What is Villanueva’s total profit share for the year ended June 30, 2018?
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Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2018, Lucena joined the
6 months ended Dec. 31, 2017 P300,000
6 months ended June 30, 2018 P450,000
An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva’s total profit share for the year ended June 30, 2018?
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- Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2016, Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30, 2016 were: 6 months ended Dec. 31, 2015 6 months ended June 30, 2016 P300,000 P450,000 An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva's total profit share for the year ended June 30, 2016? a. P330,000 b. P310,000 c. P340,000 d. P350,000Crush and Ni are in partnership and prepare their accounts to December 31 each year.On July 1, 2015, Sir joined the partnership. Profit sharing arrangements are:6 months toJune 30, 20156 months toDecember 31, 2015Salary Allowances Crush P15,000 P25,000Share in residual profit Crush 60% 40%Ni 40% 40%Sir - 20%The partnership’s net income for the year ended December 31, 2015 was P350,000accruing evenly over the year. What are the partner’s total profit shares for the yearended December 31, 2015?Peeta, Katniss and Gale formed a partnership on January 1, 2015 and contributed P150,000,P200,000 and P250,000, respectively. Their articles of co-partnership provide that the operatingincome be shared among the partners as follows: as salary, P24,000 for Peeta, P18,000 for Katnissand P12,000 for Gale; interest of 12% on the average capital during 2015 of the three partners andthe remainder in the ratio of 4:2:4, respectively. The operating income for the year-ended December31, 2015 amounted to…19 AA and BB are partners with capital accounts that had the following transactions during 2022: AA BB Debit Credit Debit Credit Beginning balance, January 1 P270,000 P280,000 February 28 P80,000 March 1 120,000 April 30 160,000 June 1 P100,000 August 1 140,000 September 30 40,000 October 31 40,000 The partnership agreement provides for the following: Interest of 9% is to be provided to AA Salaries of P4,000 is to be given to BB per quarter A bonus of 25% is to be given to AA based on net income after interest and salaries Remaining balance is to be allocated on a ratio of 40:60. The income summary account has a credit balance of P1,050,000 before profit distribution. BB has a Drawing account amounting to P40,000 which is a withdrawal made by BB in anticipation of future profits on July 1, 2022. How much is the…
- Villanueva and Mulles are partners sharing profits in the ratio of 3:2. On Jan 1,, 2019. Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva-40%, Mulles-30% and Lucena-30%. Profits for the year ended June 30, 2019 were: ^ months ended Dec. 31,, 2018 - P300.000; 6 months ended June 30, 2019 - P450,000. An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mules only. What is Villanueva's total profit share for the year ended June 30, 2019? 5 points a. P330,000 b. P310,000 c. P340,000 d. P350,00017 AA and BB have been partners for a decade. As of January 1, 2022, the capital balances of AA and BB are: AA, capital P55,000 BB, capital 75,000 Partnership agreement provides for the following manner of profit distribution: Annual salaries of P80,000 and P100,000 will be provided to AA and BB, respectively. A bonus of 20% based on net income will be given to AA 30% of the remaining profit or loss is distributed to AA with the balance provided to BB In 2022, the partnership reported net income of P250,000. On January 1, 2023, CC was admitted as a partner by investing P70,000 for a 25% interest in the capital of the partnership. The partners agreed that the plant assets of the partnership were to be increased by P30,000. The profit and loss sharing agreement was revised to: Annual salaries of P80,000, P100,000 and P70,000 will be provided to AA, BB and CC, respectively. A bonus of 20% based on net income will be given to AA and a 5% bonus based on net income…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?
- The partnership contract does not have a provision for the division of Interest of 10% is allowed on average capital and the resulting profit General partners LDS and LRV formed the L&L Partnership on 2018, with initial capital contributions of P420,000 and P700,000 respectively. partners during 2018 are summarized as follows: 4. January 2 Additional investments and withdrawals made by the LDS LRV Additional investments: May 1 July 1 P105,000 P105,000 Withdrawals: November 1 105,000 262,500 The partnership's operations for the year 2018 resulted to a profit of P735,000. Required: Determine the share of each partner in profit under each of the followle independent assumptions: (a) profit or loss. (b) Profit is divided according to the partners' average capital. (c) or loss is divided equally.The year- end balance sheet and residual profit and loss sharing percentages for the ABC Partnership on December 31, 2016, are as follows: P30,000 40,000 480,000 Cash Accounts payable P200,000 50,000 70,000 Loan to A Loan from B A, capital (25%) B, capital (25%) C, capital (50%) Total assets P550,000 Total liabilities and equity P550,000 Other assets 80,000 150,000 The partners agree to liquidate the business and distribute cash when it becomes available. A cash distribution plan for the ABC Partnership will show that cash available, after outside creditors are paid, will initially go to?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?
- AA and BB have been partners for a decade. As of January 1, 2022, the capital balances of AA and BB are: AA capital P55,000 BB. 75,000 capital Partnership agreement provides for the following manner of profit distribution: • Annual salaries of P80,000 and P100,000 will be provided to AA and BB. respectively A bonus of 20% based on net income will be given to AA -30% of the remaining profit or loss is distributed to AA with the balance provided to BB In 2022, the partnership reported net income of P250,000. On January 1, 2023, CC was admitted as a partner by investing P70,000 for a 25% interest in the capital of the partnership. The partners agreed that the plant assets of the partnership were to be increased by P30,000. The profit and loss sharing agreement was revised to: . Annual salaries of P80,000, P100,000 and P70,000 will be provided to AA BB and CC, respectively. • A bonus of 20% based on net income will be given to AA and a 5% bonus based on net income after A's…3. Refozar, Martinez and Magsino formed a partnership. It's on a calendar year basis. The profit-sharing arrangements are as follows: Until June 30, 2016, the annual salaries are provided as follows: Martinez, P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2. From July 1, 2016, the salarles will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended Dec. 31, 2016 was P400,000 before charging partners' salaries, accruing evenly through the year, and after charging an expense of P40,000, which it was agreed related wholly to the first six mohths of the year. How should the profit for the year be divided among the partners? Martinez P130,000 P116,000 Magsino P88,000 P84,000 Refozar P182,000 P200,000 а. b. Portnership Operations and Financial Reporting | 83The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott, Capital January 1 Balance P210,000 Мay 1 Investment 90,000 October 1 Withdrawal Р60,000 Tucker, Capital January 1 Balance P150,000 April 1 Withdrawal P30,000 The partnership profit for the year ended December 31, 2019 was P300,000. Instruction: Prepare schedule of profit allocation and journal entries to record transfer to profit to the capital accounts under each of the following independent assumptions: 1. Profit is divided 60% to Scott and 40% to Tucker. 2. Profit is divided into ratio of capital balances at the beginning of the period. 3. Profit is divided in the ratio of average capital balance. Interest of 8% is allowed on the average capital and the balance of profit is divided equally. 4. Salaries of P60,000 and P48,000 are allowed to Scott and Tucker, respectively, and the balance of the profit is divided in the ratio of capital balances at the end of the period. 5. 6. Scott is…
