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270 PARTNERSHIP AND CORPORATION ACCOUNTING 5. If the partnership capital is P100,000 and the new partner is a by investing P10,000 for20% interest in the partnership the new partnership's accounting elements would be ts would be:uderbon Net assets a. P125,000 P125,000. b. P125,000 P110,000. c. P1 10,000 P110,000. d P100,000 P100,000. 6. 000, and the new partner If the total assets of the existing partnership is P500 admitted by investing P100.000 for 20% interest in the partnership, under bonus method the n described as: new basic accounting elements of the partnership is a. P500,000 P600,000. c. P625,000 P625,000. d P625,000 P600,000. 7. A, K and O formed a partnership. They agreed that their capital contributions shall be aligned with their profit or loss agreement of 4096, 25% and 35%, respectively. A, K and O contributed non-cash assets at agreed values o P20,000, P30,000 and P85,000, respectively. K first contributed P40,000 cash for his capital, compute the total cash contributions of the other partners? a. P160,000 b. P145,000 C. P120,000 d. P105,000 8. Before the admission of C, the partnership of A and B reported a net asset of P180,000 which A and B partners contributed equally. C is admitted by investing P60,000 far capital credit of P80,000. Which of the following is the effect under bonus method? The above transaction will effect a: a. decrease on the capital balances of the old partner amounting to P10,000 each b. c. d. bonus of P20,000 to the new partner. balance of P80,000 capital to all of the partners. All of the above. 9. The capital balances and profit/loss sharing of X. Y, and 2 just before the retirement of X are: Partners Capital P150,000 160,000 200,000 30% 30% 40% Upon retirement, X was paid P165,000. If they agreed that bonus is to be recognized, the partnership's total capital balance after X's a. P360,000. b. P345,000. c. P295,000 d. P290,000. retirement would be