Juan and Pedro formed a partnership on June 1, 2022. They agreed to share profits and losses equally. Juan contributed office equipment costing P60,000 that was sold immediately after the formation of the partnership on June 1 for P 70,000. Pedro, meanwhile, contributed cash amounting to P 150,000. How much should be recorded as Juan's capital?

P 60,000

P 70,000

P 105,000

P 110,000

 

2. Juan and Pedro formed a partnership on June 1, 2022. They contributed cash amounting to P 50,000 and P 70,000, respectively. Juan contributed land costing P200,000. The said land has unpaid mortgage of P20,000 which was assumed by the partnership. Juan agreed to let Pedro have a 30% interest in the partnership by reason of his outstanding business expertise. Under the bonus method, Juan's capital on June 1, 2022 will be:

P 161,000

P 175,000

P 210,000

P 230,000

P 224,000

 

3. Juan and Pedro entered into a partnership where they agreed to divide profits and losses equally. Juan contributed cash amounting to P 300,000 and inventory costing P 500,000. A used equipment with cost of P 900,000 that had been 50% depreciated was also contributed to the partnership. In order to have an equal interest in the partnership, how much should Pedro invest? 

P 800,000

P 1,250,000

P 1,500,000

P 1,700,000

 

4. Juan and Pedro considered dividing profits by making use of salaries and bonuses. Bonuses will be 10% of the net income after salaries and bonuses. Juan will receive a salary of P30,000 and a bonus. Pedro has the option of receiving a salary of P40,000 and a 10% bonus or a salary of P52,000. What level of income will make Pedro indifferent?

P 94,000

P 240,000

P 300,000

P 334,000

 

5. Juan and Pedro's partnership agreement showed the following:
Salaries of P 100,000 will be provided to the partners.
Interest of 10% of the ending capital balances for each partner
A bonus of 20% of the income after bonus and before tax will be given to Pedro.
Any remainder will be distributed 2/5 and 3/5, respectively.

Ending capital of Juan and Pedro were P 600,000 and P 800,000, respectively. Income after tax is P 1,200,000. Income tax rate applied was 40%. How much is the share of Pedro?