Homework Help is Here – Start Your Trial Now!
Business
Accounting
11. Amber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. Total net income after tax for 2019 is P320,000. Amber P 105,000 20,000 Berta January 1 capital balances Additional investment of capital: March 15 Permanent withdrawal of capital: April 12 Drawings for each on October 28 P 140,000 ( 15,000) 40,000 50,000 Direction: Give the entries to record the distribution based on the following two independent cases: a) Partners' drawings are not used in determining the average capital balances. b) All changes in capital and drawing should be considered in determining the average capital balances.

11. Amber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. Total net income after tax for 2019 is P320,000. Amber P 105,000 20,000 Berta January 1 capital balances Additional investment of capital: March 15 Permanent withdrawal of capital: April 12 Drawings for each on October 28 P 140,000 ( 15,000) 40,000 50,000 Direction: Give the entries to record the distribution based on the following two independent cases: a) Partners' drawings are not used in determining the average capital balances. b) All changes in capital and drawing should be considered in determining the average capital balances.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

11. Amber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. Total net income after tax for 2019 is P320,000.

(see attached image, kindly answer it based in your knowledge, thank you!) (Note: you already asnwered the first letter, kindly answer the letter b, please. thank youuu!)

Direction: Give the entries to record the distribution based on the following two independent cases:

b) All changes in capital and drawing should be considered in determining the average capital balances.

11. Amber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. Total net income after tax for 2019 is P320,000. Amber P 105,000 20,000 Berta January 1 capital balances Additional investment of capital: March 15 Permanent withdrawal of capital: April 12 Drawings for each on October 28 P 140,000 ( 15,000) 40,000 50,000 Direction: Give the entries to record the distribution based on the following two independent cases: a) Partners' drawings are not used in determining the average capital balances. b) All changes in capital and drawing should be considered in determining the average capital balances.
Transcribed Image Text:11. Amber and Berta share profits and losses equally after a 10% interest on their average capital balances. Consider additional capital contributions and permanent withdrawals as made at the end of the month. Total net income after tax for 2019 is P320,000. Amber P 105,000 20,000 Berta January 1 capital balances Additional investment of capital: March 15 Permanent withdrawal of capital: April 12 Drawings for each on October 28 P 140,000 ( 15,000) 40,000 50,000 Direction: Give the entries to record the distribution based on the following two independent cases: a) Partners' drawings are not used in determining the average capital balances. b) All changes in capital and drawing should be considered in determining the average capital balances.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Capital Gains and Losses
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS