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    Partnership Operations

    CHAPTER 2

    MULTIPLE CHOICE ANSWERS AND SOLUTIONS

    2-1: d

    Jordan PippenAnnual salary P120,000 P80,000P200,000Balance, equally ( 10,000) ( 10,000)( 20,000)

    Total P110,000 P 70,000

    P180,000

    2-2: a

    JJ KK LL

    Bonus (.20 X P90,000) P18,000

    P 18,000InterestJJ (.15 X P100,000) P15,000 )KK (.15 X P200,000) P 0,000 )!! (.15 X P00,000) P"5,000)

    90,000Balance, equally ( #,000) ( #,000) ( #,000)( 18,000)

    Total profit share P27,000 P 24,000 P39,000

    P 90,000

    2-3: a

    2-4: aAllan Michael

    InterestAllan $ .10 X (P"0,000 % #0,000 &2) P 5,000 )'cael $ .10 X (P#0,000 % *0,000&2) P #,500)

    P 11,500Balance, equally +1",000 +1",000++28,000

    Total P 19,000 P20,500

    ,000

    2-5: a

    Fred Greg HenryInterest (.10 o a-erae ca/tal) P12,000 P #,000 P ",000P 22,000alares 0,000 20,00050,000Balance, equally ( 5,000) ( 5,000) ( 5,000 )(105,000)

    Total P 7,000 ( P29,000) (P11,000)

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    3,000)

    2-6: b

    A-erae a/talCapital Months Peso

    Date Balance Unchanged Months

    January 1 1"0,000 # P 8"0,000July 1 180,000 1 180,000Auust 1 1#5,000 5 ++825,000

    12 P1,8"5,000

    A-erae ca/tal $ P1,8"5,000&12 P15,*50

    Interest (P153,750 X 10%) = P 15,37522 Chapter 2

    2-7: c

    Capital Months Peso

    Date Balance Unchanged Months

    January 1 P1#,000 P "8,000A/rl 1 1*,#00 2 5,200June 1 19,200 5*,#00e/te34er 1 15,200 " ++#0,800

    12 P201,#00

    !era"e #apital(P201,$0012) = P1$,800

    2-8: a

    et /rot 4eore 4onus P 2",000

    et /rot ater 4onus (P2",000&1206) ++20,000Bonus to 7J ",000Balance (P2",000$P",000)X&5 ++12,000

    Total profit share P 1$,000

    2-: a

    LT AM Total

    Interest P,200 P ,#00 P #,800alares 15,000 *,500 22,500Balance, 2 (11,580) ( *,*20) ( 19,00)

    Total P $,$20 P 3,380 P 10,000

    2-1!: b

    et nco3e ater salary, nterest an 4onus P"#*,500A 4ac: alary (P10,000 X 12) P120,000

    Interest (P250,000 X .05) ++12,500 +12,500

    et nco3e ater 4onus (806) P#00,000et nco3e 4eore 4onus (P#00,000&806) +*50,000

    Pa&l's on&s P150,000

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    2-11: b

    CC DD EE Total

    alary P 1",000000

    Balance P1",000 P 8,"00 5,#0028,000Atonal /rot to ;; ( 1,500 ) ++2,100 ( #00 )++++++

    Total P12,500 P10,500 P 19,000

    ,000

    Net inco!e

    /enses +"8,000

    et Inco3e P"2,000

    Partnership Operations

    2-12: c

    LL MM NN Total

    Interest P 2,000 P 1,250 P *50000

    Annual alary 8,500 8,500Atonal /rot to -e !!, P20,000 9,500 5,*00 ,80019,000?Atonal /rot to -e '', P1",000 +++++ ++*,050 +++++

    ++*,050@otal P20,000 P1",000 P ",550

    550?(P9,500&506) P19,000

    2-13: a

    "" ## TT Total

    =>cess (;ecency)77 (P80,000 $ P95,000) P15,000 ) (P50,000 $ P"0,000) (P10,000) )

    P 5,000Balance "1 +"*,500 +5,#25 +11,8*5

    ++95,000Total P$2,500 P25,$25 P11,875

    P100,000

    Net $nco!e %&''(''' ) *''('''+ , P*''('''

