A. B and C are partners with average capital balances during 2020 of P945,000, P477,300 and P324,700, respectively. The partners receive 10% interest on their average capital balances, salaries of P 244,650 to A and P 165,250 to C, any residual profit or loss is divided in the ratio 3:2:1. In 2020, the partnership had a net loss of P251,248 before the interest and salaries to partners. What is the change in the capital balance of

A. B and C are partners with average capital balances during 2020 of P945,000, P477,300 and P324,700, respectively. The partners receive 10% interest on their average capital balances, salaries of P 244,650 to A and P 165,250 to C, any residual profit or loss is divided in the ratio 3:2:1. In 2020, the partnership had a net loss of P251,248 before the interest and salaries to partners. What is the change in the capital balance of

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
X. Y and Z are partners with average capital balances during 2020 of P945,000, P477,300 and P324,700, respectively. The partners receive 10% interest on their average capital balances, salaries of P 244,650 to X and P 165.250 to Z, any residual profit or loss is divided in the ratio 3:2:1. In 2020, the partnership had a net loss of P251,248 before the interest and salaries to partners. What is the share of Y in the balance after deducting interests and salaries? Put a parenthesis if your answer is a negative amount.
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