YES Partnership started operations on January 2, 2016 with the following capital balances:Yves P88,000Ernest 64,000Serge 90,000Their profit and loss agreement has the following provisions:Yves will be given an annual salary of P16,000 and Serge P8,000All partners will be given 10% interest on beginning capital balances every yearThe balance of the profit, or the loss, will be divided on a 2:3:5 to Yves, Ernest and Serge, respectively.Each partner is allowed to withdraw up to P8,000 every year In 2016, partnership operations resulted in a net loss of P16,000, while in 2017, it was a net profit of P32,000. All partners withdrew the maximum amount of P8,000 each year. Required: Compute for the following:Share in Net Profit or Net Loss for 2016 and 2017Ending Capital of each partner for 2016 and 2017 YES Partnership started operations on January 2, 2016 with the following capitalbalances:YvesP88,000Ernest64,000Serge90,000Their profit and loss agreement has the following provisions:• Yves will be given an annual salary of P16,000 and Serge P8,000• All partners will be given 10% interest on beginning capital balances every year• The balance of the profit, or the loss, will be divided on a 2:3:5 to Yves, Ernest andSerge, respectively.• Each partner is allowed to withdraw up to P8,000 every yearIn 2016, partnership operations resulted in a net loss of P16,000, while in 2017, it wasa net profit of P32,000. All partners withdrew the maximum amount of P8,000 eachyear.Required: Compute for the following:1. Share in Net Profit or Net Loss for 2016 and 20172. Ending Capital of each partner for 2016 and 2017

Partnership: A partnership is an agreement between two or more people to run a business and share…

YES Partnership started operations on January 2, 2016 with the following capital balances: Yves P88,000 Ernest 64,000 Serge 90,000 Their profit and loss agreement has the following provisions: Yves will be given an annual salary of P16,000 and Serge P8,000 All partners will be given 10% interest on beginning capital balances every year The balance of the profit, or the loss, will be divided on a 2:3:5 to Yves, Ernest and Serge, respectively. Each partner is allowed to withdraw up to P8,000 every year In 2016, partnership operations resulted in a net loss of P16,000, while in 2017, it was a net profit of P32,000. All partners withdrew the maximum amount of P8,000 each year. Required: Compute for the following:

YES Partnership started operations on January 2, 2016 with the following capital balances: Yves P88,000 Ernest 64,000 Serge 90,000 Their profit and loss agreement has the following provisions: Yves will be given an annual salary of P16,000 and Serge P8,000 All partners will be given 10% interest on beginning capital balances every year The balance of the profit, or the loss, will be divided on a 2:3:5 to Yves, Ernest and Serge, respectively. Each partner is allowed to withdraw up to P8,000 every year In 2016, partnership operations resulted in a net loss of P16,000, while in 2017, it was a net profit of P32,000. All partners withdrew the maximum amount of P8,000 each year. Required: Compute for the following:

