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    Parcor Quiz 2

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    Pj Concio
    This document contains a quiz for a partnership and corporation accounting course. It includes multiple accounting problems related to partnership capital accounts, capital ratios, and net income distributions. It also provides journal entry examples for forming a partnership, including scenarios where partners contribute cash, merchandise, and land. The quiz tests students' understanding of key partnership accounting concepts.

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    © All Rights Reserved
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    Parcor Quiz 2

    Uploaded by

    Pj Concio
    141 views3 pages
    This document contains a quiz for a partnership and corporation accounting course. It includes multiple accounting problems related to partnership capital accounts, capital ratios, and net income distributions. It also provides journal entry examples for forming a partnership, including scenarios where partners contribute cash, merchandise, and land. The quiz tests students' understanding of key partnership accounting concepts.

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    parcor-quiz-2

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    This document contains a quiz for a partnership and corporation accounting course. It includes multiple accounting problems related to partnership capital accounts, capital ratios, and net income distributions. It also provides journal entry examples for forming a partnership, including scenarios where partners contribute cash, merchandise, and land. The quiz tests students' understanding of key partnership accounting concepts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    141 views3 pages

    Parcor Quiz 2

    Uploaded by

    Pj Concio
    This document contains a quiz for a partnership and corporation accounting course. It includes multiple accounting problems related to partnership capital accounts, capital ratios, and net income distributions. It also provides journal entry examples for forming a partnership, including scenarios where partners contribute cash, merchandise, and land. The quiz tests students' understanding of key partnership accounting concepts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Bulacan State University

    Sarmiento Campus

    Partnership and Corporation Accounting


    QUIZ #2

    Name________________________ Course________ Score_________


    I. Solve the following:
    Papa and Mama formed their partnership on January 1, 2017 by investing Php 60,000.00 and Php
    40,000.00, respectively. Their accounts as of December 31, 2017.

    Papa, Capital Papa, Drawing


    __________________ __________________
    Jan. 1 60,000 Jan. 1 Php 12,000 Oct. 31 9,000
    Aug. 1 30,000

    Mama, Capital
    __________________ Mama, Drawing
    Jan.1 40,000 _________________
    July 1 10,000 Sept. 30 6,000

    The partnership net income for 2019 was Php 25,000.00

    Compute the following :


    Based on Original Capital: Share
    Original Amt. Fraction in net Income
    1. Papa

    2 Mama

    Based on beginning permanent capital

    Permanent Capital, Jan 1 Share in


    Amount Fraction Net Income
    1. Papa

    2. Mama
    Based on ending permanent capital:

    Permanent Capital, Dec. 31 Share in


    Amount Fraction Net Income
    1. Papa

    2. Mama

    Based on ending inclusive of Drawings:

    Capital Inclusive of Drawings


    As of December 31, 2017

    Original Share in
    Amount Fraction Net Income
    1. Papa

    2. Mama

    II. Find the average capital ratio

    Papa, Capital
    # of Mos.

    Date Dr Cr Balance X Unchange Peso - Month


    20D
    Jan 1

    Average Capital=

    Mama Capital

    # of Mos.
    Date Dr Cr Balance X Unchange Peso - Month
    20D
    Jan. 1
    Average Capital :
    3.Assume that the partnership incurred a net loss of Php 60,000.00 what is the
    amount to be share by each partner if the ratio is 6: 4 Compute using the arbitrary
    ratio method.
    Solution :

    III. Give the journal entries.

    1. Thi, Lha and Khi formed a partnership on July 24, 2018. This is to invest cash of
    Php 50,000. Lha is to invest merchandise which she bought two years ago for Php
    50,000.00 but which as a current value of Php 30,000. Khi is to be admitted and will
    give 3/4 of Lha capital contribution.

    Journal entries:

    2. Loga decided to invest his land, which cost him Php 2,000,000 when he bought
    this previous year but appraised value of Php 6,000,000. However, this land has
    mortgage balance of Php 190,000. Other partners agreed that the mortgage be
    assumed by the partnership upon formation.

    Journal entries:

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