Interest of 12% on the average capital during 2022 of the three partners
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- ABC, DEF and GHI formed a partnership on April 1, 2022 and contributed P300,000, P200,000 and P500,000 respectively. The partners agreed that income will be disturbed as follows: ➤ Annual Salary: ABC for P24,000, DEF for P18,000 and GHI for P12,000 ➤ Interest of 12% on the average capital during 2022 of the three partners ➤ The remainder in the ratio of 40%, 40% and 20% for ABC, DEF and The operating income for the year ending December 31, 2022 amounted to P176,000. ABC contributed additional capital of P60,000 on July 1, 2022 and made a withdrawal of P20,000 on October 1. DEF contributed additional capital of P40,000 on August 1 and made a withdrawal of P5,000 on October 1. GHI made a withdrawal of P30,000 on November 1. Compute for the share of income of DEF validation of grade; 3rd violation- suspension Treadmission with invalidation of grade VERSEABC, DEF and GHI formed a partnership on April 1, 2022 and contributed P300,000, P200,000 and P500,000 respectively. The partners agreed that income will be disturbed as follows: ► Annual Salary: ABC for P24,000, DEF for P18,000 and GHI for P12,000 ➤ Interest of 12% on the average capital during 2022 of the three partners ➤ The remainder in the ratio of 40%, 40% and 20% for ABC, DEF and GHI respectively. The operating income for the year ending December 31, 2022 amounted to P176,000. ABC contributed additional capital of P60,000 on July 1, 2022 and made a withdrawal of P20,000 on October 1. DEF contributed additional capital of P40,000 on August 1 and made a withdrawal of P5,000 on October 1. GHI made a withdrawal of P30,000 on November 1. Compute for the share of income of DEF validation of grade; 3rd violation- suspension readmission with invalidation of gradeOn January 1, 2023, AA and BB formed AB partnership with a total agreed capital of P5,000,000 and a capital interest ratio of 70:30. The following were ascertained during the year as to distribution of profits and losses: • AA will receive quarterly salaries of P100,000 5% interest on initial capital will be provided Any remainder will be shared by their capital contribution ratio At the end of the year, the partnership had a P500,000 credit balance in its income summary account. How much is the share of AA in the partnership income (loss)?
- For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?On January 1, 2022, A, B and C formed ABC Partnership with agreed capital of P1,200,000 or P400,000 each. Profit is to be allocated equally. C is appointed as the managing partner. Capital/Drawings transactions during the year: . A, B and C made additional investments of P200,000 each respectively. . At the end of year, A, B and C made drawings of P50,000, P30,000 and P40,000, respectively. . At the end of year, the capital balance of B is reported at P400,000. Compute the ending capital of C.Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form a partnership on July 1, 2022. They divide profit and losses based on the following: a. b. C. d. chip RSIY A Annual Salaries of P15,000, P20,000 and P20,000 to ABC, DEF and GHI; 10% interest on original capital to GHI; 25% bonus to JKL of net income; The balance is to be divided into a 4:3:2:1 JKL Each respectively. If ABC and GHI received a total of P57.00 DIFICtio to ABC, DEF, GHI and compute the share of JKL from the net income of the partnership from the net income for 2022,
- X, Y and Z of XYZ Partnership have beginning capital balances of P500,000, P400,000, and P300,000 respectively. The firm has obtained a net profit of P112,000 Salaries of P15,000, P20,000, and P25,000 will be given to each partner respectively, and interest at 3% of the beginning capital balances would be allowed in profit distribution. Any remaining amount will be divided to each partner at 3:11 the share of each partner in the net income would be A.P28.080 P50.560: P33.360 B.P28,080, P35,200; P48,720 C.P39,600 P35,2 10, P37,200 D. P35,600, P-50,5-50; P21,540ABC Partnership has total Capital investments of P300,000 invested equally. Annual salaries amounting to P20,000, P25,000 and P10,000 to Partners A, B and C. B, an industrial partner will be allowed Bonus of P35,000. Any remainder will be divided in the ratio 4:3:3. Partner A will have a capital balance of how much after the distribution of net income of P120,000?X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z: interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1; and Z made a drawing of P30,000 on November 1, 2021. How much is the average capital of partner X?*
- X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000 respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On December 31, 2021, the partners decided to liquidate their business. After exhausting partnership assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:7. The partnership agreement of Hi and Rap provides that interest at 14% per year is to be credited to each partner on the basis of weighted average capital balances. A summaryof Rap capital account for the year ended December 31, 2015, is as follows:Balance, January 1 P210,000Additional investment, July 1 60,000Withdrawal, August 1 (22,500)Balance, December 31 P247,500What amount of interest should be credited to Rap’s capital account for 2015?AA BB and CC are partners with capital balances of P392,000, P1,365,000 and P595.000 respectively Sharing prohts and losses in the ratio of 3:2:1. DD is admited as a new partner bringing with him expertise and is to inmvest cash for a 25% interest in the partnership which includes a credit of P367.500 for bonus upo his admissiOn. How much is the adjusted capital of BB after admission of DD?