The partnership is in need for an additional capital. As a capitalist partner, B was compelled to remit an additional P100,000.00. Luckily, the partnership was able to gain more profit than losses. What remedy is available to B to get back the P100,000.00? He has the remedy to file for reimbursement He has the remedy for accounting He has the remedy for information He has the remedy for return of the capital
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- The partnership obtained a profit for the period. Salaries were distributed, and so are the interests on beginning capital balances. The next step to be done is to provide bonus to one of the partners. After calculating the bonus and had it given to the partner, the net income became insufficient. What should be done regarding this matter? a. Continue to provide the bonus and the insufficiency should be divided among the partners. b. The bonus should not be given anymore, and the remaining balance to be divided among the partners. c. The whole amount of profit should be divided among the partners equally. d. None of the given.I. The use of average capital in distributing profits and losses results in equitable distribution thereof. II. When partners are entitled to salaries, they are to be credited for this even when the operation results in a loss. Group of answer choices a. BOTH STATEMENTS ARE FALSE b. ONLY THE 1ST STATEMENT IS FALSE c. BOTH STATEMENTS ARE TRUE d. ONLY THE 1ST STATEMENT IS TRUEI. The use of average capital in distributing profits and losses results in equitable distribution thereof. II. When partners are entitled to salaries, they are to be credited for this even when the operation results in a loss. a. ONLY THE 1ST STATEMENT IS TRUE b. ONLY THE 1ST STATEMENT IS FALSE c. BOTH STATEMENTS ARE FALSE d. BOTH STATEMENTS ARE TRUE
- 2. A deficient and insolvent partner will still have a chance to receive cash from the partnership if Group of answer choices There is a loan payable to him which is higher than the deficiency and insolvency of the partner. There is a loan payable to him which is higher than his capital deficiency. If he makes additional investment. If the other partners will absorb his deficiency.Show the solution in good accounting form. How much is the capital of Adee upon partnership formation? For Das to obtain a 1/3 interest in the partnership, how much must his cash investment be?The picture attached here is the problem. Choose the correct LETTER of answer: What is the amount of total liabilities after formation? a. P450,000 b. P475,000 c. P500,000 d. P525,000 e. None of the above. What amounts should be recorded as capital for Darren and Darryl at the formation of the partnership? a. P650,000 P450,000 b. P675,000 P475,000 c. P700,000 P500,000 d. P725,000 P525,000 e. None of the above What is the amount of total partners capital after the formation? a. P1,100,000 b. P1,150,000 c. P1,200,000 d. P1,250,000 e. None of the above
- S1: Loans receivable of the partnership from the partners are deducted from the capital balance of a partnerto compute his total interest.S2: In elimination of capital deficiency, if the deficient partner has an excess personal assets over personalliabilities, the deficient partner directly invests additional cash to eliminate his capital deficiencya. Both trueb. Both Falsec. S1 is true, S2 is falsed. S1 is false, S2 is true1. X, Y, and Z are partners who contributed P10,000 each to the capital of the partnership. D owes the partnership P30,000. Z collected from D P10,000 before X and Y could receive anything from D, who later became insolvent and therefore, they could not collect their shares. What is the obligation of Z? 2. A and B are capitalist partners while C is an industrial partner. Both A and B equally contributed P50,000. A contractual liability in favor of X was incurred in the amount of P150,000. After exhausting the partnership assets, there still exists a balance payable. From whom can X recover the balance? please help meK is a capitalist partner. In the articles of partnership, it was provided that K’s duty was to provide capital only. One day, K was asked to assist the accountant of the partnership so that they can immediately pay the taxes on time. Among the rights of a partner, what can K avail to get payment for the extra hours of work for the partnership? Right to share in the profits None of the above Right to return of capital Right to compensation
- Assume that Partner Z invested $104,551 in cash to join the partnership. What would be the increase in Partner X's capital under the bonus method? (Round to the nearest dollar). Please dont give solutions in image thnxTRUE OF FALSE: 1. Any partner who may develop a debit balance in his capital account may exercise the right of offset. 4. 8. Solvent partner is a deficient partner who is capable of paying his capital deficiency. 9. A partner who develops a debit balance after distribution of realization loss may contribute additional cash to the partnership. 5. 10. A partner who is declared insolvent, his capital deficiency will be absorbed by the remaining partners with credit balances based on profit and loss sharing ratio. 11. In partnership liquidation, partner's loan account and the obligation of the partnership to outsiders need to be separated although these are both liabilities. 12. There can be no liquidation unless the business has to be dissolved. 13. The statement of partnership liquidation is patterned after the fundamental accounting equation, A = L+ OE. 14. The journal entry needed in the right of offset is to debit the capital account of the deficient partner and credit to loan account…Question 1: For Das to obtain a 1/3 interest in the partnership, how much must his cash investment be? Qeustion 2: How much is the capital of Adee upon partnership formation? PLEASE SHOW THE ANSWERS WITH COMPLETE SOLUTION IN A GOOD ACCOUNTING FORM.