets to Old Partner 40,000.00

Mona Lisa
Unadjusted Balance 150,000.00 50,000.00
Revaluation Upward
Mona (40,000 x 70%) 28,000.00
Lisa (40,000 x 30%) 12,000.00
Adjusted Capital 178,000.00 62,000.00

CC AC Bonus
70% Mona 178,000.00 178,000.00 -
30% Liza 62,000.00 62,000.00 -
Total 240,000.00 240,000.00 -
Alma 80,000.00 80,000.00 -
Total 320,000.00 320,000.00
2. The capital balance of each partner after the admission of Lorna. (3pts)

CC AC Bonus
50% Mona 178,000.00 176,000.00 - 2,000.00
30% Liza 62,000.00 60,800.00 - 1,200.00
20% Mona 80,000.00 79,200.00 - 800.00
Total 320,000.00 316,000.00 - 4,000.00
Alma 75,000.00 79,000.00 4,000.00
Total 395,000.00 395,000.00

Problem 14. On June 30,2023, the balance sheet for the partnership of CC, MM, and PP, together with their respective profit and loss ratios, were
as follows:

Assets, at cost……………………………………………P 180,000

CC, loan……………………………………………………. 9,000

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CC, capital (30%)………………………………………….. 42,000

MM, capital (20%)………………………………………… 39,000

PP, capital (50%)………………………………………….. 90,000

Total…………………………………………………… P 180,000

CC has decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of P 216,000 at June 30,2023. It
was agreed that the partnership would pay CC P61,200 cash for CC’s partnership interest, including CC’s loan which is to be repaid in full. No
goodwill is to be recorded after CC’s retirement.

Required:

a. Journalize the entry related to revaluation of assets and retirement of partner C. (2pts)
Other Assets 36,000
CC, Capital 10,800
MM, Capital 7,200
PP, Capital 18,000
CC, Loan 9,000
CC, Capital 52,800
Cash 61,200
MM, Capital 171.43
PP, Capital 428.57
b. Capital balances of the remaining partners after the retirement of C. (2pts)

30% 20% 50%

CC MM PP
Unadjusted Balance 42,000.00 39,000.00 90,000.00
Asset Adjustment
CC = 36,000 x 30% 10,800.00
MM = 36,000 x 20% 7,200.00
PP = 36,000 x 50% 18,000.00
Adjusted Balance before retirement 52,800.00 46,200.00 108,000.00
Add CC Loan 9,000.00
Total CC Interest 61,800.00
Paid to CC 61,200.00
Bonus to Old Partners - 600.00
Distribution of given Bonus - Given to Remaining Partners 600.00 171.43 428.57
Capital Balances after retirement of CC 46,371.43 108,428.57

Problem 15. Venus and Chloe are partners sharing profits and losses in ratio of 60% and 40%, respectively. The capital balances are as follows:
Venus P144,000; Chloe P72,000. They agreed to admit Aubz in the partnership.

Prepare journal entries for the admission of Aubz on each of the independent cases below:

1. Aubz invests P72,000 for a 1/3 interest in a new capital of P288,000. (2pts)
Cash 72,000
Venus, Capital 14,400
Chloe, Capital 9,600
Aubz, Capital 96,000
2. Aubz invest P120,000 for a 1/4 interest in the partnership. (2pts)
Cash 120,000
Venus, Capital 21,600
Chloe, Capital 14,400
Aubz, Capital 84,000

3. Aubz invest P90,000 for a ¼ intest in the partnership. (2pts)

Cash 90,000
Venus, Capital 8,100
Chloe, Capital 5,400
Aubz, Capital 76,500

4. Aubz invest P60,000 for a ¼ interest in the partnership. (2pts)

Cash 60,000
Venus, Capital 5,400
Chloe, Capital 3,600
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 Aubz, Capital 69,000

5. Aubz invest P60,000 for a ¼ interest in a new capital of P240,000. Old partners new capital balances should reflect their original profit and
loss ratio. (2pts)

Cash 60,000
Aubz, Capital 60,000
Cash 36,000
Aubz, Capital 36,000

Problem 16. Banzon and Cortez are partners who share profits and losses in the ratio of 6:4. They agreed that Banzon will receive a 10% bonus
based on Net Income After bonus and Tax (35%). At the end of the year, the partnership generates net income before bonus and tax amounting to
P2,200,000.

