PARTNERSHIPKindly provide a clear solution. Thank you! 6. Partners X, Y and Z have capital balances capital balances in apartnership of P140,000, P60,000 and P1,800,000. The operations for theyear resulted in a loss of P240,000. What will Y's capital be if X gets aP280,000 salary, Y gets a P100,000 salary and Z gets a 10% interest onher beginning capital balance, with the remaining being divided at a1:1:2 ratio? (POSITIVE FOR CREDIT BALANCE and NEGATIVE () orII IIFOR DEBIT BALANCE)7. Determine the capital to be credited to Austin. *Celestine and Jewel are partners who share income in the ratio of 2:3. The partners agree to admitAustin as a partner upon investing P150,000 cash for a 1/5 interest in the firm. The assets of the firmare fairly valued except for a building that is overvalued by P150,000. The capital accounts of Celestineand Jewel show balances of P450,000 and P300,000.8. How much is Tony's share in the net income of the partnership? *Tony and Steve formed a partnership on January 1, 2019. Their partnership earned a net income of 1,800,000year ended 2019. The following stipulations are found in their articles of partnership:for theTony is the receive a monthly salary of P25,000 as compensation for his managing duties inthe partnershipSteve is the receive an annual salary of P180,000 from the partnershipBonus of 15% is granted to Tony if the partnership income exceeds P1,000,000 (Bonus iscomputed based on the excess from P1M)Each partner is to receive an interest of 10% based on their weighted average capital balances.The remaining balance is divided accordingly to Tony and Steve in the ratio of 2:3The following are the capital transactions of the partners:111TonySteveDebitCreditDebitCredit1-JanG00,000700,0001-Mar120,0001-Apr1-Jul1-Sep30-Sep300,000200,00090,000240,00030-Oct150,000 9. How much is the equipment contributed by Rogers?Romanoff and Barton are partners with capital balances of P60,000 and P70,000. Romanoff has a 30%interest in the partnership profits and losses. At this time, the partnership decided to admit Stark andRogers as new partners. Stark contributes cash of P165,000 for a 30% interest in the profits and lossesand a 20% interest in the capital of the firm. Rogers contributes cash of P20,000 and an equipment fora 35% interest in the profits and losses and a 25% interest in the firm's capital. Barton receive a bonusof P38,325 after the admission of Starks and Rogers.10. How much is the capital balances of Wanda after Banner'swithdrawal? *Banner and Strange are partners who have capital balances of P65,000 and P35,000 and share profits3:2. Wanda is admitted as a partner and is given a 25% interest in the firm upon investing P40,000cash. Profits are to be shared 5:3:2 by Banner, Strange and Wanda. Subsequently a new partner, Peter,was admitted by investing P25,000 cash for a 20% interest in assets and a 20% share of the firm'sprofits. Former partners share the balance of profits in their original ratio. Banner has difficulty gettingalong with Peter and as a result, Banner withdraws from the partnership. The partnership pays P73,000cash for Banner's interest.

Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

6. Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000 and P1,800,000. The operations for the year resulted in a loss of P240,000. What will Y's capital be if X gets a P280,000 salary, Y gets a P100,000 salary and Z gets a 10% interest on her beginning capital balance, with the remaining being divided at a 1:1:2 ratio? (POSITIVE FOR CREDIT BALANCE and NEGATIVE () or "-" FOR DEBIT BALANCE) *

6. Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000 and P1,800,000. The operations for the year resulted in a loss of P240,000. What will Y's capital be if X gets a P280,000 salary, Y gets a P100,000 salary and Z gets a 10% interest on her beginning capital balance, with the remaining being divided at a 1:1:2 ratio? (POSITIVE FOR CREDIT BALANCE and NEGATIVE () or "-" FOR DEBIT BALANCE) *

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which one of the following situation a partnership firm will have goodwill? a. The firm is earning a super profit b. The firm is incurring a loss c. The firm is availing a loan from a bank d. The firm is earning a normal profit
example about : a) independent projects b) mutually exclusive projects
Please I want answer for this question. Note: write answer by your understanding not from the internet. Many Thanks 1- How can partnership profits and losses be allocated ?
Conclusion connected to the argument of THE INTERNATIONAL CONVERGENCE PROJECT AND THEROADMAP TO CONVERGENCE and positively stated.
Even though, from an accounting standpoint, partnerships are separate entities from the partners, why is it important for people to form partnerships with people they can trust?
Critically examining why Partnership businesses with the aim of making profit fail in Ghana. You are to support your answers with relevant examples.
Apple began as a partnership. What does the term mutual agency mean when applied to a partnership?
Distinguish Joint venture from joint consortium and joint arrangement?
A significant difficulty that entrepreneurs encounter is determining the kind of organization to create. What are some significant aspects of a partnership that might sway their decision?