84. Abe, Bert, and Carl are partnerssharing profit on a 7:2:1 ratio. OnJanuary 1,2013, Dave was admittedinto the partmership with 15% share inprofits. The old part- ners continue toparticipate in profits in their originalratios. For the year 2013, thepartnership showed a profit ofP15,000. However, it was discoveredthat the following items were omittedin the firm's book: *Unrecorded at year endAccrued expense20122013PI,050Accrued income875Prepaid expensesUnearned incomePI,400PI,225The share of partner Bert in the 2013 net profit is:A. P2,197.50B. P2,490.50C. P2,637.00O D. P3,149.75

Answer: In case of partnership firm, the profit of the business shall be distributed in the ratio…

84. Abe, Bert, and Carl are partners sharing profit on a 7:2:1 ratio. On January 1,2013, Dave was admitted into the partmership with 15% share in profits. The old part- ners continue to participate in profits in their original ratios. For the year 2013, the partnership showed a profit of

84. Abe, Bert, and Carl are partners sharing profit on a 7:2:1 ratio. On January 1,2013, Dave was admitted into the partmership with 15% share in profits. The old part- ners continue to participate in profits in their original ratios. For the year 2013, the partnership showed a profit of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

84. Abe, Bert, and Carl are partners
sharing profit on a 7:2:1 ratio. On
January 1,2013, Dave was admitted
into the partmership with 15% share in
profits. The old part- ners continue to
participate in profits in their original
ratios. For the year 2013, the
partnership showed a profit of
P15,000. However, it was discovered
that the following items were omitted
in the firm's book: *
Unrecorded at year end
Accrued expense
2012
2013
PI,050
Accrued income
875
Prepaid expenses
Unearned income
PI,400
PI,225
The share of partner Bert in the 2013 net profit is:
A. P2,197.50
B. P2,490.50
C. P2,637.00
O D. P3,149.75

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