GLOBAL RECIPROCAL COLLEGES

College of Accountancy
East Grace Park, Caloocan City

ACCST Accounting for Special Transactions

First Semester A.Y. 2022-2023

PRELIMARY EXAMINATIONS
Accounting for Partnership

General Directions: Answer this examination with all honesty and

integrity within three [3] hours. Carefully key-in your answer in the
designated Google Form Sheets. Provide your solutions, as necessary, in
a yellow pad. Supplementary directions in the Form Sheets or examination
papers will be specified.

***

PART 1: THEORETICAL (1PT)

1. Which of the following is not a characteristic of most partnership?

a. Limited liability c. Mutual agency
b. Limited life d. Ease of formation

2. If the partnership agreement does not specify how income is to be

allocated, profits and loss should be allocated
a. equally.
b. in proportion to the weighted average capital invested during
the period.
c. equitably so that partners are compensated for the time and
effort expended on behalf of the partnership.
d. in accordance with their original capital contribution.

3. In a partnership liquidation, the final cash payment to the partners

should be made in accordance with the
a. partner’s profit and loss sharing ratio.
b. balances of partners’ capital accounts.
c. ratio of the capital contributions by partners.
d. safe payment computations.

4. If a new partner acquires a partnership interest directly from the

partners rather than from the partnership itself,
a. No entry is required.
b. The partnership assets should be revalued.
c. The existing partner’s capital accounts should be reduced, and
the new partner’s account increased.
d. The partnership has undergone a quasi-reorganization.

5. Which of the following will decrease the capital balance of a partner?

a. Share in partnership profit
b. Receipt of share in revaluation surplus from a partnership
property, plant, and equipment
c. Drawing made by a partner
d. Advances made by a partner to the partnership

6. If there is no agreement as to the distribution of losses, the

following partner would share in the losses of the partnership, except
a. limited partner.
b. capitalist partner.
c. industrial partner.
d. industrial-capitalist partner.

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7. This allowance for profit allocation is given only if there is a

profit.
a. Interest allowance
b. Salary allowance
c. Bonus allowance
d. All of the above

8. The capital deficiency of insolvent partner shall be allocated based

on
a. profit and loss of the absorbing partners.
b. profit and loss of all the partners.
c. capital ratio of the absorbing partners.
d. capital ratio of all the partners.

9. What is the valuation if a partner contributes property to the

partnership?
a. Fair value of the property.
b. Acquisition cost of the property.
c. Agreed value of the property.
d. Actual amount of the property.

10. Which of the following is not an expense of a partnership?

I. Salary of employees of the partnership.
II. Salaries to partners of a partnership.
III. Interest on loan from partners to the partnership.
IV. Interest on partner’s capital account balances.

a. I and III c. II and III

b. II and IV d. I and II

11. Which of the following statements is true regarding a retiring

partner?
a. A bonus must be paid to the retiring partner.
b. A bonus may be paid to the retiring partner.
c. A bonus must be paid to the retiring partner or to the remaining
partner.
d. Recognizing a bonus is not appropriate when a partner retires.

12. Which of the following are kinds of partnerships according to

liability of partners?
I. General partnership
II. Limited partnership
III. Capitalist partnership
IV. Industrial partnership

a. I and III c. II and III

b. II and IV d. I and II

13. On August 1, 2022, Daniel and Kathryn formed a partnership. Daniel

contributed cash. Kathryn, previously a sole proprietor, contributed
property other than cash, including a realty subject to a mortgage,
which the partnership did not assume. Kathryn’s capital account of
August 1, 2022, should be recorded at:
a. Kathryn’s book value of the property on August 1, 2022.
b. Kathryn’s book value of the property less mortgage payable on
August 1, 2022.
c. The fair value of the property less the mortgage payable on
August 1, 2022.
d. The fair value of the property on August 1, 2022.

