Partnership formation

Partnership formation

University

13 Qs

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Partnership formation

Partnership formation

Assessment

Quiz

Business

University

Medium

Created by

shiela lanado

Used 14+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

S and R agreed to form a partnership. S contributed cash of P600,000 while R contributed a machine costing P1,700,000 but with a current fair value of P1,900,000. The partners agreed that since S will bring in her expertise and experience to the business, S and R shall have a 60:40 capital interest respectively. What is the agreed capital of R after the formation of the partnership?

600,000

1,000,000

1,500,000

1,900,000

2.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

S and R agreed to form a partnership. S contributed cash of P600,000 while R contributed a machine costing P1,700,000 but with a current fair value of P1,900,000. The partners agreed that since S will bring in her expertise and experience to the business, S and R shall have a 60:40 interest respectively. What is the agreed capital of S after the formation of the partnership?

600,000

1,000,000

1,500,000

1,900,000

3.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

S and R agreed to form a partnership. S contributed cash of P600,000 while R contributed a machine costing P1,700,000 but with a current fair value of P1,900,000. The partners agreed that since S will bring in her expertise and experience to the business, S and R shall have a 60:40 interest respectively. What is the journal entry to record the TRANSFER OF CAPITAL?

debit: R, capital for 900,000 credit: S, capital for P900,000

debit: R, capital for 780,000 credit: S, capital for P780,000

debit: S, capital for 900,000 credit: R, capital for P900,000

debit: S, capital for 780,000 credit: R, capital for P780,000

4.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

S and R agreed to form a partnership. S contributed cash of P600,000 while R contributed a machine costing P1,700,000 but with a current fair value of P1,900,000. The partners agreed that since S will bring in her expertise and experience to the business. S and R shall have a 60:40 interest respectively. What is the journal entry to record the capital contribution of R?

debit: Cash for P 1700,000 credit: R, Capital for P1,700,000

debit: Machinery for P 1900,000 credit: R, Capital for P1,900,000

debit: Machinery for P 1700,000 credit: R, Capital for P1,700,000

debit: Machinery for P 1000,000 credit: R, Capital for P1,000,000

5.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

S and R agreed to form a partnership. S contributed cash of P600,000 while R contributed a machine costing P1,700,000 but with a current fair value of P1,900,000. The partners agreed that since S will bring in her expertise and experience to the business. S and R shall have a 60:40 interest respectively. If the partners agreed to have a CASH SETTLEMENT outside the partnership, What is the journal entry to record the cash settlement of the partner?

Debit: Cash, credit: S, Capital

Debit: S, Capital Credit: Cash

Debit: S, Capital Credit: R, Capital

No entry

6.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

S and R agreed to form a partnership. S contributed cash of P600,000 while R contributed a machine costing P1,700,000 but with a current fair value of P1,900,000. The partners agreed that since S will bring in her expertise and experience to the business. S and R shall have a 60:40 interest respectively. If the partners agreed to have a CASH SETTLEMENT outside the partnership, What is the journal entry to record the cash settlement of the partner?

Debit: Cash, credit: S, Capital

Debit: S, Capital Credit: Cash

Debit: S, Capital Credit: R, Capital

No entry

7.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

S and R agreed to form a partnership. S contributed cash of P600,000 while R contributed a machine costing P1,700,000 but with a current fair value of P1,900,000. The partners agreed that since S will bring in her expertise and experience to the business. S and R shall have a 60:40 interest respectively. One partner shall provide additional investment and the other will withdraw. Which of the following is correct?

R shall withdraw P 780,000

R shall withdraw P900,000

S shall withdraw P900,00

S shall withdraw P780,000

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