10. Onate, Guillermo, and Cumagun are partners sharing profits on a 5:3:2 ratio. On Jan. 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 Prepaid Expense P800 Accrued Expense P600 Unearned Income 700 Accrued Income 500 The new profit and loss ratio for Guillermo, and the share of partner Cumagun in the 2019 profit would be a. 30% and P2,214 b. 27% and P2,214 c. 27% and P2,286 d. 30% and P2,286

10. Onate, Guillermo, and Cumagun are partners sharing profits on a 5:3:2 ratio. On Jan. 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 Prepaid Expense P800 Accrued Expense P600 Unearned Income 700 Accrued Income 500 The new profit and loss ratio for Guillermo, and the share of partner Cumagun in the 2019 profit would be a. 30% and P2,214 b. 27% and P2,214 c. 27% and P2,286 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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For 2019, the profit of the partnership was reported as P12,500. However, it was 1, 2019, Aglugob was admitted into the partnership with a 10% share in profits, T old partners continue to participate in profits in their original ratio. discovered that the following items were omitted in the firm's books: 2019 For 2019, the profit of the partnership was reported as P12,500. However, it w-an 2018 Unrecorded at year-end 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 C. 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 following initial investments: Perez P100,000 Yuzon 150,000 Mercado 225,000 The partnership agreement states that profits and losses are to be shared equally by the partners after consideration is made for the following: Salaries allowed to…
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