please answer all the questions immediately thankyou 43On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. OnJuly 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses aredivided as follows:Each of the partners shall be given 3,000 monthly salary;- Interest of 12% on ending capital balances,Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds500,000 for the year.Any remainder is divided in the ratiorof their capital balances at the start of the year,Revenues for the year totaled P 1,000,000 and Expenses amounted 300,000How much is B's share in net income/ net losses?O 273,356.80O 263,356.80O 436.643.20O 473,356.8044On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. OnJuly 1,2020, A invests an additional P 10,000 and B withdraws P 11,600, Profits and losses aredivided as follows:- Each of the partners shall be given 3,000 monthly salary;Interest of 12% on ending capital balances;Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds500,000 for the year.Any remainder is divided in the ratio of their capital balances at the start of the year.Revenues for the year totaled P 1,000,000 and Expenses amounted to P 1,120,000.How much is B's share in the net income/net loss?O (151.084.80)O 436.643.20O (463,463.20).O (80,476.80)

On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 Fespectively. July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600, Profits and losses are divided as follows: Each of the partners shall be given 3,000 monthly salary - Interest of 12% on ending capital balances; - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratibrof their capital balances at the start of the year. Revenues for the year totaled P1.000,000 and Expenses amounted 300,000 How much is B's share in net income/ net losses?

On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 Fespectively. July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600, Profits and losses are divided as follows: Each of the partners shall be given 3,000 monthly salary - Interest of 12% on ending capital balances; - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratibrof their capital balances at the start of the year. Revenues for the year totaled P1.000,000 and Expenses amounted 300,000 How much is B's share in net income/ net losses?

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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January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary; - Interest of 12% on ending capital balances; - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted to P 1,120,000. How much is B's share in the net income/net loss? A. (151,084.80) B. 436,643.20 C. (463,463.20) D. (80,476.80)
On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows:- Each of the partners shall be given 3,000 monthly salary;- Interest of 12% on ending capital balances;- Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year.- Any remainder is divided in the ratio of their capital balances at the start of the year.Revenues for the year totaled P 1,000,000 and Expenses amounted to P 300,000.How much is A's share in the net income/net loss?
On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary; - Interest of 12% on ending capital balances; - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted 300,000 For the year 2021, the income summary account has a credit balance of P 500,000 and there are no additional investments or withdrawals during the year. How much is B's share in net income/ net losses for the year 2021? A. 303,885.43 B. 196,114.57 C. 108,111.75 D. 180,880.25
In January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary; - Interest of 12% on ending capital balances; - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted 300,000 How much is B's share in net income/ net losses? A. 273,356.80 b. 263,356.80 C. 436,643.20 D. 473,356.80
20. The partnership agreement of Socorro and Torres provides that interest at 10% is to be credited to each partner on the basis of average capital balances. A summary of Torres Capital account for the year ended December 31, 2020 is as follows: Balance January 1 Additional Investment, July 1 Withdrawal, August 1 P 304,500 87,000 32,625 What amount of interest should be credited to Torres Capital account? a. P33,168.75 b. P33,440.625 C. P35,887.50 d. P37,518.75 21. Simple and Elegant share profits and losses equally, Simple and Elegant receive salary allowances of P105,000 and P157,500, respectively, and both partners receive 10% interest on their average capital balances. Average capital balances are calculated at the beginning of each month regardless of when the capital contributions and capital withdrawals were made and partners' drawings are not used in determining the average capital balances. Total net income for 2020 is P630,000. Simple P525,000 Elegant P630,000 January 1…
6. A and B formed a Partnership on January 1, 2020. A contributed capital of P50,000, while B contributed capital of P30,000. The Partnership agreement provides for the following: Capital accounts are to be credited annually with interest at 5% of the beginning capital. Partner B is to be paid salary of P2,000 a month. Partner B is to receive a bonus of 10% based on the net income. The Partnership's income statement for the year ended is as follows: Revenues P101,000 Expenses (including salary, interest, and bonus) 30,000 Net income 71,000 Determine the amount of bonus.
16. The partnership agreement of Santiago and Generales provided that interest of 10% per annum is to be credited to each partner on the basis of average capital balances. A summary of Generales' capital account for the year ended Dec. 31, 2020 follows: P280,000 Balance, Jan. 1 Additional Investments, July 1 80,000 (30,000) P330,000 Withdrawal, August 1 Balance, Dec. 31 The amount of interest that should eventually be credited to Generales' capital is a. P30,500. b. P33,000. P30,750. d. P34,500. С.
7. Kwong and Morales entered into a partnership as at Mar. 1, 2019 by the investing P125,000 and P75,000, respectively. They agreed that Kwong, as the managing partner, was to receive a salary of P30,000 per year and a bonus computed at 10% of.the profit after adjustment for the salary; the balance of the profit was to be distributed in the ratio of their original capital balances. On Dec. 31, 2019, normal account balances were as follows: Cash P70,000 Accounts Payable P 60,000 125,000 Kwong, Capital Morales, Capital Kwong, Drawing Morales, Drawing Accounts Receivable 67,000 Furniture & Fixtures 45,000 75,000 Sales Returns 5,000 20,000 Purchases 196,000 30,000 Operating Expenses 60,000 Sales 233,000 Inventories on Dec. 31, 2019 were as follows: supplies, P2,500, merchandise, P73,000. Prepaid insurance was P950 while accrued expenses were P1,550. Depreciation rate was 20% per year. The partners' capital balances on Dec. 31, 2019, after closing the profit and drawing accounts, were:
The partnership agreement of X and Y provides that 12% interest per year is to be credited to each partner on the basis of average capital balances. A summary of Y capital for the year ended December 31, 2021 is as follows: Jan 1 Balance P840,000, July 2 Additional investment P240,000, August 1 Withdrawal P90,000, Dec. 31 Balance P990,000 What amount of interest should be credited to ⚫
Partners A and B formed a partnership on July 1, 2021. Partner A invested P400,000 while Partner B invested P600,000. They agreed that the residual profits and losses are to be shared in a 3:2 ratio after monthly salary allowances of P12,000 and P20,000 are allowed to Partner A and Partner B respectively. They agreed as well that 10% interest will be provided on their respective beginning capital. Net income for the period ending December 31, 2021 amounted to P250,000. How much is the profit share of Partner A?
Additional information1. The net profit according to the Profit and Loss account amounted to R500 000 on 28February 2021.2. The partnership agreement made provision for the following:1. Interest on capital must be provided at 15% per annum on the balances in the capitalAccounts from 1 March 2020 to 31 August 2020. With effect from 1 September 2019 the interest rate on capital increases to 18% per annum.2. The partners are entitled to the following monthly salaries: Bobby R11 000Vincent R10 0003. Bobby is entitled to a bonus of 15% of the net profit before any appropriations are made.4. Bobby and Vincent share the remaining profits or losses in the ratio 3:2 respectively.
QUESTION 2 Prepare the Statement of Changes in Equity for the year ended 28 February 2021. INFORMATION The information given below was extracted from the accounting records of Preston Traders, a partnership business with Presley and Tony as partners. Extract from the trial balance of Preston Traders on 28 February 2021 Debit Credit R R Capital: Presley 600 000 Capital: Tony 400 000 Current alc: Presley (01 March 2020) 40 000 Current a/c: Tony (01 March 2020) 50 000 Drawings: Presley 340 000 Drawings: Tony 360 000