Reference no: EM133140279
Questions -
Q1. Mariah and Nana have capital balances of P200,000 and P220,000 respectively before admission of Nunu, their profit and loss agreement was 35:65. Nunu was to be admitted for 40% interest in the partnership and 20% in the profits and losses by contributing a used machine which had a cost of P205,000 and an appraised value of P180,000. After admission of Nunu, Mariah and Nana agreed to share profits and losses equally. At the end of the year the new partnership generated net income of P130,000. Assuming there is an implied undervaluation or overvaluation of an asset, how much is the capital balance of Mariah at the end of the year?
a. 369,500
b. 174,500
c. 467,000
d. 77,000
Q2. Which is the right order of liquidation process?
a. asset realization, payment of liabilities, cash distribution to partners
b. payment of liabilities, cash distribution to partners, asset realization
c. asset realization, cash distribution to partners, payment of liabilities
d. payment of liabilities, asset realization, cash distribution to partners
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