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PRACTICAL ACCOUNTING 2
FINALS
DE LEON/DE LEON
MAY 2015
4.
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DEBIT
10,400
63,200
168,000
10,800
CREDIT
P134,400
118,000
8.
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P2.Finals
P100,000
L, Loan
P 9,000
L, Capital
15,000
M, Capital
31,000
N, Capital
45,000
P100,000
P100,000
L is retiring from the partnership. By mutual agreement,
the assets are to be adjusted to their fair value of
P130,000. M and N agree that the partnership will pay L
P37,000 cash for his partnership interest, exclusive of his
loan which is to be paid in full separately.
13. If no goodwill is to be recorded, what is the balance of
Ns capital account after Ls retirement?
a. P51,000
c. P53,400
b. P50,000
d. P63,000
Sabrina is admitted into the firm of Nina, Owen and
Prudence. The latter agreed to sell to Sabrina one-fourth of
their respective equities and profit shares. Sabrina paid a
total price of P1,000,000. Before Sabrinas admission,
Nina, Owen and Prudence have capital balances of
P2,000,000, P1,000,000 and P500,000 and they share
profits at the ratio of 6:3:1. Partnership assets are fairly
stated and no implied goodwill is to be recognized prior to
Sabrinas admission.
14. The new capital of the partnership is
a. P3,500,000
c. P5,000,000
b. P4,000,000
d. P4,500,000
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P2.Finals
2014
P800,000
480,000
P900,000
600,000
250,000
300,000
360,000
12,000
15,000
7,000
8,000
2013
Installment
Accts.
Recble bal.
January 1, 2015
Dec. 31, 2015
P24,000
-
P300,000
60,000
320,000
Page 3 of 4
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P2.Finals
P 70,000
100,000
500,000
S Company
P90,000
60,000
250,000
260,000
P930,000
P400,000
P180,000
200,000
300,000
250,000
P930,000
P60,000
90,000
100,000
150,000
P400,000
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end
P2.Finals