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 9E

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YES Partnership started operations on January 2, 2016 with the following capital balances: Yves P88,000 Ernest 64,000 Serge 90,000 Their profit and loss agreement has the following provisions: • Yves will be given an annual salary of P16,000 and Serge P8,000 • All partners will be given 10% interest on beginning capital balances every year • The balance of the profit, or the loss, will be divided on a 2:5:3 to Yves, Ernest and Serge, respectively. In 2016, partnership operations resulted in a net loss of P16,000, while in 2017, it was a net profit of P32,000. All partners withdrew the maximum amount of P8,000 each year. Required: Compute for the following: 1. Share in Net Profit or Net Loss for 2016 and 2017 2. Ending Capital of each partner for 2016 and 2017 • Net income before salary interest bonus (NIBSIB) • Net income after salary interest bonus (NIASIB) • Net income before salary interest after bonus (NIBSIAB) • Net income after salary interest…
YES Partnership started operations on January 2, 2016 with the following capital balances: Yves P88,000 Ernest 64,000 Serge 90,000 Their profit and loss agreement has the following provisions: - Yves will be given an annual salary of P16,000 and Serge P8,000 - All partners will be given 10% interest on beginning capital balances every year - The balance of the profit, or the loss, will be divided on a 2:5:3 to Yves, Ernest and Serge, respectively. In 2016, partnership operations resulted in a net loss of P16,000, while in 2017, it was a net profit of P32,000. All partners withdrew the maximum amount of P8,000 each year. Required: Compute for the following: 1. Share in Net Profit or Net Loss for 2016 and 2017 2. Ending Capital of each partner for 2016 and 2017
AB Partnership's operation for the year 2022 resulted in a profit of P240,000. Their profit sharing agreement provided the following: a. Salaries of P5,000 and P15,000 is to be given to A and B respectively; fres A fr free b. 10% of profit after salaries and bonus is to be given to Partner B; c. The balance is to be divided using the 7:3 ratio, respectively. How much profit is to be allocated to B?
YES Partnership started operations on January 1 , 2016 with the following capital balances : Yves P88,000 Ernest 64,000 Serge 90,000 Their profit and loss agreement has the following provisions : Yves will be given an annual salary of P15,000 and Ernest P10,000 All partners will be given 20 % interest on beginning capital balances every year Bonus of 25% of Net Income will be given to Serge The balance of the profit , or the loss , will be divided on a 4/5 / 1 to Yves , Ernest and Serge , respectively . A. Assuming that the company resulted in a net loss of 250.000 in 2016 : 1. What is the share of Yves in Net Profit or Net Loss for 2016 ? 2. What is the share of Ernest in Net Profit or Net Loss for 2016 ? 3. What is the share of Ernest in Net Profit or Net Loss for 2016?
AB Partnership’s operation for the year 2022 resulted in a profit of P240,000. Their profit sharing agreement provided the following: a. Salaries of P5,000 and P15,000 is to be given to A and B respectively; b. 10% of profit after salaries and bonus is to be given to Partner B; c. The balance is to be divided using the 7:3 ratio, respectively. How much profit is to be allocated to B?
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, 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)?
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…
YES Partnership started operations on January 1, 201 balances : with the following capital Yves P88,000 Ernest 64,000 Serge 90,000 Their profit and loss agreement has the following provisions : Yves will be given an annual salary of P16,000 and Serge P8,000 All partners will be given 10% interest on beginning capital balances every year Bonus of 20% of Net Income will be given to Yves The balance of the profit , or the loss, will be divided on a 5 :2:3 to Yves , Ernest and Serge, respectively . B. Assuming that the company resulted in a profit 150.000 in 2016 : 1. What is the share of Yves in Net Profit or Net Lose for 2016? 2. What is the share of Ernest in Net Profit or Net Loss for 2016 ? 3. What is the Serge in Net Profit or Net Loss for 2016?
YES Partnership started operations on January 1, 201 balances : with the following capital Yves P88,000 Ernest 64,000 Serge 90,000 Their profit and loss agreement has the following provisions : Yves will be given an annual salary of P16,000 and Serge P8,000 All partners will be given 10% interest on beginning capital balances every year Bonus of 20% of Net Income will be given to Yves The balance of the profit , or the loss, will be divided on a 5 :2:3 to Yves , Ernest and Serge, respectively . A. Assuming that the company resulted in a net loss of 16,000 in 2016 1. What is the share of Yves in Net Profit or Net Loss for 2016? 2. What is the share of Ernest in Net Profit or Net Loss for 2016? 3. What is the share of share in Net Profit or Net Loss for 2016? B. Assuming that the company resulted in a profit of 24.200 in 2016 : 1. What is the share of Yves in Net Profit or Net Lose for 2016? 2. What is the share of Ernest in Net Profit or Net Loss for 2016 ? 3. What is the Serge in Net…
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 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