For 2019, the profit of the partnership was reported as P12,500. However, it was1, 2019, Aglugob was admitted into the partnership with a 10% share in profits, Told partners continue to participate in profits in their original ratio.discovered that the following items were omitted in the firm's books:2019For 2019, the profit of the partnership was reported as P12,500. However, it w-an2018Unrecorded at year-endP800Prepaid ExpenseAccrued ExpenseP600700Unearned Income500Accrued IncomeThe new profit and loss ratio for Guillermo, and the share of partner Cumagun in the2019 profit would beC.27% and P2,286.30% and P2,214.а.27% and P2,214.b.d.30% and P2,286.19. Perez, Yuzon and Mercado formed a partnership on Jan. 1, 2019 with the followinginitial investments:PerezP100,000Yuzon150,000Mercado225,000The partnership agreement states that profits and losses are to be shared equally bythe partners after consideration is made for the following:Salaries allowed to partners: P60,000 for Perez, P48,000 for Yuzon andP36,000 for Mercado.Average partner's capital balances during the year shall be allowed 10%interest.Additional information:On June 30, 2019, Perez invested an additional P60,000.Mercado withdrew P70,000 from the partnership on Sept. 30, 2019.Share on the remaining partnership profits was P5,000 for each partner.The total partnership capital on Dec. 31, 2019 wasа.P405,000.P672,750.С.b.P671,500.d.P480,000.

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1, 2019, Aglugob was admitted into the partnership with a 10% share in profits. The old partners continue to participate in profits in their original ratio. For 2019, the profit of the partnership was reported as P12,500. However, it was discovered that the following items were omitted in the firm's books: Unrecorded at year-end 2018 2019 P800 Prepaid Expense Accrued Expense P600 700 Unearned Income 500 Accrued Income The new profit and loss ratio for Guillermo, and the share of partner Cumagun in the 2019 profit would be а. 30% and P2,214. С. 27% and P2,286. b. 27% and P2,214. d. 30% and P2,286.

1, 2019, Aglugob was admitted into the partnership with a 10% share in profits. The old partners continue to participate in profits in their original ratio. For 2019, the profit of the partnership was reported as P12,500. However, it was discovered that the following items were omitted in the firm's books: Unrecorded at year-end 2018 2019 P800 Prepaid Expense Accrued Expense P600 700 Unearned Income 500 Accrued Income The new profit and loss ratio for Guillermo, and the share of partner Cumagun in the 2019 profit would be а. 30% and P2,214. С. 27% and P2,286. b. 27% and P2,214. d. 30% and P2,286.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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