Reference no: EM132944291
Question - XYZ Enterprises is a partnership owned by X, Y and Z. Y decided to retire from the partnership. The partners' capitals are: X-P720,000; Y - P180,000; and Z - P360,000. The partnership profits and loss is distributed in the ratio of 5:1:4.
1. If Y is paid P198,000 by the partnership, how much was the bonus to partners?
a. P18,000 to Y
c. P8,000 to X
b. P18,000 to X&z
d. P10,000 to Z
2. Using the same information, what is the capital balance of partner X after the withdrawal of Y.
a. P720,000
b. P738,000
c. P730,000
d. P710,000
3. Using the same information, what is the capital balance of partner Zafter the withdrawal of Y.
a. P360,000
b. P352,000
c. P378,000
d. P370,000
4. Using the same information, what is the effect of Y's withdrawal to the total equity of the partnership?
a. P198,000 increase
b. P180,000 increase
c. P198,000 decrease
d. P180,000 decrease
5. If Y is paid P162,000 by the partnership, how much was the bonus?
a. P18,000 to Y
b. P8,000 to X
c. P18,000 to X&Z
d. P10,000 to Z
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