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5 Statement 1: In admission of a new partner thru purchase of interest if the purchase price is greater than the capital credited to the new partner and there is no indication of assets not fairly valued, a bonus is given to the new partner. Statement il : if the total implied capital is equal to the total actual contribution and the capital credited to the new partner is lower compared to the value contributed to the partnership it can be concluded that there is no over or under valuation in the assets and the percentage of interest given to the new partner is not equivalent to his capital contribution resulting to a bonus coming from the old partner to the new partner. 11 Point True true True te se The highest bidder in the sale of delinquent shares in a public auction is Point) Bidder who is willing to receive the highest number of shares in exchange of the unpaid subscription price Bidder who is willing to receive the onest number of shares in exchange of the ful subscription price Bidder who is willing to receive the highest number of shares in exchange of the full subscription price. Bidder who is wiling to receive the onestirumber of shares in exchange of the unpaid subscription price If all the partners are insolvent and the non-cash assets were sold at P 50,000, what is the entry to record the realization of non-cash assets? (1 Point) ABC Partnership have the following balances before liquidation: Cash 250,000 Accounts payable Non-cash assets 500,000 A loan A, Capital (40%) B, Capital (45%) C. Capital (15%) 50,000 10,000 190,000 350,000 150,000 Debt Cash 50,000, A Capita 180.000 B Capital 202500 &C Capital 67.500 Credit Non-cash assets 500.000 Debit Cash 50,000. A Captal 170,000. A loan 10000 B Capta 202.500 8. C. Cao ta 67500 - Credit Non-cash assets 500 000 Deot Case 500030 Credit Non-cash assets 500 000 Dept Car S00 Loss on rezaton 450 000 Credit Non-cash asset 500 000 If all the partners are insolvent and the non-cash assets were sold at P 10,000, what is the entry to eliminate the capital deficiency in the capital deficient partner? (1 Point) ABC Partnership have the following balances before liquidation Cash 250.000 Accounts payable Non-cash assets 500.000 A loan A Capital (40%) B, Capital (45%) Capital (15%) 50,000 10,000 190,000 350,000 150,000 Debt can 6000 Crect A Capto 6000 Debt on 10 000 Creot A Capa 10000 Debit Capta 4500 are capta 500 Credit A Cao ta 6000 Debit A Cao ta 6000 Credit Capta 4500 are c Capta 1500 45 If there is no agreement for the distribution of both profit and losses, it is concluded that: * (1 Point) Any profits and losses should be divided according to partner's original capital ratio. O Profits and losses should be divided equally. Profits should be divided according to partner's average capital ratio and tosses should be divided base on partner's original capital ratio. O Profits and losses are divided according to the ending capital balances of the partners. A corporation which is organized for charity purposes is (1 Point) eleemosynary corporation ecclesiastica corporation o lay corporation O corporation sole Statement 1: When a deficient partner is solvent and has an existing loan balance , deficiency is eliminated first by offsetting the loan balance and if there is still a deficiency, other partners will absorb it. Statement 2: If the net proceeds received from the realization of non-cash assets is greater than its book value, a gain on realization is distributed to the partner's capital accounts using their profit and loss ratio. (1 Point) True true o F se false Fa se true True False 51 When shares are issued in exchange of services received, the services received are recognized in the corporation's books at in (1 Point) fair value of the shares issued par value of the shares issued fair value of the services received or fair value of the shares issued whichever is higher teir va ue of the services received or fair value choses ne shares issued whichever is determinable