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- 3.14 Cue and Peed entered into a partnership on March 1, 200A. They agreed that Cue, the managing partner was to receive a salary allowance ofP 24,000 per year and a bonus of 10% of the net profit after the salary allowance but before the bonus. The balance is to b e distributed in the ratio of their initial capital. Selected ledger accounts on December 31, 200A prior to adjustments showed the following balances: Sales P 300,000 3,000 180,000 48,000 200,000 20,000 100,000 10,000 Sales Returns Purchases Operating Expenses Cue Capital Cue Drawing Peed Capital Peed Drawing Inventories at year-end were as follows: Office supplies, P 810 and merchandise, P 50,000. Prepaid insurance of P 1,200 and accrued expenses of P 400 are to be recognized. Depreciation of P 4,000 is to be provided. REQUIRED: Prepare the Statement of Partners ' Equity for the 10- month period ended December 31, 200A.Distribution of Profits and Losses: 3. Bunag, Belen, and Bustos are partners in an accounting firm. Their capital account balances at year-end were P180,000, P220,000, and P100,000, respectively. They share profits and losses on a 4:4:2, ratio respectively, after considering the following terms: a. Bustos is to receive a bonus of 10% of profit after deducting bonus b. Interest of 10% shall be paid on that portion of a partner's capital in excess of P200,000. c. Salaries of P20,000 and P24,000 shall be paid to partners Bunag and Bustos, respectively. Assuming a profit of P220,000 for the year. REQUIRED: Prepare the following: A. Profit or Loss Distribution Table B. Corresponding JOURNAL ENTRY to distribute profit or loss3.11 Apple and Green started a business as a partnership on January 1, 200A. Apple contributed P 36,000 and Green contributed P 30,000. It was agreed that earnings after interest and salary allowances would be divided in the ratio of 2/3 and 1/3 to Apple and to Green, respectively. Interest of 4% per annum on the beginning capital balances will be allowed. Earnings, salaries, and withdrawals for 200OA and 200B were: Earnings before Interest and Salaries Apple P 11,590 24,600 Salaries paid Green Р6,000 6,000 Withdrawals Apple P 6,140 P 4,850 7,152 Green P 4,000 4,000 200A 200B 4,048 REQUIRED: Statement of Partners' Equity for both years.
- PROBLEM: ZOE and ZIA PARTNERSHIP reported income for the year 2021 was P250,000.00 and the partners divide their profit 70:30 respectively. In January 2022, they changed the ratio to 50:50. During 2022, the following errors were discovered for the 2021 net income. 1. Depreciation was overstated by 30,000.00. 2. Prepaid rent for 20,000 was ommitted. 2. Accrued interest payable was ommitted worth 25,000.00 Required: 1. Compute the correct net income for 2021. 2. Compute the correct share of each partner in the net income for 2021. 3. Compute the difference of the share actually received and should have received by each partner in 2021. 4. Prepare the journal entry to record the adjustment of the partner's capital account on December 31, 2022.1. Annual salary allowance to Gonzalez of $25,000. 2. Interest of 5% on each partner's capital balance on January 1. 3. Any remaining net income divided to Gonzalez and Van Home, 2:1. Gonzalez and Van Horne had $126,000 and $189,000, respectively, in their January 1 capital balances. Net income for the year was $115,000. Required: How much net income should be distributed to Gonzalez and Van Horne? Gonzalez: Van Horne: SIllustration 21: A, B and C are sharing profits in the ratio 3 : 2:1 respectively. C wants that profits be shared equally and it should be applicable retrospectively from the last three years. Other partners have no objection to this. Profits for the last three years were $ 1,20,000, $ 94,000 and $ 1,10,000 respectively. Record adjustment by means of a journal entry and show the working notes.
- Partners A and B share in profits and losses on a 70:30 ratio after salary allowances of ₱80,000 for A and ₱40,000 for B. The business earned profit of ₱320,000 before deduction for the salaries. When closing the income summary account, A’s capital account would be credited for ₱120,000. A’s capital account would be debited for ₱220,000. B’s capital account would be credited for ₱100,000. B’s capital account would be credited for ₱240,000.The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)Partners R and S receive a salary allowance of P3,000 and P7,000, respectively, and share the remainder equally. If the company earned P4,000 during the period, the entry to close the income or loss into their capital accounts is: a. Income Summary R, Capital S, Capital b. Income Summary S, Capital c. Income Summary R, Capital S, Capital d. Income Summary R, Capital S, Capital Ο Ο Ο Ο O A O D 10,000 4,000 14,000 6,000 3,000 7,000 4,000 7,000 7,000 3,000 3,000
- aj.3 The Joseph and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $393000 for Joseph and $210000 for Rodin. At the beginning of the year. Joseph's Capital account had a bal ance of $ 796000, while Rodin's Capital account had a balance of $691000. Net income for the year was $49000. The balance of Rodins Capital account at the end of the year after closing is $957500. $901000. $201000. $844500.Cue and Peed entered into a partnership on March 1, 200A. They agreed that Cue, the managing partner was to receive a salary allowance of P 24,000 per year and a bonus of 10% of the net profit after the salary allowance but before the bonus. The balance is to b e distributed in the ratio of their initial capital. Selected ledger accounts on December 31, 200A prior to adjustments showed the following balances: 3.14 Sales P 300,000 3,000 180,000 48,000 200,000 20,000 100,000 10,000 Sales Returns Purchases Operating Expenses Cue Capital Cue Drawing Peed Capital Peed Drawing Inventories at year-end were as follows: Office supplies, P 810 and merchandise, P 50,000. Prepaid insurance of P 1,200 and accrued expenses of P 400 are to be recognized. Depreciation of P 4,000 is to be provided. REQUIRED: Prepare the Statement of Partners' Equity for the 10- month period ended December 31, 200A.14. The net income agreement for Molina and Serraon states net income and net loss shall be divided in a ratio of 4:6, respectively. The net loss for the current year is P50,000. On January 1 of the current year, the capital balances were as follows: Molina, P55,000; and Serraon, P65,000. During the current year Molina withdrew P40,000 and Serraon withdrew P25,000. Compute the capital balances as of December 31 of the current year. Molina, capital debit of P5,000 Serraon, capital credit of P10,000 a. b. credit of P35,000 credit of P70,000 credit of P5,000 С. credit of P10,000 d. none of the above