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Item nos. 14 through 18 are based on the following information:

A = The amount of tangible assets contributed by the new partner into
the partnership
B = The amount of capital credited to the new partner
C = Total capital of the partnership before the admission of a new
partner
D = Total capital of the partnership after the admission of a new
partner

14. Which statement below is correct if a new partner receives a bonus

upon contributing assets into the partnership?
a. B < A and D = C – A
b. B > A and D = C + A
c. A = B and A = D + C
d. B > A and C = D + A

15. Which statement below is correct if the old partners receive a

bonus upon the contribution of assets into the partnership by a new
partner?
a. B < A and D = C – A
b. B + A and D > C + A
c. B < A and D = C + A
d. B > A and D = C + A

16. Which statement below is correct if goodwill of the old partners

is recognized upon the contribution of assets into the partnership by
a new partner?
a. B = A and D < C + A
b. B = A and D > C + A
c. B < A and D = C + A
d. B > A and D < C + A

17. Which statement below is correct if a new partner purchases an

interest in capital directly from the old partners?
a. C < D
b. C = D
c. C = D and B = A
d. C < D and B = A

18. Which statement below is correct if a new partner’s goodwill is

recognized upon contributing assets into the partnership?
a. B = A and D > C + A
b. B < A and D < C + A
c. B > A and D = C + A
d. B > A and D > C + A

19. When the old partners receive a bonus upon admission of a new
partner into a partnership, the bonus is allocated to:
I. all the partners in their profit and loss sharing ratio.
II. the existing partners in their profit and loss sharing ratio.

a. I only c. Either I or II
b. II only d. Neither I or II

20. A partner is considered insolvent if

a. The balance of his/her capital account is negative.
b. His/her personal assets exceed personal liabilities.
c. His/her personal creditors are all secured creditors.
d. His/her personal liabilities exceed personal assets.

21. Offsetting a partner’s loan balance against his debit capital

balance is referred to as the
a. marshaling of assets.

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b. right of offset.
c. allocation of assets.
d. liquidation of assets.

22. When Valix retired from the partnership of Valix, Tamayo, and
Dayag, the final settlement of his interest exceeded his capital
balance. Under the bonus method, the excess:
a. reduced the capital balances of Tamayo and Dayag.
b. was recorded as an expense.
c. was recorded as goodwill.
d. had no effect on the capital balances of Tamayo and Dayag.

23. All of the following are true for both general and limited
partnership, except
a. all partners are liable for the debts of the firm.
b. both must have at least one general partner.
c. all partners have the right to participate in the profits of the
business.
d. both are easily dissolved.

24. Which of the following statements is correct with regard to the

creation of initial capital account balances on a partnership’s
financial records?
a. The capital accounts can be created for any peso amount agreed
by all partners.
b. The market value of non-cash assets must be considered when
creating the initial capital balances.
c. Each partner’s capital account must have a non-zero value
assigned to it.
d. All of the above statements are correct.

25. When allocating a partnership loss to the partners which of the

following items is provided first?
a. Salaries
b. Bonuses to partners
c. Interest on capital contribution of an industrial partner
d. All of these

26. The order of partnership liquidation process is

a. Sell assets, disburse cash to partners, pay liabilities.
b. Disburse cash to partners, pay liabilities, sell assets.
c. Pay liabilities, sell assets, disburse cash to partners.
d. Sell assets, pay liabilities, disburse cash to partners.

27. In partnership liquidation, a loss from sale of non-cash assets is

allocated to the
a. moon.
b. partners based on their capital balances.
c. partners based on their profit and loss sharing ratio.
d. partner with the lowest capital balance.

28. A partner’s maximum loss absorption balance is calculated by

a. Multiplying the distributable assets by the partner’s profit-
sharing percentage.
b. Dividing the partner’s capital balance by his percentage
interest in capital.
c. Dividing the partner’s total interest by his profit and loss
sharing percentage.
d. Multiplying the partner’s total interest by his profit and loss
sharing percentage.

29. What is the major consideration in accounting for partnership

formation?

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a. Accounting for initial investments.

b. Division of profits or losses.
c. Admission of a new partner and withdrawal.
d. Winding-up of affairs.

30. Statement 1. All partnerships are subject to income tax.

Statement 2. A partnership is always owned by at least two
individuals.

a. Statement 1 – True; Statement 2 – False

b. Statement 1 – False; Statement 2 – True
c. Statement 1 – True; Statement 2 – True
d. Statement 1 – False; Statement 2 - False

PART 2: SITUATIONAL (2PTS)

Situation 1 – On September 1, 2022, Jose, Mari, and Chan form a

partnership. They agree that Jose will contribute office equipment with
a total fair value of ₱40,000; Mari will contribute delivery equipment
with a fair value of ₱80,000; and Chan will contribute cash.

