CABLES Trading, a partnership formed by Carlo and Jamie, have the following data in its books: 1 Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 Dec 1 5,000 Carlo, Drawing Jan 1-Dec 31 20,000 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 P750,000 Carlo and Jamie agreed to divide remaining profits equally after giving 5% interest on peso month average capital to partners and to Jamie a 10% bonus on the net income. How much would be Jamie's share in the net income? P410,000 25,000 P418,000
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.
![CABLES Trading, a partnership formed by Carlo and Jamie, have the following data in its books:
1
Carlo, Capital
P50,000 Jan 1 Balance.
Feb 28
P300,000
June 1
20,000
Oct 1
75,000
P345,000
Jamie, Capital
Aug 1
2,000 Jan 1 Balance
Nov 1
10,000 May 1
Dec 1
5.000
Carlo, Drawing
Jan 1-Dec 31
20,000
Jamic, Drawing
30,000
Jan 1-Dec 31
Income Summary
Dec 31
P750,000
Carlo and Jamie agreed to divide remaining profits equally after giving 5% interest on peso month
average capital to partners and to Jamie a 10% bonus on the net income.
How much would be Jamie's share in the net income?
P410,000
25,000
P418,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F766221f5-d1f1-4b56-9469-7fbc84dbba8e%2F904c2863-69cc-411e-ba92-a6fb60c7447c%2F33l3bdh_processed.jpeg&w=3840&q=75)
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