Chapter 1 - Accounting for Partnership Formation & Operation 33. How much is the capital balance of each partner, X, Y and Z at December 31, 2021? Sini , Visioa gaibuboni) esanogza a. P412,750; P484,920; P77,330 b. P398,750; P412,500; P87,250 c. P36,750; P214,920; (P20,670) d. P316,750; P514,920; P149,330 060.159 MN and OP decided to form a partnership on June 01, 2020. The partnership will take over their assets as well as assume their liabilities. As of June 01, 2020, the net assets of MN and OP are P220,000 and P309,375 respectively. Liabilities of MN are 55% less than book value of its net assets while liabilities of OP are 40% more than the book value of its net assets. nianfing arif to omoon fon off for qinteron Wemell galwollot or fail bonovosaib at The partners agreed on a 25:75 profit and loss ratio. Furthermore, the partners arrived on the following agreements: MN's inventory is undervalued by P11,000. An allowance for doubtful accounts is to be set-up in the books of MN and OP at 10% of the accounts receivable balances (AR balances: MN, P27,500; OP, P41,250). Accrued salary of P20,250 was not recognized in OP's books. bensonU 0OO OF omooni bourbon 34. What is the total asset of the partnership immediately after formation if partner's capital interest should be equal to their profit and loss ratio through withdrawal of excess cash investment by one of the partners? 1 .6 a. P912,125 c. P932,375 a .d b. P934,125 d. P380,000 On December 31, 2020, Amy and Kaye have capital balances of P400,000 and P320,000, respectively. On April 1, 2021, Amy invested an additional P400,000 while she withdrew P100,000 at the beginning of the 4th quarter. Kaye also made an additional investment of P300,000 and withdrew P20,000 on May 1. Amy is the managing partner and will receive a bonus equal to 10% of reported net income. Both partners shall receive 10% interest on their beginning capital, after which, any remainder shall be divided in the ratio of capital at the end of the period. The net income of the partnership for 2021 after tax is P600,000. Into 35. How much is the share of Amy in the 2021 net income of the partnership? a. P248,000 c. P323,077 b. P333,333 d. P352,000