31. If Chan wants a one-third interest in the capital and profits, he

should contribute
a. ₱40,000 c. ₱120,000
b. ₱60,000 d. ₱180,000

Situation 2 – Kent and Lois formed a partnership and agreed to divide

initial capital equally, even though Kent contributed ₱100,000 and Lois
contributed ₱84,000 in identifiable assets.

32. Under the bonus method, to adjust the capital accounts, Lois’s
intangible assets should be debited for:
a. ₱46,000. c. ₱8,000.
b. ₱16,000. d. ₱0,000.

Situation 3 – (CPALE Adapted) On December 31, 2022, the AFAR partnership

has the following accounting amounts:

Service revenue ₱ 350,000

Cost of services 200,000
Operating expenses 50,000
Salary allocations to partners 65,000
Interest paid to banks 10,000
Partner’s drawings 40,000

33. The partnership net income (loss) is:

a. ₱50,000 c. (₱25,000
b. ₱90,000 d. (₱15,000)

Situation 4 – Capital balances of partners after exhausting their non-

cash assets are as follows: (in Philippine peso)

A (20%) U (10%) B (10%) R (10%) I (20%) O (10%) N (20%)

(54,000) 20,000 (66,000) (12,000) 35,000 10,000 (40,000)

Partners U, R, I, and O are personally solvent.

34. How much cash must O contribute to the partnership?

a. ₱29,000 c. ₱12,000
b. ₱00,000 d. ₱22,000

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Situation 5 – The total of the partners’ capital accounts was ₱110,000

before the recognition of partnership asset revaluation in preparation
for the withdrawal of a partner whose profit or loss sharing is 2/10.
He was paid ₱28,000 by the firm in final settlement for his interest.
The remaining partners’ capital accounts, excluding their share of the
asset revaluation, totaled ₱90,000 after his withdrawal.

35. The total asset revaluation of the firm agreed upon was:
a. ₱40,000 c. ₱20,000
b. ₱28,000 d. ₱08,000

Situation 6 – Partners Sam and Piolo are engaged in a construction

venture based in Malate, Manila.

The profit and loss agreement contains the following provisions:

• Salaries of ₱8,750 and ₱10,000 for Sam and Piolo, respectively, at
the end of each quarter.
• A bonus equal to 10% of net income after bonus to J.
• 8% interest on average capital. The excess of partner’s drawings
over ₱20,000 are considered to be a reduction of capital for
purposes of the calculation of this provision.
• Profit and loss ratio of 60:40 for Piolo and Sam, respectively.

The capital and drawing activity of the partners for the year 2022 are
as follows:
Sam Piolo
Capital Drawing Capital Drawing
January 1 120,000 60,000
April 14 20,000
May 28 15,000 20,000
September 1 30,000
November 9 15,000 40,000

For the year 2022, the gross profit (sales less cost of sales) amounted
to ₱200,000 and operating expenses incurred was ₱68,000.

36. How much profit should be allocated to Sam?

a. ₱69,660 c. ₱72,774
b. ₱69,747 d. ₱69,774

Situation 7 – On January 1, 2022, the ledger account balances of Tighten

Jelly Partnership show the following:

Cash 1,500,000
Accounts receivable 850,000
Inventory 400,000
Furniture and fixtures 750,000
Accounts payable 80,000
Mortgage payable 420,000
Maui, capital (50%) 1,100,000
Sheree, capital (10%) 1,200,000
Katya, capital (40%) 700,000

On the same date, Andrea is admitted by investing ₱500,000 to the

partnership for 10% capital interest and 15% profit and loss interest.
The total agreed capitalization of the new partnership is ₱3,000,000.

37. What is the share of Sheree in the asset impairment?

a. 40,000 c. 50,000
b. 45,000 d. 80,000

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38. What is the amount of bonus given by Andrea to the existing Tighten
Jelly partners?
a. ₱200,000 c. ₱100,000
b. ₱300,000 d. ₱150,000

39. What is the capital balance of Katya after the admission of Andrea
to the tall and proud Tighten Jelly partnership?
a. ₱580,000 c. ₱500,000
b. ₱820,000 d. ₱780,000

Situation 8 – Jester and Joy formed a partnership on November 1, 2022.

They composed their Articles of Partnership virtually due to community
quarantine through Omegle. Jester is to invest assets at fair value. He
is to transfer his liabilities and is to contribute sufficient cash to
bring his total capital to ₱210,000 which is 70% of the total capital
of the partnership. Details regarding the book values and fair values
of Jester’s business assets and liabilities are:

Book values Fair values

Accounts receivable, at amortized cost 53,800 057,150
Merchandise inventory 98,400 107,300
Computer equipment 25,800 029,550
Loans payable 56,000 056,000

Joy agrees to invest cash of ₱42,000 and merchandise valued at current

market price which will be subsequently accounted for under PAS 2.

