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CMPC 131 Midterm Long Problem

The document contains a midterm exam for a course with multiple math problems involving partnerships and capital account balances. Students are asked to show their work and solutions to problems involving adjusting accounts, determining partnership interest amounts, calculating partner earnings, and figuring totals from proportional shares.

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JERLY ANN RODOLFO
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55 views

CMPC 131 Midterm Long Problem

The document contains a midterm exam for a course with multiple math problems involving partnerships and capital account balances. Students are asked to show their work and solutions to problems involving adjusting accounts, determining partnership interest amounts, calculating partner earnings, and figuring totals from proportional shares.

Uploaded by

JERLY ANN RODOLFO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)

CMPC 131 Midterm Departmental


Examination (ST 20-21)
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Long Problems

1. Solve the following problems in a worksheet.

2. Show your handwritten solutions in good accounting form (logical solution, double-rule and encircle
final answers).

3. In this form, omit peso signs, commas, and round off decimal places.

4. If final answer is negative, enclose it in a parenthesis.

How much was the bonus debited or credited in partner Bruce’s capital 5 points

account? *

Your answer

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7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)

Moira admits Joni as a partner in the business. Balance sheet accounts of 5 points

Moira just before the admission of July shows: Cash, P43,000, Accounts
Receivable, P150,000, Merchandise Inventory, P170,000, and Accounts
Payable, P52,000. It was agreed that for purposes of establishing Moira’s
interest, the following adjustments should be made: 1.) an allowance for
doubtful accounts of 3% of accounts receivable is to be established; 2.)
merchandise inventory is to be increased by P25,000; and 3.) prepaid
expenses of P7,600 and accrued liabilities of P4,800 are to be recognized.
If Joni is to invest sufficient cash to obtain 2/5 interest in the partnership,
what amount should she contribute to the new business? *

Your answer

The partners of Triple A Partnership are Adah, Ana and Ara. During the 5 points
current year, their average capital balances are as follows: Adah – P
180,000; Ana – P160,000; Ara – P 150,000. The articles of partnership
provided the following terms: 1. Annual interest of 8% on their average
capital balances. 2. Salary allowances as follows: Adah – P 50,000 and Ana
– P 80,000. 3. Ana shall receive bonus of 15% of income in excess of
P40,000 after partner’s interest and salary allowances. 4. Residual profits
shall be divided in the ratio of 2:2:6 to Adah, Ana and Ara. What amount
will Ana receive if the net income earned is P 470,000? *

Your answer

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7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)

John and Paul are partners who share profits and losses in the ratio of 3:2 5 points
respectively. John’s salary is P180,000 and Paul’s is P140,000. The
partners are paid interest on their average capital balances where John
received interest of P 30,000 and Paul, P 15,000. The profit and loss
allocation is determined after deduction for the salary and interest
payments. If John received P280,000 from partnership income, what was
the total partnership income? *

Your answer

What amount must the remaining assets be sold in order for Julia to 5 points
receive P197,500 after liquidation? *

Your answer

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7/2/2021 CMPC 131 Midterm Departmental Examination (ST 20-21)

5 points

Your answer

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