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Multiple Choice: Encircle the letter of your final answer. 1. This characteristic of a partnership states that the creditors of the partnership may go after the personal assets of the partners after exhausting all assets of the partnership. a. Consensual b. Mutual agency C. Limited liability d. Unlimited liability 2. This is a written contract of partnership. a. Articles of Incorporation b. Bylaws c. Articles of Co-partnership d. Obligation 3. A person may contribute any of the following to the mutual fund in order for him/her to become a partner, except: a. Money C. Property b. Industry d. Prayers 4. A partner who contributes money to the partnership is classified as a/an: a. Investor c. Industrial partner b. Capitalist partner d. Managing partner 5. A person who is known to the public as a partner but has no voice in the management of the partnership is classified as: a. Secret partner c. Silent partner b. Dormant partner d. Ostensibly partner 6. A partnership where there are no limited partners is known as: a. General partnership c. Universal partnership b. Limited partnership d. Particular partnership 7. All of the following may be considered for the valuation of assets acquired and liabilities assumed by a newly formed partnership, except: a. Fair value C. Second-hand value b. Appraised value d. Assessed value 8. Deedee and Jayjay decided to form a partnership. Deedee invested P100,000. cash to the partnership while Jayjay will offer his services for the partnership. What are the classifications of the two partners? Jayjay a. Capitalist Deedee Industrial b. Industrial CapitalistCapitalist-industrial Capitalist-industrial Industrial Capitalist-industrial 9. Contributing money, property, and/ or industry to the partnership makes it: C. Honorable R . Onerous d. Nominate b. Privileged 10. Deedee and Jayjay decided to form a partnership. Deedee invested P100,000 cash to the partnership while Jayjay will offer his services for the partnership. What is the entry to record the contribution of Deedee to the partnership formation? a . Dr: Cash 100,000 c. Dr: Cash 100,000 Cr: Deedee, capital 50,000 Cr: Deedee, capital 100,000 Cr: Jayjay, capital 50,000 b. Dr: Deedee, capital 100,000 d. Memorandum entry only Cr: Cash 100,000 . 11. Nory and Rina decided to form a partnership. Nory was to contribute P100,000 cash plus a used equipment. The used equipment had an original cost of P200,000 when it was purchased 1 year ago. The seller at that time mentioned that the equipment sold had a useful life of 10 years. If the same equipment was to be bought today brand new, it will now cost P250,000 The equipment invested by Nory can be sold at the second hand market for P190,000. How much is the capital credit of Nory at partnership formation? a. 280,000 C. 300,000 b. 290,000 d. 350,000 Use the following information for the next three items: Loo and Wee decided to combine their separate business and form a partnership The statements of financial position of the businesses immediately before partnership formation were as follows: Loo Wee Cash 40,000 50,000 Accounts receivable 100,000 75,000 Inventories 120,000 150,00 PPE, net 600,000 1,000,000 Accounts payable (650,000) (300,000) Capital (625,000 (560,000) Additional information: The partnership is to acquire all the assets and assume all the liability of the two businesses7 Closer Look on Fundamentals Accounting 322 Accounts receivable of Loo and Wee were estimated to be 90% and 80% collectible, respectively. P20,000 worth of inventories of Loo were determined to be obsolete and must be written-off PPE of Wee has a fair value of P800,000 12. How much is the capital credit of Loo immediately after partnership formation? a. 560,000 C. 830,000 b. 530,000 d. 450,000 13. How much is the capital credit of Wee immediately after partnership formation? a. 410,000 C. 1,060,000 b. 365,000 d. 625,000 14. How much is the total assets of the partnership immediately after formation? a. 2,135,000 C. 1,890,000 b. 2,090,000 d. 1,185,000 Use the following information for the next three items: Jennie is a sole proprietor of a business. On February 16, 2020, Jennie decided to accept Lisa as a co-partner in the business. The statement of financial position of the business immediately before the admission of Lisa as a partner were as follows: Cash 40,000 Accounts payable 500,000 Accounts receivable, net 160,000 Jennie, capital 1,000,000 Inventory 140,000 Land 630,000 Building, net 530,000 Total 1,500,000 Total 1,500,000 Additional information: 6.25% of the accounts receivable are estimated to be uncollectible Inventories have a net realizable value of P90,000 . respectively. Land and building were appraised at values of P700,000 and P600,000, Lisa was to invest sufficient cash for a 40% interest in the partnership. 15. How much cash will Lisa invest? 400,000 b. 432,000 C. 720,000 d. 1,000,000Partnership Formation 323 16. How much is the capital credit of Jennie immediately after partnership formation 1,000,000 C. 1,230,000 a. d. 1,080,000 1,500,000 17. How much is the total assets of the partnership immediately after formation? 2,300,000 a. 1,500,000 C . b . 2,220,000 d. 2,500,000 Use the following information for the next four items: JB and LG decided to form a partnership, sharing the profits in the ratio 60:40 respectively. They invested the following assets: JB LG Cash 600,000 400,000 Building 5,000,000 Machinery 3,000,000 There was an attached mortgage on the building amounting to P2,400,000, which the partnership will assume. 18. How much is the capital credit of LG? a. 5,400,000 C . 3,000,000 b . 3,600,000 d. 2,160,000 19. If the partners agree to bring their capital balances to be in conformity with their profit and loss ratio using the bonus method, how much cash should JB invest/ (withdraw) a. 600,000 C. 360,000 b . (360,000) d. 20. If the partners agree to bring their capital balances to be in conformity with their profit and loss ratio using the bonus method, how much will the capital credit of LG be? a. 2,640,000 C. 5,400,000 b . 3,600,000 d. 3,480,000 21. If the partners agree to bring their capital balances to be in conformity with their profit and loss ratio by using LG as the base and with JB investing withdrawing cash from the partnership, how much will be the capital credit of JB? a. 3,600,000 C. 5,400,000 b. 3,960,000 d. 8,100,000