40. What is the value of merchandise to be invested by Joy?

a. ₱48,000 c. ₱42,000
b. ₱84,000 d. ₱38,000

41. What is the amount of cash to be invested by Jester?

a. ₱72,000 c. ₱26,000
b. ₱62,000 d. ₱65,000

Situation 9 – The trial balance of Saint Partnership on December 31,

2021, is presented as follows:

Accounts Debit Credit

Cash 1,600,000
Receivable 400,000
Prepaid expenses 200,000
Other non-cash assets 800,000
Accounts payable 1,150,000
Notes payable 850,000
Echo, capital (50%) 100,000
Ulysses, capital (30%) 500,000
Tristan, capital (20%) 400,000

On January 1, 2022, the partners decided to liquidate the partnership.

The partners plan a program of piecemeal conversion of assets in order
to minimize liquidation expenses. All available cash, less an amount
retained to provide for future expenses and settlement of liabilities,
is to be distributed to the partners. All partners are legally declared
to be personally insolvent.

A summary of the liquidation activities is as follows:

January 2022:
a. ₱375,000 was collected on accounts receivable, the balance is
uncollectible.
b. ₱175,000 was received for the entire prepaid expenses.

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c. Half of the other non-cash assets were realized at a gain of 37.5%

of its book values.
d. ₱50,000 liquidation expenses were paid.
e. It is estimated that liquidation expenses amounting to thrice of
the January 2022’s liquidation expenses will be incurred for the
month of February 2022.
f. 80% of the liabilities remained unsettled.

February 2022:
a. Remaining non-cash assets were sold at a loss of ₱100,000.
b. The final liquidation expenses for the month of February 2022
amounted to ₱100,000 which is ₱50,000 over the estimation.
c. Since the partnership is having financial difficulty, they entered
into a compromise agreement with their creditors. The unpaid
liabilities were settled at a compromised amount of ₱1,500,000.
d. No cash was retained in the business.

42. What is the amount of cash received by Tristan on January 31, 2022?
a. ₱260,000 c. ₱300,000
b. ₱240,000 d. ₱350,000

43. What is the share of Ulysses in the total loss in liquidation on

January 31, 2022?
a. ₱275,000 c. ₱120,000
b. ₱110,000 d. ₱150,000

44. What is the amount of total cash withheld on January 31, 2022?
a. ₱0,550,000 c. ₱1,750,000
b. ₱1,600,000 d. ₱1,700,000

45. What is the amount of cash received by Echo on February 28, 2022?
a. ₱75,000 c. ₱50,000
b. ₱25,000 d. ₱00,000

Situation 10 – Gerald wanted to be admitted to the partnership of Joshua

and Julia on February 14, 2022. On the same date, Joshua and Julia’s
capital account balances are ₱60,000 and ₱48,000, on a 70:30 P/L sharing
ratio, respectively.

Julia first agreed to the idea of Gerald’s admission. Later on, with a
heavy heart, Joshua decided to let Gerald get in the partnership. They
both gave Gerald their personal bank accounts where the latter will
deposit the payment for the 1/3 interest from each of the existing
partner amounting to ₱42,000.

As a result of the admission, the intangible assets account is increased

by ₱18,000 before Gerald is admitted.

46. What is the capital of Joshua after admitting Gerald?

a. ₱30,000 c. ₱42,000
b. ₱35,600 d. ₱48,400

47. What is the capital transferred by Julia to Gerald as a result of

the admission?
a. ₱24,200 c. ₱17,800
b. ₱22,400 d. ₱18,700

48. What is the capital of Gerald after his admission?

a. ₱48,400 c. ₱35,600
b. ₱42,000 d. ₱30,000

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Situation 11 – On February 28, 2022, Revel contributed ₱50,000 cash into

an existing partnership. On May 17, 2022, he contributed another ₱20,000.
On September 2, 2022, Revel withdrew ₱15,000 from the partnership. The
partnership agreement provides that withdrawals in excess of ₱10,000 are
charged to the partner’s capital account.