    2-14: b AA BB CC Total

    AA $ 100,000 X 106 P 10,000 )

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    150,000 X 206 0,000 )P "0,0007e3aner, 210,000

    BB (#0,000 X .05) P ,000 ) (#0,000 X .05) P ,000

    #,000

    Balance, equally ++#8,000 +#8,000 +#8,000+20",000

    Total P108,000 P71,000 P71,000

    P250,000

    2-15: a

    AJ BJ CJ Total

    Bonus to Jet /rot 4eore 4onus P"",000et /rot ater 4onus (P"",000&1106)P"0,000 P",000

    P",000Interest to BJ P1,000 1,000

    alares P 10,000 12,00022,000Balance, ""2 ++#,800 +#,800 ++,"00+1*,000

    Total P 1$,800 P7,800 P19,400

    P44,000

    2-16: c

    @otal /rot sare o Pero P200,000!ess alary to Pero P 50,000

    Interest ++20,000 ++*0,000

    are n te 4alance ("06) P10,000

    et /rot ater salary an nterest (10,000&"06) P25,000A @otal alares P150,000

    @otal Interest ++*0,000 +220,000

    Total Partnership Ino*e P545,00024 Chapter 2

    2-17: c

    et nco3e 4eore e>traornary an an 4onus (#9,#00$12,000) P 5*,#00et nco3e ater 4onus (5*,#00&1206) +"8,000

    Bonus to 77 P 9,#00

    ;str4uton o et Inco3eJJ "" Total

    Bonus P 9,#00 P 9,#00Balance, equally P 2",000 2",000 "8,000

    et /rot 4eore e>traornary an P 2",000 P ,#00 P 5*,#00=>traornary an ++",800 ++*,200 +12,000

    Total P 28,800 P 40,800 P $9,$00

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    2-18: a

    Mel Jay Total

    Interest P 20,000 P 12,000 P 2,000Annual alary #,000 #,0007e3aner #0"0 ++#0,000 +"0,000 +100,000

    Total P11$,000 P 52,000 P1$8,000

    2-1: a

    D- JE F" Total

    Interest on e>cess (;ecency) P 15,000 P ,*50 (P *,500)P 11,2507e3aner 52 ( #,8*5 ) ( 22,125) ( 1",*50 )( *,*50)

    Total (P 21,875) (P 18,375) (P 22,250)

    2,500)

    2-2!: c

    orrecton o 201 /rotet nco3e /er 4oo:s P 19,500nerstate3ent o e/recaton ( 2,100)-erstate3ent o n-entory, ;ece34er 1 ( 11,"00 )

    ACuste net nco3e P #,000

    Pete "ico Total

    ;str4uton o net nco3e /er 4oo:=qually P 9,*50 P 9,*50

    500;str4uton o aCuste net nco3e

    =qually ( ,000) ( ,000 )

    000)

    +e&ire- .erease P $,750 P $,750

    P 13,500

    2-21: a

    Tiger .oods Total

    alares P #",000 P100,000P1#",000Interest 2",000 0,0005",000Bonus (P#0,000$P5",000)X.25 *#,500

    *#,5007e3aner, 0*0 ++19,#50 ++"5,850++#5,500

    Total P184,150 P175,850

    P3$0,000Partnership Operations

    2-22: a

    Clotty Cotto Total

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    alares P 20,000 P 20,000o33sson P 25,000 25,000Interest 2,000 ,#00 #5,#00Bonus, sceule 1 0,000 0,0007e3aner, #0"0 ++5,#"0 +2,*#0 ++59,"00

    Total P117,$40 P 82,3$0 P200,000

    #ched/le *

    et nco3e 4eore salary, co33sson,nterest an 4onus P200,000

    !ess salares ++20,000

    et nco3e 4eore 4onus P180,000et nco3e ater 4onus (P180,000&1206) +150,000

    Bonus P 0,0002-23: a

    Mi0e Tyson

    a/tal 4alance, 4ennn P#00,000 P"00,000P1,000,000

    Atonal n-est3ent 100,000 200,00000,000a/tal DtraDal $200,000 ( 100,000 )

