Cash Other Assets Total ASSETS Find: P 175,000 495,000 P 670,000 MEC Partnership Statement of Financial Position June 30, 2021 LIABILITIES & PARTNERS' EQUITY Liabilities P108,000 Margaret, Capital 250,000 200,000 Elizabeth, Capital Cecilia, Capital 112,000 Total P 670,000 A The partners agreed to distribute the profits as follows: 1. Interest on ending capital of 10%. 2. Annual salaries to Elizabeth and Cecilia of P120,000 each. 3. 20% Bonus on Net Income to Margaret, and 4. Remainder: Margaret- 40%; Elizabeth-30% and Cecilia-30%.. | Record the distribution of the net income amounting to P250,000 generated by the partnership during the six-month period ending June 30, 2021. 2. Assuming that the Net Income was for one year, record the distribution of Net Income to the three partners.

Cash Other Assets Total ASSETS Find: P 175,000 495,000 P 670,000 MEC Partnership Statement of Financial Position June 30, 2021 LIABILITIES & PARTNERS' EQUITY Liabilities P108,000 Margaret, Capital 250,000 200,000 Elizabeth, Capital Cecilia, Capital 112,000 Total P 670,000 A The partners agreed to distribute the profits as follows: 1. Interest on ending capital of 10%. 2. Annual salaries to Elizabeth and Cecilia of P120,000 each. 3. 20% Bonus on Net Income to Margaret, and 4. Remainder: Margaret- 40%; Elizabeth-30% and Cecilia-30%.. | Record the distribution of the net income amounting to P250,000 generated by the partnership during the six-month period ending June 30, 2021. 2. Assuming that the Net Income was for one year, record the distribution of Net Income to the three partners.

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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