3. The partnership has the following accounting amounts: (1) Sales = P70,000 (2] Cost of goods sold = P40,000 [3] Operating expenses = P10,000 [4] Salary allocations to partners = P13,000 (5) Interest paid to banks = P2,000 [6) Partners withdrawals = P8,000 The partnership net income (loss) is: O a. P20,000 О Б. Р18.000 ОС. Р5,000 O d. (P 3,000)
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
![3. The partnership has the following accounting amounts:
(1] Sales = P70,000
[2)
[3]
[4]
Cost of goods sold = P40,000
Operating expenses = P10,000
Salary allocations to partners = P13,000
Interest paid to banks = P2,000
Partners withdrawals = P8,000
(5]
[6]
The partnership net income (loss) is:
О a. Р20,000
О Б. Р18,000
O c. P5,000
О d. (Р 3,000)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa081141b-143c-4d32-b3d4-30fe9e44081a%2Ff502bfff-51b7-4007-a57f-b2d53cd39982%2Fkaw17f_processed.jpeg&w=3840&q=75)
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