So that he will not be delayed in delivering the coffee beans, D gave an additional P50,000.00. What right can D avail to get back his P50,000.00?
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- A, B, C are new lawyers and are decided to form a partnership. A is to contribute cash of P50,000 and his computer originally cost P60,000 but has a fair value of P25,000. . B is to contribute cash of P80,000. C, whose family is selling computers, is to contribute cash of P25,000 and a computer with a fair market value of P60,000 but which cost P50,000. Compute C's Capital account to be credited upon formation. . .PP, RR and SS are new CPA’s and are to form a partnership. PP is to contribute cash of P50,000 and his computer originally costing P60,000 but has a second-hand value of P25,000. RR is to contribute cash of P80,000. SS, whose family is selling computers, is to contribute cash of P25,000 and a brand-new computer with a regular selling price of P60,000 but which cost is P50,000. Partners agree to share profits equally. The capital balances upon formation are: PP RR SSa. P 75,000 P80,000 P85,000b. P110,000 P80,000 P75,000c. P 80,000 P80,000 P80,000d. P 83,333 P83,333 P83,334Marco decides to take $2,000 from the partnership for the repair and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day. Is Marco behaving ethically? Why or why not? Who is affected by Marco’s decision? What other alternatives might Marco consider?
- Auchiel and Ben are working in patnership as accountants. Kuria gives auchiel ksh. 100,000 for investment in some good security. Auchiel hides this to co-partner (Ben) and misappropriates the money. Kuria files a suit on the firm for the recovery of his ksh. 100,000 in your opinion, will he succeed? Give reasons.KATY, a sole proprietor wanted to expand her profitable business but she does not have enough resources. So, she thought of inviting PERRY to join her and formed a partnership on April 1, 2020. Just before admission, KATY had the following assets and liability accounts: Cash - ₱420,000; Accounts receivable -₱380,000; Inventories -₱250,000;Notes payable -₱100,000. PERRY agreed to contribute cash equal to 30% of KATY’s capital after considering the following adjustments: (a) 2% allowance for bad debts should be recognized, (b) the inventories have fair market value equal to 120% of the balance. How much should Perry contribute to the partnership?D, E, and F are partners in DEF Enterprises. They want to obtain a loan from X, but X does not know any of them, so they asked Y, who is known to X, to represent himself as a partner in DEF Enterprises. X, believing that Y is a partner in DEF enterprises, thus grants the loan of Php180,000.00 to DEF Enterprises. Later, however, DEF Enterprises is unable to pay the loan as its assets amount only to Php120,000.00. How does the payment of the loan be settled: a. D, E, and F shall share in the payment of Php180,000.00 from their separate assets at Php60,000.00 each. b. The assets of DEF Enterprises shall first be exhausted. Thereafter, D, E, and F may be held liable by X from their separate assets at Php20,000.00 each. c. D, E, F, and Y shall share in the payment of Php180,000.00 from their separate assets at Php45,000.00 each. d. The assets of DEF Enterprises shall first be exhausted. Thereafter, D, E, F, and Y may be held liable by Z from their separate assets at Php15,000.00…
- KATY, a sole proprietor wanted to expand her profitable business but she does not have enough resources. So, she thought of inviting PERRY to join her and formed a partnership on April 1, 2020. Just before admission, KATY had the following assets and liability accounts: Cash - ₱420,000; Accounts receivable -₱380,000; Inventories -₱250,000; Notes payable -₱100,000. PERRY agreed to contribute cash equal to 30% of KATY’s capital after considering the following adjustments: (a) 2% allowance for bad debts should be recognized, (b) the inventories have fair market value equal to 120% of the balance. How much is the total assets of the partnership after the formation? *Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import– export business. Marco is the partner in charge of recording partnership transactions in the accounts. On his way to work one day, Marco’s car broke down. At the repair shop, Marco learned that his car’s engine had significant damage, and it will cost over $2,000 to repair the damage. He does not have enough money in his bank accountto cover the cost of the repair, and his credit cards are at their limit. This car is the only form of transportation that Marco has to get to and from work every day. He does not use his car for any business travel. After considering his options, Marco decides to take $2,000 from the partnership for the repair and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day.1. Is Marco behaving ethically? Why or why not?2. Who is affected by Marco’s decision?3. What other alternatives might Marco…Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you-only your partner did. For how much of this debt are you legally liable? O a. The proportion reflected by the proportion of the business owned O b. Only an amount equal to the assets of the business O c. All of the $100,000 O d. $50,000 O e. $25,000
- Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import–export business. Marco is the partner in charge of recording partnership transactions in the accounts. On his way to work one day, Marco's car broke down. At the repair shop, Marco learned that his car's engine had significant damage, and it will cost over $2,000 to repair the damage. He does not have enough money in his bank account to cover the cost of the repair, and his credit cards are at their limit. This car is the only form of transportation that Marco has to get to and from work every day. He does not use his car for any business travel. After considering his options, Marco decides to take $2,000 from the partnership for the repair, and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day. Is Marco behaving ethically? Why? Who is affected by Marco's decision? What other alternatives might Marco…Assume that A values his house at $90,000. B is willing to pay $110,000 for A’s house in order torelocate closer to work. After signing a contract, B’s employer announces that the company will moveto another city. In view of this fact, the value of the house to B is reduced to $75,000. From anefficiency viewpoint, who should own the house, A or B?How will the parties achieve efficiency in allocating the house if the court enforces the contract?On January 2, 2021, Abel, Cain and Josuah formed a partnership. Abel contributed cash of P 100,000 and a delivery equipment that originally costs him P 120,000, but with a secondhand value of P500,000. Cain contributed P 160,000 in cash. Josuah, whose family sells office equipment, contributed P 50,000 in cash and office equipment that cost his family's dealership P 100,000 but with a regular selling price of P 120,000,the partnership reported net income of P 120,000. On December 31, 2021, what would be the capital balance of the partners? Abel Php257,000 Cain Php200,000 A Josuah Php192,500 Abel Php187,500 Cain Php200,000 Josuah Php212,500 Abel Php190,000 (c) cain Php200,000 Josuah Php210,000 Abel Php260,000 D Cain Php200,000 Josuah Php190,000
