10. As of July 1, 2020, Somine and Tamayo decided to form a partnership. Their balance sheets on this date are: Tamayo P37,500 225,000 202,500 270,000 P705,000 P735,000 P135,000 P240,000 Somine...


10. As of July 1, 2020, Somine and Tamayo decided to form a partnership. Their<br>balance sheets on this date are:<br>Tamayo<br>P37,500<br>225,000<br>202,500<br>270,000<br>P705,000 P735,000<br>P135,000 P240,000<br>Somine<br>P15,000<br>540,000<br>Cash<br>Accounts receivable<br>Merchandise inventory<br>Machinery and equipment 150,000<br>Total<br>Accounts payable<br>Somine, capital<br>Tamayo, capital<br>570,000<br>495,000<br>P705,000 P735,000<br>Total<br>The partners agreed that the machinery and equipment of Somine is under-<br>depreciated by P15,000 and that of Tamayo by P45,000. Allowance for<br>doubtful accounts is to be set up amounting to P120,000 for Somine and<br>P45,000 for Tamayo. The partnership agreement provides for a profit and<br>loss ratio and capital interest of 60% to Somine and 40% to Tamayo. How<br>much cash must Somine invest to bring the partners' capital balances<br>proportionate to their profit and loss ratio?<br>a. P142,500<br>b. P52,500<br>C. P172,500<br>d. P102,500<br>

Extracted text: 10. As of July 1, 2020, Somine and Tamayo decided to form a partnership. Their balance sheets on this date are: Tamayo P37,500 225,000 202,500 270,000 P705,000 P735,000 P135,000 P240,000 Somine P15,000 540,000 Cash Accounts receivable Merchandise inventory Machinery and equipment 150,000 Total Accounts payable Somine, capital Tamayo, capital 570,000 495,000 P705,000 P735,000 Total The partners agreed that the machinery and equipment of Somine is under- depreciated by P15,000 and that of Tamayo by P45,000. Allowance for doubtful accounts is to be set up amounting to P120,000 for Somine and P45,000 for Tamayo. The partnership agreement provides for a profit and loss ratio and capital interest of 60% to Somine and 40% to Tamayo. How much cash must Somine invest to bring the partners' capital balances proportionate to their profit and loss ratio? a. P142,500 b. P52,500 C. P172,500 d. P102,500

Jun 08, 2022
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