49. The weighted average capital balance of Revel for the calendar year
ended is
a. ₱62,000 c. ₱60,000
b. ₱51,667 d. ₱48,333

Situation 12 – The statement of profit or loss of Jo Koy Partnership for

the first year of operations ended December 31, 2022, is as follows:

Sales revenue ₱ 1,750,000

Less: Cost of goods sold 1,400,000
Gross profit ₱ 350,000
Less: Operating expenses (including salary, interest, bonus) 286,000
Net income ₱ 64,000

On January 5, 2022, Cinco and Tres contributed ₱350,000 and ₱50,000. On

the Articles of Co-Partnership, the following are provided under Section
2, Partnership Operations:

Par 1. The profits and losses shall be as follows: Cinco – 80%; and
Tres – 20%
Par 2. ₱120,000 annual salary shall be given to Tres. The salary may
be withdrawn at the manner desired by the latter.
Par 3. 5% of interest shall be given based on the beginning capital
of both partners.
Par 4. A bonus of 15% of net income before salary, interest, and
bonus to Tres.

50. What is the amount of bonus to Tres in 2022?

a. ₱41,400 c. ₱36,000
b. ₱32,912 d. ₱26,800

Situation 13 – Romeo and Vice formed a partnership and agreed to divide

initial capital equally, even though Romeo contributed ₱25,000 and Vice
contributed ₱21,000 in identifiable assets.

51. Under the bonus approach to adjust the capital accounts, Vice’s
unidentifiable assets should be debited for:
a. ₱11,500 c. ₱2,000
b. ₱04,000 d. ₱0,000

Situation 14 – Charlie, Danilo and Edward are capitalist partners while

Francisco is an industrial partner. It was agreed that for the purpose
of dividing the result of operations, 20% is just and equitable share
for Francisco while the 80% is divided equally to the capitalist
partners. For the year ended 2022, the partnership incurred a net loss
of ₱203,000,000,000.

52. How much is the share of Francisco in the reported net loss?
a. ₱10,000 c. ₱25,000
b. ₱20,000 d. ₱00,000

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Situation 15 - Chick and Dick are forming their separate business to

partnership. Cash and non-cash assets are to be invested for a total
capital of ₱150,000.

The non-cash assets to be contributed and liabilities to be assumed are:

C H I C K D I C K
A C C O U N T S Fair value Fair value
Book value Book value
adjustments adjustments
Accounts receivable ₱11,250.00 - - -
Merchandise inventory 11,250.00 (5,625.00) 30,000.00 3,750.00
Machinery, net 18,750.00 (3,750.00) 33,750.00 1,875.00
Accounts payable 5,637.50 (12.50) 3,750.00 -

The partner’s capital accounts are to be equal after all contributions

of assets and assumption of liabilities.

53. How much is the partnership assets?

a. ₱159,375 c. ₱140,625
b. ₱150,000 d. ₱112,500

54. How much is the amount of cash Dick must contribute?

a. ₱37,500 c. ₱80,625
b. ₱09,375 d. ₱05,625

Situation 16 – Partners Badrodin, Justiniano, and Ronald share profits

and losses in the ratio of 5:3:2. At the end of a very unprofitable
year, they decided to liquidate in an installment basis. The partner’s
capital account at this time are as follows:

Badrodin ₱22,000
Justiniano 24,900
Cruz 15,000

The liabilities accumulated to ₱30,000, including a loan of ₱10,000 from

Badrodin. The cash balance is ₱6,000. All the partners are personally
well off.

55. If Justiniano received a ₱2,000 from the first distribution of

cash, how much did Badrodin and Ronald receive at that time?
Badrodin Ronald
a. ₱0,000 ₱0,000
b. ₱3,300 ₱2,200
c. ₱0,000 ₱2,200
d. ₱0,000 ₱3,300

56. If Badrodin received a total of ₱20,000 as a result of the

liquidation, what was the total amount realized from the sale of the
non-cash assets?
a. ₱61,900 c. ₱73,900
b. ₱85,900 d. ₱24,000

57. If Ronald received ₱6,200 on the first installment of cash, how

much did Justiniano receive at that time?
a. ₱10,000 c. ₱5,000
b. ₱11,700 d. ₱6,200

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Situation 17 – Larry and Magic agreed to form a partnership on April 30,

2022, contributing their respective assets and equities which appear
below:

