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MULTIPLE CHOICE

1.
2.
3.
4.

D
D
C
C
Share on loss on realization
(P39,000 + P4,800 P33,000)

P10,800
Percentage ownership of Imperial
Total loss on realization
P54,000

20%

5.

Total capital P70,000


Cash available
28,000
Loss on realization
P42,000

6.

Gueco Tiangco Bacelon


Capital bal. before liquidation P 40,000

P 25,000

P 5,000
Loss on realization

( 21,000)

(14,000)

( 7,00

0)
Balances
P 19,000
P 11,000
P( 2,000)
Add l loss to Gueco & Tiangco
for the deficiency of Barcelon
( 1,200)
(
2,000
Cash distribution to partners P 17,800
P 10,200

800)
P ---0--7.

8.

Total capital (P360,000 + P72,000)

P432,000

Total liabilities
Total loss on liquidation

84,000

Alarcon
Capital balances

P516,000

Baretto
100,000

Coronel
80,000

P 300,0

00
Drawing ( 60,000)
( 40,000)
(20,000)
Distribution of net income
24,000
24,000
24,000
Loss on liquidation

(172,000)

(172,000)

(172,0

00)
Balances
P(108,000
Additional loss to partners

P(108,000)
108,000

P 132,000
( 54,000)

( 54,000)
Cash to be distributed to Coronel

78,0

00
9.

10

Total capital P40,000


Loans from partners
7,500
Total partners interest
P47,500
Cash available to partners (P37,500
P28,500)
Total loss on realization
P38,500
Doria
Elma
Capital balances before liquidation

P 24,500

9,000

P 15,50

0
Loan balances
4,000
3,500
Total partners interest
P 28,500
P 19,000
Loss on realization
( 23,100)
( 15,400)
Balances
cash to be paid to partners P
5,400
P

3,6

00
11

Total assets = Total capital + Total liabilities


= P60,000 + P 3,000 P 63,000
Less Cash
= P3,000 + P22,200
P23,200
___2,000
Book value of noncash assets
P 61,000

12

P61,000

13

P23,200 = P37,800 x 3/21

P 5,400

Jurado Katindig
Lazaro Marcelo
Capital balances
P 1,000
P25,000 P25,000 P 9,000
Loss on realization
( 5,400)
( 7,200)
( 10,800
( 14,400)
P( 4,400)
P(17,800)
P14,200 P( 5,400)
Additional loss
4,400
3,920
( 5,880)
5,400
Payment to Lazaro
P 8,320

14

15
16
17

A
A
B

Total credits equal debits (P130,000 + P44,000 +


P90,000)
P264,000
Less Cash
40,000
Book value of other assets
P224,000
Loss on realization [(P50,000 + P17,600
P55,200)/40%] 31,000
Cash received from sale of other assets P193,000

Esper Ester
Capital balances

Ethel Elmer
P 50,000

P50,000 P50,000 P 75,00

0
)

Loss on realization
(112,000)
( 56,000)
P(62,000)
P(6,000)
Additional loss
(3,000)
(1,500)
Amt to be rec.from the part.

( 56,000)
P(6,000)
6,000
(

( 56,000
P19,000
1,500)
P 17,50

0
200,000
P217,500
18

Urbe
Viray
Initial investment
P 137,500,000 P 137,500,000
Purchases
( 1,237,500,000)
( 495,000,000)
Sales
1,339,250,000
462,000,000
Interest
(
2,200,000)
(
1.375,000)
Dividends
1,100,000
2,750,000
Cash held
P 238,150,000 P 105,875,000
Equal share
172,012,500
172,012,500
Cash received (paid)
(P 66,137,500) P
66,137,500

19

Delia Erma
Flora
Capital balances before liquidation

P480,000

P135,000

P165,000
Loss on liquidation (P180,000) (
(

72,000)

18,000)
Cash to be received by Delia

P408,000

90,000)

20

Delia Erma
Flora
Capital balances before liquidation
P480,000
P135,00
0
P165,000
Loss on liquidation (P540,000) ( 216,000)
( 270,000)
( 54,000)
P264,000
(P135,000)
P111,000
Add l loss to Delia & Flora
( 108,000)
135,000
( 27,000)
Cash to be received by Flora
P 84,000
21
D
Delia Erma
Flora
Capital balances before liquidation
P480,000
P135,0
00
P165,000
Loss on liquidation (P180,000) ( 72,000)
(
90,000)
( 18,000)
Balances
P408,000
P 45,000
P147,000
Possible loss if remaining
inventories are not sold
(192,000)
( 240,000)
( 48,000)
Balances
P216,000
(P 195,000)
P 99,000
Add loss to Delia & Flora
( 156,000)
195,000
( 39,000)
Distribution of cash to partners
P 60,000
P 60,000
22
D
23
B
24
A
Estrada
Fortuna
Gener
Balances before liquidation
P 40,000
P 65,00
0
P 48,000
Loss on sale of assets - P40,000
( 16,000)
(16,000)
( 8,000)
Possible loss if nothing is realized
on remaining assets - P90,000
( 36,000)
(36,000)
(18,000)
Balances
P( 12,000)
P 13,000
P 22,000

