During the year, the ABC partnership's operations generated a loss. The partnership agreement provides for the following P/L sharing provisions: Interest of P2,000, P3,000, and P5,000 to partners A, B, and C, respectively Salary of P15,000 to partner A Any remainder is allocated equally. freshma freshman freshma If the share of partner A in the loss is P8,000, how much is the net loss for the period?
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- During the year, the ABC partnership’s operations generated a loss. The partnership agreement provides for the following P/L sharing provisions: · Interest of P2,000, P3,000, and P5,000 to partners A, B, and C, respectively · Salary of P15,000 to partner A · Any remainder is allocated equally. If the share of partner A in the loss is P8,000, how much is the net loss for the period?Partners A and B have a profit and loss agreement with the following provisions: • Salaries of P30,000 and P45,000 for A and B, respectively; The interest of 10% on average capital balances of P50,000 and P65,000 for A and B, respectively. • One-fourth of any remaining profits are allocated to A and the ratio to B. If the partnership had a net income of 250,000, how much profit is allocated to Partner B? ●X and Y are partners and have beginning capital balances of P 360,000 and P 600,000, respectively. Partnership profits and losses are allocated as follows: salaries of P 160,000 and P 200,000 to X and Y, respectively; 10% interest on their beginning capital balances, any remaining profit is divided equally. Partnership profit of P 600,000 is allocated as follows: a. X – P 300,000; Y – P 300,000 b. X – P 280,000; Y – P 320,000 c. X – P 268,000; Y – P 332,000 d. X – P 192,000; Y – P 408,000
- A enters a partnership by contributing the following: . Cash P2,000,000. • Accounts Receivable P400,000; • Land costs P240,000, P400,000 fair market value with an agreed value of P350,000; and Accounts Payable P160,000. The partnership assumed that 10% of Accounts Receivable is deemed uncollectible. Compute the adjusted capital account of A after the formation.X and Y are partners and have beginning capital balances of P 360,000 and P 600,000 respectively. Partnership profits and losses are allocated as follows salaries of P 160,000 and P 200,000 to X and Y, respectively, 10% interest on their beginning capital balances, any remaining profit is divided equally Partnership profit of P 600,000 is allocated as follows: A. X =P 300,000,V-P 300,000 B. X =P.280,000,Y-P320,000 C. X =P 2600. V - P * 332000 D. X = P * 192000Y = P * 40B, 0Partners MM and LL have profit and loss agreement with the following provisions: salaries of P30,000 and P45,000 for MM and LL, respectively; a bonus to MM of 10% net income after salaries and bonus; and interest of 10% on average capital balances of P20,000 and P35,000 for MM and LL, respectively. One-third of any remaining profits will be allocated to MM and the balance to LL. If the partnership had a net income of P104,500, how much should be allocated to MM, assuming the provisions of the profit and loss agreement are ranked by order of priority, starting with salaries?
- X and Y are partners with capital account balances of P 600,000 each and share profits and loss equally Z is allowed to purchase of the interest of X by paying P 200,000. The partners further agreed to record asset revaluation before the admission of Z. By how much would the new partnership net assets change as the result of asset revaluation? Place a parenthesis if your answer is decreaseHH, II and JJ were partners with capital balances as of January 1, 20x7, of P100,000, P150,000 and P200,000, respectively, sharing profit and losses on a 3:3:4 ratio. On July 1, 20x7, HH withdraw from the partnership. Partners agreed that at the time of withdrawal, certain inventories had to be revalued at P50,000 from its cost of P70,000. For the six month period ending June 30, 20x7, the partnership generated a net income of P200,000. Further, partners agreed to pay HH, P185,000 for his interest and that the remaining partners' capital accounts, would be adjusted for whatever good will the settlement would generate. The payment of HH included a goodwill of: a. P8,000 b. P5,000 c. P13,000 d. P3,000And B formed a partnership. The partnership agreement stipulates the following:* Annual salary allowances of P100,000 for A and P40,000 for B.* Bonus to A of 10% of the profit after partners' salaries but before deducting the bonus.Case 1: The partnership earned profit of P50,000Requirement: Compute for the respective shares of the partners in the profit.Case 2: The partnership incurred a loss of P20,000.Requirement:a. Compute for the respective shares of the partners in the profit.b. By what amount did A's capital account change?"
- According to Profil and Loss Account, the net profit for the year is OMR250,000. The total interest on partner's capital is OMR BOLO00 and interest on partner's drawings is OMR 30.000 The net profit as per Profit and Loss Appropriation Account will be OMR 110.000 (Prolit) OMR 200,000(Loss) OMR 200,000(Protit) OMR 200000 (Profit)A, B and C are partners in ABC partnership. A and B contributed P10,000 each while C contributed his service. After payment of the partnership liabilities to creditors, only P15,000 remains. In the absence of stipulation to the contrary the share of C shall be: a. Zero b. P5,000 c. P10,000 d. P5,000Shirley contributes property to a new partnership with a value of $1,000,000 and a basis of $400,000 that is secured by a $500,000 nonrecourse note. Under the terms of the partnership agreement, Shirley will be allocated 25% of all profits. The partnership agreement also states that "excess nonrecourse liabilities" will be allocated to partners according to profit ratios. How much of the nonrecourse liability will be allocated to Shirley? please dont provide answer in images thank you