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WorksheetsPartnership Operation
Total questions: 20
Worksheet time: 29mins
S1 -The credit to Income and Expense summary after closing entry is prepared represents profit
S2 - The debit to Income & Expense Summary after closing entry represents loss
Both Statements are correct
Both statements are incorrect
Only S1 is correct
Only S2 is correct
S1 -The partner share in loss is debited to partner's drawing account and credited to income & expense summary
S2 - Bonus is regarded as part of the profit distribution and not as a business expense
Both Statements are correct
Both statements are incorrect
Only S1 is correct
Only S2 is correct
S1 -If no sharing agreement has been provided in the Articles of Co Partnership, profits are equally divided by partners
S2 -The fraction 3/4 and 14 in the division of profits is equal to the ratio of 1:3
Both Statements are correct
Both statements are incorrect
Only S1 is correct
Only S2 is correct
S1 -The amount of loan extended by partners to the partnership can be recorded either as partner's loan payable or trade payable, anyway both signifies partnership obligations
S2 -A partner's share in profit is credited to Partners' drawing account
Both Statements are correct
Both statements are incorrect
Only S1 is correct
Only S2 is correct
S1 -The profit in a partnership business is closed to partners' drawing account and not to capital accounts
S2 -The Statement of changes in partner's equity shows the partner's equity, beginning plus profit and less partner's drawing
Both Statements are correct
Both statements are incorrect
Only S1 is correct
Only S2 is correct
S1 -Partnership follows the same accounting cycle as in sole proprietorship
S2 -Partnership differs from a sole proprietorship in terms of ownership's structure
Both Statements are correct
Both statements are incorrect
Only S1 is correct
Only S2 is correct
The most equitable basis of distributing partnership profit by way of capital contribution is
beginning capital
ending capital
average capital
equally
If the partner incurs personal expense but are paid by the partnership, such expense is chargeable to:
partnership's expense account
partnership's drawing account
partner's expenses account (advances to officers and employees)
partner's receivable account
Failure to stipulate on how profit and losses be divided among partners. It should be
in proportion to what has been contributed
settled in the court of law
equally divided
by other legal means agreeable among partners
In preparing closing entries of the partnership, one is not. Which one?
all nominal accounts are reduced to zero balance
income & expense summary is closed to capital accounts
income & expense summary is closed to drawing account
drawing account is left open
On March 1, 20A, Felipe Opiso formed a partnership with Ferdinand Rodriguez and made the following contributions: Cash - Php 350,000 & Non cash Php 100,000. At the end of the year, Opiso received a share of Php 32,000 of the profit of Php 80,000. What should be the share of Rodriguez on the partnership profit?
(a)
Divine and Dennis established a partnership business engaged in selling of "dried fish" in Pagadian City aside from their modest accounting practice. Their venture attained a considered success so that at the end of the year 20A, Divine receives Php 75,000 as her share in profit. If the profit and loss ratio is 3:2, how much was Dennis ' share?
(a)
Divine and Dennis established a partnership business engaged in selling of "dried fish" in Pagadian City aside from their modest accounting practice. Their venture attained a considered success so that at the end of the year 20A, Divine receives Php 75,000 as her share in profit. If the profit and loss ratio is 3:2, how much amount of profit that Divine and Dennis shared?
(a)
Steve and Raymund are partners sharing profits and losses at the ratio of 3:2, respectively after giving Raymund a bonus of 15% of the net profit of Php 450,000.
The journal entry to close the balance of income & expense account on December 31, 20A includes:
Cr - Income & Expense Summary
Dr - Steve Capital Php 229,500
Dr - Raymund, drawings Php 220,500
Cr-Steve, drawings Php 229,500
Compute for the average capital balance:
January 1 Php 400,000; June 1 - additional investment - Php 100,000; Nov 1 - Withdrawal - Php 200,000.
(a)
Esperidion Zamora, Perpetua Peras and Ana Marie Aguhob were partners with average capital balances of Php 150,000, Php 180,000 and Php 120,000 respectively. How much was the fractional share of Zamora on the profit distribution of Php 110,000?
33 1/3
40%
26 2/3
no answer give
Lovina, Cherie and Mae are partners of Cotabato Micro-Appliance Center with the following contributions: Lovina - cash Php 1,000,000; Cherie - cash Php 600,000; Mae contributes services for an 8% share in profit. The partners failed to stipulate in their agreement on how profit or loss is distributed. Profit is Php 80,000. How much would be the share of Mae on the Php 80,000 profit?
(a)
Lovina, Cherie and Mae are partners of Cotabato Micro-Appliance Center with the following contributions: Lovina - cash Php 1,000,000; Cherie - cash Php 600,000; Mae contributes services for an 8% share in profit. The partners failed to stipulate in their agreement on how profit or loss is distributed. Profit is Php 80,000. How much would be the share of Lovinaon the Php 80,000 profit?
(a)
Lovina, Cherie and Mae are partners of Cotabato Micro-Appliance Center with the following contributions: Lovina - cash Php 1,000,000; Cherie - cash Php 600,000; Mae contributes services for an 8% share in profit. The partners failed to stipulate in their agreement on how profit or loss is distributed. Profit is Php 80,000. How much would be the share of Cherie on the Php 80,000 profit?
(a)
Under which of the following circumstances that a capital account of a partner is effected by a credit?
when there is additional investment
when there is a share in a profit
when there is an excess amount allowable for withdrawal
when there is a permanent withdrawal