    00,000a/tal 4alance 4eore /rot an loss str4uton P500,000 P500,000P1,000,000

    et nco3ealary P200,000 P00,000

    0,000Balance, 2 ++#0,000 ++"0,000

    ++100,000

    @otal P2#0,000 P"0,0000,000

    @otal P*#0,000 P8"0,000P1,#00,000;raDns ( 200,000 ) ( 00,000 )

    00,000)

    #apital alane, en- P5$0,000 P540,000

    P1,100,000

    2-24: d

    A1erage Capital ) King2

    Capital Months PesoDate Balance Unchanged Months

    January 1 P"0,000 P120,000A/rl 1 55,000 9 +"95,000

    12 P#15,000A-erae ca/tal P#15,000&12 P51,250

    A1erage Capital ) 3/een2

    Capital Months Peso

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    Date Balance Unchanged Months

    January 1 P100,000 * P*00,000A/rl 1 10,000 5 ++#50,000

    12 P1,50,000

    A-erae ca/tal $ P1,50,000 & 12 P112,500

    26 Chapter 2&)&42 Contin/ed

    ;str4uton o et Inco3e $ ceule 1

    King 3/een Total

    Interest P 5,125 P11,250 P1#,*5Bonus, ceule 2 12,*25 12,*25alares 25,000 0,000 55,0007esual, 5050 ( 2,050) +(2,050) +(",100)

    @otal P"0,800 P9,200 P80,000

    #ched/le &

    et nco3e 4eore allocaton P80,000!ess Interest +1#,*5

    et nco3e 4eore 4onus P#,#25et nco3e ater 4onus (P#,#25&1256) +50,900

    Bonus P12,*25

    a/tal Balance ;ece34er 1King 3/een Total

    a/tal 4alance, January 1 P"0,000 P100,000 P1"0,000

    Atonal n-est3ent +15,000 ++0,000 ++"5,000a/tal 4alance 4eore /rot an

    loss str4uton P55,000 P10,000 P185,000et nco3e (ceule 2) "0,800 9,000 80,000;raDns (P"00 X 52) ( 20,800) ( 20,800) ( "1,#00 )

    #apital alane, .ee*er 31 P75,000 P148,400 P223,400

    2-25: d

    @otal rece/ts (P1,500,000 % P1,#25,000) P,125,000=>/enses ( 1,080,000)

    et nco3e P2,0"5,000

    ;str4uton to Partners+e- / P1,500,000P3,125,000 X P2,045,000 = P 981,$00 (1)

    Blue P1,#25,000&P,125,000 X P2,0"5,000 +1,0#,"00

    P2,0"5,000

    a/tal 4alance o Blue ;ec. 1a/tal Balance, Jan. 1 P *",000Atonal n-est3ent +++22,000

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    a/tal 4alance 4eore /rot anloss str4uton P 9#,000

    Prot sare 1,0#,"00;raDns ( *50,000)

    #apital alane, .e 31 P 709,400 (2)

    Partnership Operations

    2-26: a

    "ay #a!

    a/tal 4alances, 'arc 1 P150,000 P180,000P0,000

    Atonal n-est3ent, o-. 1 +++++++ ++#0,000++#0,000

    a/tal 4alances 4eore salares, /rot an ;raDns 150,000 2"0,000

    90,000Prot sare

    Interest 15,000 20,0005,000

    Balance, #0"0 51,000 ",00085,000

    @otal ##,000 5",000120,000

    @otal 21#,000 29",000510,000

    alares +18,000 +2",000

    +"2,000@otal 2",000 18,000

    552,000;raDns (18,000) (2",000)

    ("2,000)

    #apital alanes, e 28 P21$,000 P294,000

    P510,000

    2-27: a#/san Tanny

    a/tal 4alances, 1&1 P150,000 P0,000

    P180,000Atonal n-est3ent, "&1 8,000

    8,000a/tal DtraDals, *&1 +++++++ (#,000)

    +(#,000)

    Balances 4eore /rot str4uton 158,000 2",000182,000

    Prot str4uton

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    Interest 2,"00 ",0502*,"50

    Bonus (206 > P0,000) #,000#,00