Korbel Foundation College Inc
BSA-AT DEP 42
ACCTG 12 1st TERM MIDTERM EXAM
General Instructions: Read each requirement carefully.
Use the google form provided as an answer sheet.
Submit computations to
https://www.facebook.com/michaelangelo.mateo.50 (Messenger) on or
before 3:00 PM.
NO SOLUTION, NO SCORE.
NO CHEATING! PRACTICE INTEGRITY AND HONESTY.
P
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General Instructions: Read each requirement carefully.
Use the google form provided as an answer sheet.
Submit computations to
https://www.facebook.com/michaelangelo.mateo.50 (Messenger) on or
before 3:00 PM.
NO SOLUTION, NO SCORE.
NO CHEATING! PRACTICE INTEGRITY AND HONESTY.
Part I. Multiple Choice Questions. Choose the letter of your best choice. Provide necessary
computations/solutions.
1. The capital account for the partnership of Saliut and Molina at Oct. 31, 2021 follows:
Saliut, Capital P 80,000
Molina, Capital 40,000
The partners share profits and losses in the ratio of 6:4, respectively. The partnership is in
desperate need of cash, and the partners agreed to admit Buenaflor as a partner with one-third
in the capital and profits and losses upon her investment of P30,000. Immediately after
Buenaflor's admission, what should be the capital balances of Saliut, Molina and Buenaflor,
respectively, assuming goodwill is not to be recognized?
a. P50,000; P50,000; P50,000
b. P60,000; P60,000; P60,000
c. P66,667; P33,333; P50,000
d. P68,000; P32,000; P50,000
2. The capital accounts of the partnership of Cebedo, Esparaguera, and Chanjueco on June 1,
2021 are presented below with their respective profit and loss ratio:
Cebedo P139,200 1/2
Esparaguera 208,800 1/3
Chanjueco 96,000 1/6
On June 1, 2021, Dela Calzada is admitted to the partnership when he purchased, for P132,000,
a proportionate interest from Cebedo and Chanjueco in the net assets and profits of the
partnership. As a result, Dela Calzada acquired a one-fifth interest in the net assets and profits
of the firm. Assuming that implied goodwill is not to be recorded, what is the combined gain
realized by Cebedo and Chanjueco upon the sale of a portion of their interest in the partnership
to Dela Calzada?
a. P 0
b. P43,200
c. P62,400
d. P82,000
3. When Rivera retired from the partnership of Rivera, Nolasco, and Andres, the final settlement
of Rivera's interest exceeded Rivera's capital balance. They share profits and losses equally.
Under the bonus method, the excess
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