Larry Magic
Assets:
Cash........................................ ₱011,000 ₱022,354
Accounts receivable......................... 234,536 567,890
Merchandise inventories..................... 120,035 260,102
Land........................................ 603,000
Buildings................................... 428,267
Furniture and fixtures...................... 50,345 34,789
Other assets................................ 2,000 3,600

Liabilities:
Accounts payable............................ 178,940 243,650
Notes payable............................... 200,000 345,000

The following adjustments were agreed into by Larry and Magic:

a. Accounts receivable of ₱20,000 in Larry’s books and ₱35,000 in
Magic’s are uncollectible.
b. Inventories of ₱5,500 and ₱6,700 are worthless in Larry’s and
Magic’s books.
c. Other assets of ₱2,000 and ₱3,600 in Larry’s and Magic’s respective
books are to be written off.

On October 1, 2022, Jordan offered to join for a 20% interest in the

firm. Larry and Magic accepted Jordan to be admitted to their
partnership. The profit and loss sharing ratio was agreed to be 40:40:20
based on capital credits.

58. How much cash should Jordan contribute?

a. ₱324,382 c. ₱337,487
b. ₱330,870 d. ₱344,237

59. How much should the cash settlement be between Larry and Magic?
a. ₱32,272 c. ₱33,602
b. ₱32,930 d. ₱34,288

Situation 18 – The capital balances of partners Jeremy and Daenielle

before the admission of Kenneth were ₱200,000 and ₱300,000, respectively.
Kenneth invested a certain amount for a 25% interest in the partnership.

60. As a result of Kenneth’s admission, the old partners received a

bonus of ₱25,000. How much did Kenneth invest for 25% interest in the
partnership?
a. ₱166,667 c. ₱175,000
b. ₱125,000 d. ₱200,000

Situation 19 – The balance sheet of Windy Partnership as of December 31,

2021, is presented below:

Assets Liabilities and Capital

Cash ₱05,000 Liabilities ₱020,000
Other assets 55,000 Amihan, capital 22,500
Habagat, capital 17,500
₱60,000 ₱60,000

Profits and loss ratio of 6:4 was agreed on by the partners. They decided
to liquidate their partnership on the same date.

In January 2022, assets with a book value of ₱22,000 are sold for ₱18,000,
creditor are paid in full, and ₱2,000 is paid to partners. In February

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First Semester A.Y. 2022-2023

2022, ₱10,000 of the other assets were sold for ₱12,000, liquidation
expenses of ₱500 are paid and cash of ₱12,500 is paid to partners. In
March 2022, the remaining assets are sold for ₱22,500.

61. In January, Habagat should receive:

a. ₱10,00 c. ₱1,000
b. ₱2,000 d. ₱1,500

62. In February, Amihan should receive:

a. ₱10,00 c. ₱05,300
b. ₱7,200 d. ₱12,000

63. In March, the two partners should receive:

a. ₱22,500 c. ₱13,500
b. ₱09,000 d. ₱37,000

Situation 20 – A few years back, you decided to form a partnership with

Accounting. You, being its capitalist-industrialist partner, took the
risk and pushed through with this venture.

64. The operations run. You agreed that the capital interest of
accounting is equal to the percentage of your dedication of finishing
this degree and the desire to achieve that CPA title be attached to
your name. How much is the capital interest of accounting in your
life?
a. 100% c. 80%
b. 90% d. Less than 80%.

The going gets tough. So, you sat in a corner, with tears falling down
from your left eye and “Bad Day” by Daniel Powter is playing on your
iPhone 5 that you finally get to afford because the iPhone 13 is out.

You faced a lot of debacles along the way with your partnership with
Accounting. You thought of dissolving the partnership. But let me tell
you this: Do not be afraid to break out of your comfort zone for nothing
ever grows there. It is when we are challenged that we grow and learn.
Do not be afraid to take on life just because you think that the odds
are not in your favor. Do not be afraid to commit mistakes; you learn
more from losing than winning, you learn how to keep going. When you get
tired, you can rest but never ever quit. Rest and prepare yourself for
the next challenge. Nothing worth having ever comes easy. Do not be too
hard on yourself, you are doing just fine. Always give life your best
shot.

Do not ever liquidate this partnership just yet; continue growing with
it.

65. After your rest, get up, wipe your tears and ask yourself: Who am
I doing this accounting dream for?
a. Yourself
b. Parents
c. Loved ones
d. Jowa? Weh? Single ka, ‘di ba?
e. All of the above except d.

***

END OF
PRELIMINARY EXAMINATIONS

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