NAME: SCORE: SECTION: PROFESSOR: :2, respectively Multiple Choice the assets an 1. The following is the condensed statement of financial position of the partnership of es of stock. Ricablanca, Tac-an, and Andres who share profits and losses in the ratio of 4:3:3: Cash P 180,000 Accounts Payable P 420,000 Other Assets 1,660,000 Payable-Partner Andres 60,000 Receivable-Partner Ricablanca 40,000 Ricablanca, Capital 620,000 Tac-an, Capital 400,000 Andres, Capital 380,000 Total P1,880,000 P1,880,000 Assume that the assets and liabilities are fairly valued on the statement of financial position and the partnership decides to admit Leon as a new partner, with a 20% interest. No goodwill or bonus is to be recorded. How much cash must Leon contribute? a. P280,000 b. P284,000 C . P350,000 red to the d. P355,000 2. On June 30, 2019, the statement of financial position for the partnership of Villon, Obrero and Bernal, together with their respective profit and loss ratio, were as follows: Assets, at cost P180,000 10 par Villon, Loan P 9,000 hip 720 Villon, Capital (20%) 42,000 erence Obrero, Capital (20%) 39,000 Bernal, Capital (60%) 90,000 P180,000 Villon had decided to retire from the partnership. By mutual agreement, the assets y the are to be adjusted to their fair value of P216,000 at June 30, 2019. It was agreed that the partnership would pay Villon P61,200 cash for Villon's partnership interest, including Villon's loan which is to be repaid in full. No goodwill is to be recorded. After Villon's retirement, what is the balance of Obrero's capital account? a. P36,450 c. P45,450 b. P39,000 d. P46,200 Chapter 3: Dissolution - Changes in Ownership | 3-43