11 Apple and Green started a business as a partnership on January 1 200A. Apple contributed P 36.000 and Green contributed P 30,000. It was agreed that earnings after interest and salary allowances would be divided in the ratio of 2/3 and 1/3 to Apple and to Green, respectively. Interest of 4% per annum on the beginning capital balances will be allowed. Earnings, salaries, and withdrawals for 200A and 200B were: Earnings before Interest and Salaries Apple P 11,590 24,600 Salaries paid Green P 6,000 6,000 Apple P 6,140 4,048 Withdrawals Green P 4,850 7,152 P 4,000 4,000 200A 200B CQUIRED: Statement of Partners' Equity for both years.
11 Apple and Green started a business as a partnership on January 1 200A. Apple contributed P 36.000 and Green contributed P 30,000. It was agreed that earnings after interest and salary allowances would be divided in the ratio of 2/3 and 1/3 to Apple and to Green, respectively. Interest of 4% per annum on the beginning capital balances will be allowed. Earnings, salaries, and withdrawals for 200A and 200B were: Earnings before Interest and Salaries Apple P 11,590 24,600 Salaries paid Green P 6,000 6,000 Apple P 6,140 4,048 Withdrawals Green P 4,850 7,152 P 4,000 4,000 200A 200B CQUIRED: Statement of Partners' Equity for both years.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![200A. Apple contributed P 36,000 and Green contributed P 30,000.
3.11 Apple and Green started a business as a partnership on Janua
200A. Apple contributed P 36.000 and Green contributed P 30,000.
It was agreed that earnings after interest and salary allowances
would be divided in the ratio of 2/3 and 1/3 to Apple and to Green,
respectively. Interest of 4% per annum on the beginning capital
balances will be allowed.
Earnings, salaries, and withdrawals for 200A and 200B were:
Withdrawals
Earnings before
Interest and Salaries
P 11,590
24,600
Salaries paid
Green
Green
Apple
P 4,000 P 6,000
Apple
P 6,140 P 4,850
7,152
200A
200B
4,000
6,000
4,048
EQUIRED: Statement of Partners’ Equity for both years.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d6b9082-43c8-4c06-8daa-e73e142a40c4%2F9c099d20-65e5-43ec-b02c-113fe09b3e32%2Fft5simv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:200A. Apple contributed P 36,000 and Green contributed P 30,000.
3.11 Apple and Green started a business as a partnership on Janua
200A. Apple contributed P 36.000 and Green contributed P 30,000.
It was agreed that earnings after interest and salary allowances
would be divided in the ratio of 2/3 and 1/3 to Apple and to Green,
respectively. Interest of 4% per annum on the beginning capital
balances will be allowed.
Earnings, salaries, and withdrawals for 200A and 200B were:
Withdrawals
Earnings before
Interest and Salaries
P 11,590
24,600
Salaries paid
Green
Green
Apple
P 4,000 P 6,000
Apple
P 6,140 P 4,850
7,152
200A
200B
4,000
6,000
4,048
EQUIRED: Statement of Partners’ Equity for both years.
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