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A contribute P48,000 and B contributed P96,000 to form a
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- Nali contributed $24,000 and Toh contributed $48,000 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of $16,290; Nali withdrew $5,050 and Toh $8,000. At the start of the following year, they agreed to admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits upon payment of $30,000 to Nali and Toh, whose capital accounts were to be reduced by transfers of Me’s capital account of amounts sufficient to bring them back to their original capital ratio. How much of the $30,000 paid by Me must be given to Nali? A. 10,000 B. 9,300 C. 5,570 D. 3,730A and B formed a partnership on March 1 , 20x1. A invested P250,000 and B 150,000. It was agreed that A, will be appointed as the managing partner and he will receive a salary of P60,000 per year and also 10% bonus on the net profit after the adjustment for the salary; the balance of the profit was to be shared in a 62.5:37.5 ratio to A and B, respectively. On December 31, 20x1, the following accounts are available: Cash 140,000 Accounts Payable 120,000 Accounts Receivable 134,000 Sales 466,000 Furniture and Fixtures 90,000 A, capital 250,000 Purchases 392,000 B, capital 150,000 Sales Return and Allowances 10,000 A, drawings (40,000) Operating expenses 120,000 B, drawings (60,000) On December 31, 20x1 the inventories on hand were P146,000; unused supplies P5,000; prepaid insurance were P1,900 (the entity uses the expense method). The accrued liabilities totaled P3,100 and the depreciation of furniture’s is 20%…Agustin contributed P78,000 and Biag contributed P156,000 to form nartnership, and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P52,942.50; Agustin withdrew P16,412.50 and Biag P26,000. At the start of the following year, they agreed to admit Carlos into the partnership. He was to receive a one-fourth interest in the capital and profits upon payment of P97,500 to Agustin and Biag, whose capital accounts were to be reduced by transfers to Carlos' capital account of amounts sufficient to bring them back to their original capital ratio. How should the P97,500 paid by Carlos be divided between Agustin and Biag. a. Agustin, P31,931.25; Biag, P65,568.75. b. Agustin, P48,750; Biag, P48,750 C. Agustin, P32,500; Biag, P65,000. d. Agustin, P30,225; Biag, P67,275
- 2.) Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, they made aprofit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreed to admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits upon payment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me’s capital account of amounts sufficient to bring them back to their original capital ratio.How much of the P30,000 paid by Me be given to NaliA. 10,000 C. 5,570B. 9,300 D. 3,730 3.) Erik, John and Nate were partners with capital balances on January 2, 2020 of P70,000, P84,000 and P56,000, respectively. Their profit and loss sharing ratio is 3:5:2. On July 1, 2020, Erik retires from the partnership. On the date of retirement the partnership net profit from operations is…The partnership agreement of A, B and C stipulates the following: Partners A and C shall receive annual salaries of 12,000 and ₱ 8,000, respectively. A bonus of 10% of profit after salaries but before deduction of bonus shall be given to Partner A, the managing partner. (Deduct the salaries to the profit, as basis for computation) Each partner shall receive 10% interest on average capital investments. Any remaining profit or loss shall be shared as follows: 40% to A and 30% each to B and C. The average capital investments of partners during the year are as follows: A ₱100,000 B 60,000 C 120,000 The partnership earns profit of ₱100,000. Requirement: Compute and explain for the respective shares of the partners on the partnership profit.Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, they made aprofit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreedto admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits uponpayment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me’scapital account of amounts sufficient to bring them back to their original capital ratio.How much of the P30,000 paid by Me be given to Nali
- Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, they made aprofit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreedto admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits uponpayment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me’scapital account of amounts sufficient to bring them back to their original capital ratio.The partnership agreement of A, B and C stipulates the following: Partners A and C shall receive annual salaries of 12,000 and ₱ 8,000, respectively. A bonus of 10% of profit after salaries but before deduction of bonus shall be given to Partner A, the managing partner. (Deduct the salaries to the profit, as basis for computation) Each partner shall receive 10% interest on average capital investments. Any remaining profit or loss shall be shared as follows: 40% to A and 30% each to B and C. The average capital investments of partners during the year are as follows: A ₱100,000 B 60,000 C 120,000 The partnership earns profit of ₱100,000. Requirement: Compute for the respective shares of the partners on the partnership profit.PP contributed 24,000 and CC contributed 48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, theymade a profit of 16,290. PP withdrew 5,050 and CC 8,000. At the start of the following year, theyagreed to admit GG into the partnership. He was to receive a1/4 interest in the capital and profitsupon payment of 30,000 to PP and CC whose capital accounts were reduced by transfers to GG’scapital account of amounts sufficient to bring them back to their original capital ratio. How shouldthe 30,000 paid by Gg be divided between PP and CC? a. PP 9,825; CC 20,175 b. PP 15,000; CC 15,000c. PP 10,000; CC 20,000d. PP 9,300; 20,700
- LL, MM, and PP are partners with capitals of P 40,000, P 25,000, and P 15,000 respectively. The partnership agreement provides that each partner shall be allowed 5 percent on his capital, and that LL shall be allowed an annual salary of P 8,500 and that MM shall be entitled to a minimum of P 14,000 per annum including amounts allowed as interest on capital and as share of profit. Profit after interest and salary allowances is to be divided between LL, MM, and PP 5:3:2 respectively. What amount must be earned by the partnership during 2020 before charges for interest or salary if LL is to receive an aggregate of P 20,000 to include interest, salary, and share of profit? CC, DD, and EE, doctors, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that EE is to be allowed a salary of P 14,000, and that DD is to be guaranteed P 10,500 as his share of the profits. During the first year of operation, income from fees are P 90,000, while expenses total P…A and B formed a partnership. The partnership agreement stipulates the following: • Annual salary allowances of P10,000 for A and P40,000 for B. • Bonus to A of 10% of the profit after partner's salaries but before bonus. • The partners share profits and losses on a 60:40 ratio. During the period the partnership incurred a loss of P20,000 before deduction for salaries. By what amount did B's capital account change?Pipoy contributed P 24,000 and Kikay contributed 48,000 to form a partnership, and they agreed to share profits in the ratio of original contributions. During the 1st year of operations, they made a profit of 16,290; Pipoy withdraw 5,050 and Kikay withdraw 8,000. At the start of the following year, they agreed to admit Gigi into the partnership. She was to receive a ¼ interest in the capital & profits upon payment of 30,000 to Pipoy & Kikay. * What is the Capital balance of Pipoy & Kikay before admission of Gigi? 24,380 ; 50,860 respectively 29,430 ; 58,860 respectively 24,000 ; 48,000 respectively 18,950 ; 40,000brespectively * What is the book value of interest acquired by Gigi? a. 18,000 b. 26,310 c. 18,810 d. not given * What is the new profit-loss sharing ratio for Kikay? a. 53.33% b. 25% c. 26.67% d. 50%