7. A and B formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P80,000 for A and P40,000 for В. The partners share in profits and losses equally. The partnership earned profit of P100,000 after salaries. How much is the share of B? a. 70,000 b. 30,000 c. 130,000 d. 90,000

7. A and B formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P80,000 for A and P40,000 for В. The partners share in profits and losses equally. The partnership earned profit of P100,000 after salaries. How much is the share of B? a. 70,000 b. 30,000 c. 130,000 d. 90,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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3. A and B formed a partnership. The partnership agreement stipulates the following: Monthly salary allowances of P10,000 for A and P4,000 for B. The salaries are recognized as expenses. The partners share equally in profits and losses. The partnership reported profit for the year of P360,000. How much is the total share of A, inclusive of salary allowances? а. 300,000 b. 228,000 с. 148,000 d. 128,000
How much was the share of A?
8. A and B formed a partnership. The partnership agreement The partnership earned profit of P360,000. How much is the • Monthly salary allowances of P10,000 for A and P4,000 for stipulates the following: B. The salaries are recognized as expenses. The partners share equally in profits and losses. share of A? a. 300,000 b. 228,000 c. 148,000 d. 128,000
6. A, B and C formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P100,000 for A and P20,000 for B. 10% interest on the beginning capital balance of C. The partners share in profits and losses on a 40:40:20 ratio. The partnership earned profit of P500,000. C's capital account had a beginning balance of P300,000. The difference between the amounts received by A and B is a. 160,000. c. 80,000. d. 60,000. b. 240,000.
A and B formed a partnership. The partnership agreement stipulates the following: • Annual salary allowances of P80,000 for A and P40,000 for B. • The partners share in profits and losses equally. The partnership earned profit of P100,000. How much is the share of B? 30,000 48,000 52,000 70,000
4. A and B formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P10,000 for A and P40,000 for В. Bonus to A of 10% of the profit after partner's salaries but before bonus and interest. • Interest of 12% on the beginning capital balance of B. The partners share profits and losses on a 60:40 ratio. Juring the period the partnership earned profit of P200,000 before- eduction for salaries. B's beginning capital balance was P60,000. low much is the share of A in the profit? a. 101,680 b. 98,320 с. 110,820 d. 96,720
3. A and B formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P10,000 for A and P40,000 for В. Bonus to A of 10% of the profit after partner's salaries but before bonus. • The partners share profits and losses on a 60:40 ratio. During the period the partnership incurred a loss of P20,000 hefore deduction for salaries. By what amount did B's capital account change? a. Increased by P12,000 b. Decreased by P12,000 c. Increased by P32,000 d. Decreased by P32,000
A and B formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P80,000 for A and #40,000 for B. The partners share in profits and losses equally. The partnership earned profit of P100,000. How much is the share of B?
9. The Articles of Partnership of partners A and B stipulates the following: Annual salary of P60,000 each. Bonus to Partner A of 20% of the profit after partners' salaries. The bonus and salaries are treated as expenses. Balance to be divided equally. The partnership earned profit of P360,000 after partners' salaries but before bonus. How much is the total share of A, including salary and bonus? a. 310,000 b. 250,000 c. 270,000 d. 210,000
9. A partnership showed the following account balances: sales, P70,000; cost of sales,P40,000; operating expenses. P10,000; partners’ salaries, P13,000; interest paid tobanks, P2,000; interest allowances on average capital balances, P2,500 and partners’drawings, P8,000. How much is the partnership profit?
4. A and B formed a partnership. The partnership agreement stipulates the following: • Monthly salaries of P6,000 for A and P2,000 for B. • 20% bonus to A, after deductions for salary, interest, and bonus. 10% interest on the weighted average capital of B. Any remaining amount is shared equally. The partnership's records show the following: Revenues Expenses (including salary, interest, and bonus) Profit 150,000 (120,000) 30,000 n this message ose of the indiw ender and may not v reflect the views f Philippine Cultural College Page | 2 The movements in B's capital account are as follows: В. Сарital 60,000 beg. Aug. 1 withdrawal 30,000| 20,000 Mar. 31 additional investment Oct. 1 additional investment Dec. 31 additional investment 40,000 10,000 100,00 end. How much is the share of B in the partnership profit? a. 93,000 b. 52,250 с. 46,250 d. 45,000
. A and B share equally in partnership profits and losses. During the year, A's capital account has a net increase of P50,000. Partner A made contributions of P10,000 and capital withdrawals of P60,000 during the year. How much was the partnership profit for the year? a. 180,000 b. 200,000 c. 210,000 d. 480,000