Compute the Bonus to be distributed to Banzon. (2pts)

B=.10(2,200,000-B-.35(2,200,000-B))
B=.10(2,200,000-B-770,000+.35B)
B=220,000-.10B-77,000+.035B
1.065B=143,000
B=143,000/1.065
B=134,272

Problem 17. JR and his very close friend AJ formed a partnership on January 1, 2013 with JR contributing P16,000 cash and AJ contributing
equipment with a book value of P6,400 and fair value of P4,800 and inventory items with a book value of P2,400 and fair value of P3,200. During
2013, JR made additional investment of P1,600 on April 1 and P1,600 on June 1, and on September 1, he withdrew P4,000. AJ had no additional
investments not withdrawals during the year.

Required:

a. The average capital balance at the end of 2013 for JR and AJ: (2pts)
JR AJ
Jan 1, 2013 16,000.00 3/12 4,000.00 Jan-13 8,000.00 12/12 8,000
Apr 1, 2013 17,600.00 2/12 2,933.33
June 1, 2013 19,200.00 3/12 4,800.00
Sept 1, 2013 15,200.00 4/12 5,066.67
Average Capital 16,800.00
b. Journalize the income to be distributed to each partner using average method if the partnership generates an income amounting P100,000.
(2pts)
Income Distribution:
JR 16,800.00 16.8/24.8 67,741.94
AJ 8,000.00 8/24.8 32,258.06
Total 24,800.00 100,000.00
Income Summary 100,000
JR, Capital 67,741.94
AJ, Capital 32,258.06

Problem 18. Kristel and Ryan are partners of K and R Partnership with initial investment of P225,000 and P270,000, respectively. Below are their
agreements in the distribution of net income: Salary allowances of P70,000 for Kristel and P50,000 for Ryan, 8% of interest on their capital balances,
and the remainder to be divided in the ratio of 4:6.

Journalize the distribution of income to partners using the following independent cases:

1. Net income of P240,000 (2pts)

Income Summary 240,000
Kristel, Capital 128,200
Ryan, Capital 111,800

2. Net Loss of P300,000 (2pts)

Kristel Ryan Total Kristel, Capital 141,800
Interest 18,000.00 21,600.00 39,600.00
Ryan, Capital 158,200
Salaries 70,000.00 50,000.00 120,000.00
RB 4:6 - 229,800.00 - 229,800.00 - 459,600.00 Income Summary 300,000
Net Income - 141,800.00 - 158,200.00 - 300,000.00

3. Net Income of P40,000 (2pts)

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 Kristel Ryan Total Income Summary 40,000
Interest 18,000.00 21,600.00 39,600.00
Salaries 70,000.00 50,000.00 120,000.00
Kristel, Capital 28,200
RB 4:6 - 59,800.00 - 59,800.00 - 119,600.00 Ryan, Capital 11,800
Net Income 28,200.00 11,800.00 40,000.00

PART II. IDENTIFICATION

___________________ 1. Participates in the business but is not known as a partner to the public. Secret Partner

___________________ 2. One who is not really a partner but who represents himself as one. Ostensible or Nominal Partner or Partner by Estoppel

___________________ 3. It is a substantial amount of withdrawal of a partner with the intention of repaying it. Loan Receivable

___________________ 4. The estimated amount that a willing seller would receive from a financially capable buyer for the sale of the asset in free
market. Fair Value
___________________ 5. Is an approach under the formation of a partnership where the total contributed capital should equal to total agreed
capital. Bonus Method
___________________ 6. A type of withdrawal with the intention of decreasing the partner’s capital account. Permanent Withdrawal

___________________ 7. A type of withdrawal in which regular advances made by the partners in anticipation of their share in profit. Temporary
WIthdrawal

___________________ 8. It is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying of the
business. Dissolution
___________________ 9. It is the capital balance of the old partners and the actual investment of the new partner. Contributed Capital

__________________ 10. It is the amount of new capital set by the partners to the partnership. Agreed Capital

BONUS QUESTION

Complete name of your professor (10pts)

“Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what
you are doing or learning to do.”

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