How to compute partnership capital balance 9.PartnershipDD is to invest sufficient cash to obtain a 1/3 interest in the partnership.Compute for: (1) CC's adjusted capital before the admission of DD; and(2) the amount of cash investment by DD:a.b.(1) P35,374; (2) P17,687(1) P35,347: (2) P11,97136,374: (2) 18,487(1)C.28,174; (2) 14,087(Adapted)d.7. MM, NN, and O0 are partners with capital balances on December 31,20x5 of P300,000, P300,000 and P200,000, respectively. Profits are sharedequally. OO wishes to withdraw and it is agreed that O0 is to take certainequipment with second-hand value of P50,000 and a note for the balanceof OO's interest. The equipment are carried on the books at P65,000. Brandnew equipment may cost P80,000. Compute for: (1) O0's acquisition ofthe second-hand equipment will result to reduction in capitat; (2) the valueof the note that will O0 get from the partnership's liquidation.(1) P15,000 each for MM and NN,(1) P5,000 each for MM, NN and O0,(1) P5,000 each for MM, NN and 00,(2) P150.000.(2) P145,000.(2) P195,000.(2) P145,000.a.b.C.d.) P7,500 each for MM and NN,(Adapted)8. Jones and Smith formed a partnership with each partner contributing thefolowing items:SmithJonesP 80,000300,000400.000P 40,000Cash...Building - cost to Jonesfair valueInventory- cost to Smithfair valueMortgage payableAccounts payable.200.000280,000120,00060.000Assume that for tax purposes Jones and Smith agree to share equally inthe liabilities assumed by the Jones and Smith partnership. What is thebalance in each partner's capital account for financial accountingpurposes?JonesSmithP270,000P180,000P260,000P300,000P350,000В.A.P260,000C. P360,000D. P500,000C. Option Cd. Option Da. Option Ab.Option BScanned with CamScanner PartnershipPartnership Formation:1. On December 1, 20x5, EE and FF formed a partnership, agreeing to sharefor profits and losses in the ratio of 2:3, respectivelý. EE invested a parcel ofland that cost him P25,00O. FF invested P30,000 cash. The land was sold forP50,000 on the same date, three hours after formation of the partnership.How much should be the capital balànce of EE right after formation?a.b.P25,000P60,00050,000C.30,000(AICPA)2. On March 1, 20x5, Il and JJ formed a partnership with each contributingthe following assets:JJCash..Machinery and equipmentBuilding..Furniture and fixturesP300,000 P 700,000750,0002,250.000250,000100,000The building is subject to mortgage loan of P800,000, which is to be assumedby the partnership agreement provides that II and JJ share profits andlosses 30% and 70%, respectively. On March 1, 20x5 the balance in JJ'scapital account should be:0000a. P3,700,000b. 3,140,000P3.050.0002,900,000C.d.(AICPA)3. The same information in Number 2, except that the mortgage loan is notassumed by the partnership. On March 1. 20x5 the balance in JJ's capitalaccount should be:a. P3,700,000b. 3,140,000C.P3,050,000C.2,900,000(Adapted)4. As of July 1, 20x5, FF and GG decided to .orm a partnership. Their balancesheets on this date are:FFGGCash. .Accounts receivableMerchandise Inventory...Machinery and equipmentP 15,000540.000P 37,500225,000202,500270,000150,000Total...P705,000P735,000Accounts Payable.FF, capital...GG, capitalP135,000570,000P240,000495,000TotalP705.000P735,000Scanned with CamScanner

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