( 8,000)
P 5,000
25
B
P 18,000

Add l possible loss to Fortuna and


Gener for deficiency of Estrada
12,000
( 4,000)
Balances - cash to be distributed
P --------P 18,000
Capital balance of Gener before distribution of cash
Share in the cash to be withheld for possible liquidatio

n
expenses - P3,000 x 20%/60% (shared by Fortuna
& Gener)
( 1,000)
Cash to be received by Gener
P 17,000
26
D
The remaining cash will be distributed according to profit and l
oss ratio. Thus the P14,000 will be distributed as follows:
Estrada
- P14,000 x 40% = P5,600
Fortuna
- P14,000 x 40% = P5,600
Gener
- P14,000 x 20% = P2,800
27
C
Total capital before drawing and net loss
P 135,000
Drawing
( 10,000)
Net loss for the year
( 20,000)
Total liabilities
5,000
Total assets
P 110,000
Cash on hand
(
700)
Amount of noncash assets before liquidation
P 109,300

28
000

Capital balance of Aguila before dist. of net loss

25,

Share in net loss (P20,000 x 60%)


( 12,000)
Capital balance of Aguila before liquidation
P
13,000
Cash to be received by Aguila
19,000
Share of Aguila in the gain on sale of other assets
P

,000
Percentage
Total gain
Book value
Cash to be

share of Aguila
60%
on sale of other assets
P
10,000
of other assets
109,300
realized from sale of other assets P
119,300

29
D
Balweg Corpuz

PAYMENTS
Balweg

Aguila
Capital balances

Corpuz

P 25,000

Aguila
P 50,000

P 60,000
Drawing
Net loss

(10,000)
( 5,000)

( 12,000)

( 3,00

0)
Total partners interest

P 13,000

P 45,000

P 47,000
Profit and loss ratio
Loss absorption bal.

60%
P 21,667

25%
P180,000

15%

P313,333
Alloc. I - Cash to Corpuz
P 20,000
Balances
P 21,667
Alloc. II -Cash to Balweg

(133,333
P180,000

P180,000

and Corpuz
(158,333)
(158,333)
P 39,583
23,750
Balances

30

P 21,667
P 21,667
P43,750
Alloc. III - Based on
P & L ratio
Cash received by Corpuz P 33,000
Cash received from Allocation I ( 20,000)
Cash received from Allocation Ii
P 13,000
Fractional share (B
25% and C -15%)
15/40
Total cash distributed P 34,667
Fractional share of Balingit
x 25/40
Cash received by Balingit
P 21,667
Vulnerability

B
Ranking

Nera
Ochoa
Perez
31

P 21,66

P 39,583

- P450,000 / 30% = P150,000


- P250,000 / 50% = P 50,000
- P250,000 / 20% = P125,000

Priority
Creditors
1st P500,000
next P75,000
next P375,000

3
1
2

Nera
Ochoa Perez
Capital Capital Loan

Perez
Capital

100%
100%
60%

26.67%

13.33%
Remainder
20.00%

30%

50%

32

Nera

Ochoa Perez
P450,000

Equities

Total
P250,000

P250,000

P950,000
Loss to absorb Ochoa
( 150,000)
( 250,000)
( 100,
( 500,000)
Balances
P300,000
-----P150,000
P450,000
Loss to absorb Perez
( 225,000)
(150,
000)
( 375,000)
Balance P 75,000
--------P 75,00
0
33
C
Reyes (20%)
Santos (40%)
Torres (40%)
Net capital balances
P100,000
P440,000
P310,000
Possible loss of P700,000
( 140,000)
(280,
000)
( 280,000)
Balances
(P 40,000)
P160,000
P 30
,000
Possible loss from Reyes debit balance
40,000
( 20
,000)
( 20,000)`
Cash distribution
-----P140,000
P 10
,000
000)

34
35

D
C

Roger Sergio Tito


Roger Sergio Tito
Capital balances
P108,000
P120,000
P129,000
Add Loan
30,000
Total partners interest
P108,000
P150,000
P129,000
Divided by P & L ratio
30%
50%
20%
Loss absorption capacity
P360,000
P300,000

P645,000
Allocation 1

( 285,000)

P57,000
Balances
Allocation II

P360,000
( 60,000)

P300,000
(

P360,000
60,000)
P18,000

12,000
P300,000
-

Allocation III
36

37

P300,000

P300,000

P18,000

P69,000
B

P & L ratio

Roger Sergio Tito


Amount available
P72,000
Allocation 1 to Tito
57,000
Allocation II 30%, 20%
P15,000 P9,000
P9,000
P63,000
Roger Sergio Tito
Amount available
P120,000
Allocation II Balance
15,000

P57,000
6,000

P 9,000

P 6,000
Allocation III P105,000
31,500
P40,500 P52,500 P27,000
38

Jacinto
Capital balances

Mapa
P400,000

P52,500

Magno
P600,000

21,000

P1,000,0

00
Revaluation of assets

200,000

200,000

200

,000
Adjusted capital

P600,000

P800,000

P1,200,0

00
Par of capital stock

P100

P100

P100

Shares of stock to be rec d by partners 6,000 sh.

8,000 sh

12,000 sh
39

40

Capital balances
P260,000
Adjustment in assets (P20,000 P10,000
Adjusted capital
P267,000

P3,000)

Total capital (P94,800 + P214,200)


P309,000
Adjustments in assets (P6,600 P20,000
P22,000)
Adjusted capital
P273,600
Ordinary Share Capital (720 x 2 x P10)
14,400
Preference Share Capital
P259,200

7,000

35,400)

Ordinary shares (P14,400 / P10) 1,440 sh..


Preference shares (P259,200 / P100)
2,592 sh.
41

Roldan Moises
Capital balances before incorporation P94,800 P214,200
Adjustment in assets
( 11,800)
( 23,600)
Adjusted capital
P83,000 P190,600
Ordinary Share Capital (720 @P10)
7,200

200
Preference Share Capital
Preference shares
Ordinary shares 720

P75,800 P183,400
758

1,834
720

7,