Kim, Tak and Gu are partners in the KIMTAKGU partnership Tak, the genersi partner, contributed P100,000, Gu, a limited partner, contributed P150,000 and Kim, Pely industrial partner. The partnership operations commenced on July 1, 20x1. om the period July 1 to end of the calendar year accounting period December 31, hyl: the partnership incurred a loss of P30,000 During the calendar year 20x2, the business earned a profit of P240,000 So the total profit for the last two calendar year was only P210,000
Kim, Tak and Gu are partners in the KIMTAKGU partnership Tak, the genersi partner, contributed P100,000, Gu, a limited partner, contributed P150,000 and Kim, Pely industrial partner. The partnership operations commenced on July 1, 20x1. om the period July 1 to end of the calendar year accounting period December 31, hyl: the partnership incurred a loss of P30,000 During the calendar year 20x2, the business earned a profit of P240,000 So the total profit for the last two calendar year was only P210,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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.
Question
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Transcribed Image Text:partner, contributed P100,000, Gu, a limited partner, contributed P150,000 and Kim,
s the
i Tak and Gu are partners in the KIMTAKGU partnership Tak, the general
paly industrial partner. The partnership operations commenced on July 1, 20xt.
Foom the period July 1 to end of the calendar year accounting period December 31,
osl: the partnership incurred a loss of P30,000 During the calendar year 20x2, the
business earned a profit of P240,000. So the total profit for the last two calendar
ter of
me as
year was only P210,000
Transcribed Image Text:S. How much is the share of Tak from the profit during 20x2
a. P 80,000
b. P 70,000
c. P 60,000
d. Not given
11 H
6. How much is the share of Gu from the profit during 20x2?
a. P 120,000
b. P 80,000
12.
c. P 70,000
d. Not given
7. What is the capital balance of Tak at December 31, 20x1?
a. P100,000
b. P 85,000
13.
c. P 70,000
d. Not given
8. What is the capital balance of Gu at December 31, 20x1?
a. P150,000
b. P135,000
c. P120,000
d. Not given
9. What is the capital balance of Tak at December 31, 20x2?
a. P180,000
b. P170,000
c. P165,000
d. Not given
10. What is the capital balance of Gu at December 31, 20x2?
a. P220,000
b. P215,000
C. P200,000
d. Not given
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Follow-up Question
Transcribed Image Text:9. What is the capital balance of Tak at December 31, 20x2? 28 A
a. P180,000
b. P170,000
c. P165,000
d. Not given
SIXOS mot and 100 to stile si
10. What is the capital balance of Gu at December 31, 20x2?
a. P220,000
b. P215,000
c. P200,000
d. Not given
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Solution
by Bartleby ExpertFollow-up Question
Transcribed Image Text:9. What is the capital balance of Tak at December 31, 20x2? 28 A
a. P180,000
b. P170,000
c. P165,000
d. Not given
SIXOS mot and 100 to stile si
10. What is the capital balance of Gu at December 31, 20x2?
a. P220,000
b. P215,000
c. P200,000
d. Not given
007
0902 3
nevig Vo
ordub juongoro att mi to side odd ei four we
17
000.08 I s
000.079
000/03/1
8
Solution
by Bartleby ExpertKnowledge Booster
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