Rachelle, Patrick, and Lorreyn formed the RPL Professional Partnership on April 1, 20X2, by contributing capital. They agreed that Lorreyn would receive P20,000 as manager of the firm, and the remainder will be divided according to the profit ratio of 34%, 44%, 22%, respectively. At the end of the month, the company had a net loss of P900,000. Discuss how the loss shall be distributed in no more than five (5) sentences
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Rachelle, Patrick, and Lorreyn formed the RPL Professional
capital. They agreed that Lorreyn would receive P20,000 as manager of the firm, and the remainder will be
divided according to the profit ratio of 34%, 44%, 22%, respectively. At the end of the month, the company
had a net loss of P900,000. Discuss how the loss shall be distributed in no more than five (5) sentences.
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- Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.Instructions: Please answer it with complete solution. Thank you so much!! Rachelle, Patrick, and Lorreyn formed the RPL Professional Partnership on April 1, 20X2, by contributing capital. They agreed that Lorreyn would receive P20,000 as manager of the firm, and the remainder will be divided according to the profit ratio of 34%, 44%, 22%, respectively. At the end of the month, the company had a net loss of P900,000. Discuss how the loss shall be distributed in no more than five (5) sentences.Victoria, Wilda and Xenia are partners in a consultancy firm which commenced its operation on July 1, 2018. Victoria is the managing partner. As per agreement for sharing profits, the managing partner will receive a salary of P12,000 per month and the remaining profit will be shared by the partners equally. On December 31, 2018, the firm determined that its income was P 300,000. How much will Wilda receive as her share in the profit? A. P 76,000 B. P 96,000 C. P 52,000 D. P 84,000
- GNAR, GWEN and JINX are lawyers who agreed to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that JINX is to bellowed a salary of P14,000, and GWEN is to be guaranteed of P10,500 as his share of the profits. During the first year of operation, income from fees are P90,000, while expenses total P48,000. What amount of net income should be credited to GWEN's capital account?Bee, Cee and Dee, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that Dee is to be lowed a salary of P 28,000 and that Cee is to be guaranteed P 21,000 as his share of the profits. During the first year of operation, service revenue are P 180,000, while expenses total P 96,000. What amount of net income should be credited to Bee's capital account? What amount of net income should be credited to Dee's capital account?Bee, Cee and Dee, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that Dee is to be allowed a salary of P 28,000 and that Cee is to be guaranteed P 21,000 as his share of the profits. During the first year of operation, service revenue are P 180,000, while expenses total P 96,000. What amount of net income should be credited to Bee's capital account?
- On October 1, 2024, Apollo, Brett, and Clark formed the A, B and C partnership. Apollo contributed $27,300; Brett, $42,900; and Clark, $59,800. Apollo will manage the store; Brett will work in the store three-quarters of the time; and Clark will not work in the business. Read the requirements LOADING... . Requirement 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss for the year ended September 30, 2025, is $55,000, and the partnership agreement allocates 70% of profits to Apollo, 15% to Brett, and 15% to Clark. The agreement does not discuss the sharing of losses. (Use parentheses or a minus sign for loss amounts. Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate cell.) A, B and C Allocation of Profits and Losses Apollo Brett Clark Total a. Net income (loss) Capital allocation:…1. Say, Alittle and Prayer are partners in a furniture company. following profit and loss distributions; Their partnership agreement provides for the > Say, Alittle and Prayer are to receive salaries of P40,000, P36,000, and P13,650, respectively. Say is to receive a bonus equal to 10% of income before the bonus. Each partner is to receive 10% interest on the weighted average capital balance. Withdrawals are considered to be reduction of capital for purposes of interest calculations. > Any remaining profits of losses are to be divided equally among the partners. Capital balance information for 2006 is as follows: Alittle 6,000 Say 10,000 1,000 2,000 1,000 Prayer 40,000 2,000 15,000 Jan. 1, 2006 Withdrawal 4/1/06 Investment 7/1/06 Withdrawal 10/1/06 4,000 2,000 Prepare distribution of profit or loss table showing the required profit that will allow Say to withdraw P65,000 from said profit. 2. Ashe Company was organized on January 1, 2010, with authorized capital of 100,000 shares of…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%
- THEY APPOINTED MARAWI AS MANAGING PARTNER, WHO WILL RECEIVE A SALARY OF P 10,000 PER MONTH. MITOR WILL BE AN INDUSTRIAL PARTNER WHO WILL RECEIVE A JUST SUM OF 10% OF THE NET PROFITS. MISERIA ON THE OTHER HAND , CHOSE TO BE A LIMITED PARTNER AND THE LIQUIDATING PARTNER. THE PROFITS WILL BE DIVIDED ACCORDING TO THEIR CAPITAL CONTRIBUTION AFTER DEDUCTING THE SALARIES OF MANAGING PARTNER MARAWI AND 10% SHARE OF MITOR. REQUIRED: Prepare the Consolidated Journal EntryOn October 1, 2024, Andy, Barry, and Caleb formed the A, B and C partnership. Andy contributed $33,600; Barry, $47,600; and Caleb, $58,800. Andy will manage the store; Barry will work in the store three-quarters of the time; and Caleb will not work in the business. Requirements 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss for the year ended September 30, 2025 is $43,000, and the partnership agreement allocates 50% of profits to Andy, 40% to Barry, and 10% to Caleb. The agreement does not discuss the sharing of losses. b. Net income for the year ended September 30, 2025, is $99,000. The first $35,000 is allocated on the basis of relative partner capital balances. The next $25,000 is based on service, with $15,000 going to Andy and $10,000 going to Barry. Any remainder is shared equally. 2. Using plan b, prepare the partnership statement of partners' equity. Assume…The net loss of a XYZ partnership for the year is P100,000. Partner X is to be given a salary of 5,000 per month. The capital balances of X, Y and Z are P 150,000, P 160,000, and P 140,000, respectively. Interest in the capital balance will be given at a rate of 15%. Bonus of 10% after salaries and interest is given to partner Z. Remaining profit is to be distributed equally to the partners. In the process of journalizing the distribution of the loss, what will be done to the capital of X and in what amount? A. Credited by P 14,250 B. Debited by P 6,666 C. Credited by P 6,666 D. Debited by P 14,250
